Data is collected through a mystery shopping exercise of remittance service providers (RSPs). A sample of RSPs including at least 80% of the market share in each corridor are included in the mystery shopping exercise. The average cost is calculated as the simple average of total costs (including both fee and exchange rate margin) quoted by each RSP operating in a corridor.

In 2016, the Smart Remitter Target (SmarRT) was introduced to monitor remittance transactions at a more granular level. It aims to reflect the cost that a savvy consumer with access to sufficiently complete information would pay to transfer remittances in each corridor. SmaRT is calculated as the simple average of the three cheapest services for sending the equivalent of $200 in each corridor and is expressed in terms of the percentage of the total amount sent. In addition to transparency, services must meet additional criteria to be included in SmaRT, including transaction speed (5 days or less) and accessibility determined by geographic proximity of branches for services that require physical presence or access to any technology or device necessary to use the service, such as a bank account, mobile phone or the internet. The SmaRT methodology was developed in collaboration with the Global Remittances Working Group, a working group which was formed by the World Bank at the request of the G8/G20 to monitor the progress towards the 5x5 Objective.

For additional information on the methodology of SmaRT, please see: https://remittanceprices.worldbank.org/sites/default/files/smart_methodology.pdf

Target 10.c.1 includes two components, which require two separate calculations:

Global average of remittance costs to be reduced to less than 3 percent: this is calculated as the simple average of the total cost for all transparent services included in the RPW database.
Enabling remittance senders in all corridors to send money to their receivers at a cost of 5 percent or less: this is calculated as the average cost of the three cheapest (and transparent) services in each corridor which meet a defined set of minimum requirements, as described in the World Bank SmaRT methodology. The target is that the SmaRT average for all corridors should be 5 percent or lower.

RPW database includes several indicators. Four of these indicators are used to monitor (2) above:

Average cost of sending $200 (%) for a sending country: simple average of the cost of all transparent services from a sending country (regardless of the destination country). Sample size is 48.
Average cost of sending $200 (%) to a receiving country: simple average of the cost of all transparent services to a receiving country (regardless of the origin country). Sample size is 105.
Average cost of sending $200 (%) in a corridor: simple average of the cost of all transparent services from a sending country to a specific destination country. Sample size is 367.
SmaRT average cost of sending $200 (%) in a corridor: SmaRT average cost of all SmaRT qualifying services from a sending country to a specific destination country. Sample size changes by the quarter, depending on the availability of the SmaRT qualifying services in corridors satisfying the specific prerequisites identified in the SmaRT methodology.

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Rætta metadátur: 10.c.1