Remittance fees unregulated in most jurisdictions despite high costs

But central banks identify opportunities in cross border payments integration

The majority of central banks participating in the Payments Benchmarks 2024 lack control over remittance fees charged by private providers in their jurisdictions, though many see this as an important issue.

Fifteen (79%) of the 19 central banks that answered the question say their mandates do not cover such pricing mechanisms. Only 21% of participants say they have jurisdiction over the practice.

Although central banks may not control fees directly, they are often pursuing other routes to

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