"Akhbar al-Yawm" agency

Lebanon Still Costly for Remittances, Says World Bank

Decrease in Q4 2024

The latest data from the World Bank reveal that Lebanon continues to rank among the most expensive destinations for remittances, with transfer costs remaining significantly above global averages despite quarterly fluctuations across several corridors.

Figures issued by the World Bank show that the cost of sending $500 in remittances from the United States to Lebanon was 5.93% in the fourth quarter of 2024, constituting a decrease from 6.25% in the third quarter of 2024 and an increase from 5.86% in the fourth quarter of 2023. The cost includes the transaction fee and exchange rate margin, and represents the average cost of transferring money through commer- cial banks and money transfer operators. In nominal terms, the cost of sending $500 from the U.S. to Lebanon was $31.23 in each of the fourth quarter of 2024 and the preceding quarter and compared to $29.28 in the fourth quarter of 2023. Lebanon was the sixth most expensive destination for sending $500 from the U.S. among 42 countries with available data.

These insights were featured in the Lebanon This Week economic bulletin published by Bank Byblos Group.

Further, the cost of sending remittances from Canada to Lebanon stood at 7.77% in the fourth quarter of 2024 for a transfer of CAD500, representing increases from 6.54% in the third quarter of 2024 and from 5.47% in the fourth quarter of 2023. In nominal terms, the cost of send- ing CAD500 from Canada to Lebanon was CAD38.87 in the fourth quarter of 2024 relative to CAD32.68 in the previous quarter and to CAD31.56 in the fourth quarter of 2023. Lebanon was the second most expensive destination for sending CAD500 from Canada among 15 countries with available data.

Also, the cost of sending remittances from Australia to Lebanon reached 6.11% in the fourth quarter of 2024 for a transfer of AUD500, constituting decreases from 6.64% in the third quarter of 2024 and from 6.12% in the fourth quarter of 2023. The cost of sending AUD500 from Australia to Lebanon was AUD30.55 in the fourth quarter of 2024 compared to AUD33.2 in the preceding quarter and to AUD30.61 in the fourth quarter of 2023. Lebanon was the second costliest destination for sending AUD500 from Australia among 16 countries with available data.

In addition, the cost of sending remittances from France to Lebanon was 5.85% in the fourth quarter of 2024 for a transfer of €345, representing decreases from 6.31% in the third quarter of 2024 and from 7.98% in the fourth quarter of 2023. In nominal terms, the cost of sending €345 from France to Lebanon was €20.17 in the fourth quarter of 2024 relative to €21.78 in the previous quarter and to €27.53 in the fourth quarter of 2023. Lebanon was the third most expensive destination for sending €345 from France among 16 countries with available data.

Further, the cost of sending remittances from the United Kingdom to Lebanon stood at 4.51% in the fourth quarter of 2024 for a transfer of £300, constituting decreases from 6.9% in the third quarter of 2024 and from 5.43% in the fourth quarter of 2023. In nominal terms, the cost of sending £300 from the UK to Lebanon was £13.53 in the fourth quarter of 2024 relative to £20.7 in the preceding quarter and to £16.29 in the fourth quarter of 2023. Lebanon was the sixth most expensive destination for sending £300 from the UK among 33 countries with available data.

Also, the cost of sending remittances from Germany to Lebanon was 6.66% in the fourth quarter of 2024 for a transfer of €345, repre- senting increases from 6.65% in each of the third quarter of 2024 and from 6.65% in the fourth quarter of 2023. In nominal terms, the cost of sending €345 from Germany to Lebanon was €22.98 in the fourth quarter of 2024 compared to €22.94 in the previous quarter and to €22.93 in the fourth quarter of 2023. Lebanon was the fourth most expensive destination for sending €345 from Germany among 24 countries with available data.

Finally, the cost of sending remittances from Saudi Arabia to Lebanon reached 3.41% in the fourth quarter of 2024 for a transfer of SAR1,870, equivalent to $500, decreasing from 3.45% in the third quarter of 2024 and increasing from 3.34% in the fourth quarter of 2023. In nominal terms, the cost of sending SAR1,870 from Saudi Arabia to Lebanon was SAR63.8 in the fourth quarter of 2024, relative to SAR64.5 in the third quarter of 2024 and to SAR62.4 in the fourth quarter of 2023. Lebanon was the eighth most expensive destination for sending SAR1,870 from Saudi Arabia among 17 countries with available data.