Exclusive, "Akhbar al-Yawm" agency

Lebanon is the ninth most expensive destination to transfer USD 500 from the United States

The figures released by the World Bank showed that the cost of sending expatriate remittances from the United States to Lebanon amounted to 5.33% for the amount of USD 500 in the second quarter of 2023, which is a decrease compared to 5.38% in the first quarter of 2023 and 5.54% in the second quarter of 2022.

This cost includes transfer fees and currency exchange margins and represents the cost rate for transferring funds through commercial banks and money transfer offices. In terms of value, the cost of sending USD 500 from the United States to Lebanon amounted to USD 26.66 in the second quarter of 2023, compared to USD 26.88 in the previous quarter and USD 27.7 in the second quarter of 2022. According to the World Bank, Lebanon is the ninth most expensive destination to transfer USD 500 from the United States among 42 countries that have the necessary data. The results of the study were published in the weekly report of the Byblos Bank Group Lebanon This Week.

Also, the cost of sending remittances from Canada to Lebanon amounted to 5.86% for the amount of 500 Canadian dollars in the second quarter of 2023, an increase compared to 5.4% in the first quarter of 2023 and a decrease compared to 6.47% in the second quarter of 2022. In terms of value, the cost of sending the amount of 500 Canadian dollars from Canada to Lebanon amounted to 29.31 Canadian dollars in the second quarter of 2023, compared to 27.02 Canadian dollars in the previous quarter and 32.37 Canadian dollars in the second quarter of 2022. Lebanon was considered the third most expensive destination to transfer the amount of 500 Canadian dollars from Canada among the 15 countries that have the necessary data.

The cost of sending remittances from Australia to Lebanon amounted to 7.37% for the amount of 500 Australian dollars in the second quarter of 2023, an increase from 6.77% in the first quarter of 2022 and from 5.57% in the second quarter of 2022. In terms of value, the cost of sending an amount of 500 Australian dollars from Australia to Lebanon amounted to 36.83 Australian dollars in the second quarter of 2023, compared to 33.83 Australian dollars in the previous quarter and 27.86 Australian dollars in the second quarter of 2022. Lebanon was considered the second most expensive destination for transferring the amount of 500 Australian dollars from Australia among the 16 countries that have the necessary data.

The cost of sending remittances from France to Lebanon amounted to 7.13% for the amount of 345 euros (equivalent to 500 US dollars) in the second quarter of 2023, an increase from 5.96% in the previous quarter and 5.29% in the second quarter of 2022. In terms of value, the cost of sending an amount of 345 euros from France to Lebanon amounted to 24.61 euros in the second quarter of 2023, compared to 20.56 euros in the previous quarter and 18.26 euros in the second quarter of 2022. Lebanon was considered the third most expensive destination for a transfer of 345 euros from France among 16 countries with the necessary data.

The cost of sending remittances from the United Kingdom to Lebanon amounted to 5.7% for the amount of GBP 300 in the second quarter of 2023, a decrease from 6.52% in the previous quarter and an increase from 5.42% in the second quarter of 2022. In terms of value, the cost of sending GBP 300 from the UK to Lebanon amounted to GBP 17.09 in the second quarter of 2023, compared to GBP 19.55 in the previous quarter and GBP 16.27 in the second quarter of 2022. Lebanon was considered the seventh most expensive destination for transferring the amount of GBP 300 from the UK among 33 countries with the necessary data.

Also, the cost of sending remittances from Germany to Lebanon amounted to 6.8% for the amount of 345 euros( equivalent to 500 US dollars )in the second quarter of 2023, an increase from 5.89% in the previous quarter and 5.74% in the second quarter of 2022. In terms of value, the cost of sending an amount of 345 euros from Germany to Lebanon amounted to 23.46 euros in the second quarter of 2023, compared to 20.3 euros in the previous quarter and 19.8 euros in the second quarter of 2022.Lebanon was considered the second most expensive destination for a transfer of 345 euros from Germany among 24 countries with the necessary data.

The cost of sending remittances from Saudi Arabia to Lebanon amounted to 3.34% for the amount of 1,870 Saudi Riyals (equivalent to 500 US dollars) in the second quarter of 2023, a decrease from 3.36% in the previous quarter of 2022 and 3.49% in the second quarter of 2022. In terms of value, the cost of sending an amount of Sar 1,870 from Saudi Arabia to Lebanon amounted to SAR 62.37 in the second quarter of 2023, compared to SAR 62.83 in the previous quarter and SAR 65.2 in the second quarter of 2022.Lebanon was considered the eighth most expensive destination to transfer the amount of Sar 1,870 from Saudi Arabia among the 17 countries available He has the necessary data.