Digital money transfers are pulling down cost of remittances. The global average cost of sending $200 in Q3 2023 was 6.18%, a marginal decline from the preceding quarter, with digital remittances costing almost 2 percentage points less than cash transfers. This is still 1.18 percentage points higher than the G20 target of 5%. Lower average cost of remittances in G8 economies than in G20 is partly attributable to the larger share of digital transfers.