Lebanon ranks 8th most expensive destination to send your dollar

Lebanon ranks 8th most expensive destination to send your dollar
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Published May 4th, 2015 - 08:39 GMT via SyndiGate.info

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Lebanon is the eighth most expensive destination for sending $500 from the US among 30 countries with available data. (Pixabay)
Lebanon is the eighth most expensive destination for sending $500 from the US among 30 countries with available data. (Pixabay)

The cost of sending $500 in remittances from the United States to Lebanon reached 5.29 percent in the first quarter of 2015, increasing from 5.26 percent in the fourth quarter of 2014, according to the World Bank. Figures showed that the cost of sending remittances in the first quarter of 2015 declined from 5.41 percent in the first quarter of 2014.

The cost includes the transaction fee and exchange rate margin, and represents the average cost of transferring money through commercial banks and money transfer operators (MTOs).

In nominal terms, the cost of sending $500 from the U.S. to Lebanon was $26.4 in the first quarter of 2015, compared to $26.3 in the preceding quarter.

Lebanon is the eighth most expensive destination for sending $500 from the U.S. among 30 countries with available data, as reported by Lebanon This Week, the economic publication of the Byblos Bank Group.

The World Bank indicated that the average cost of sending $500 in remittances from the United States through commercial banks to Lebanon was 8.5 percent and the average cost through MTOs was 3.15 percent in the first quarter of 2015.

The cost of sending 55 Canadian dollars from Canada to Lebanon reached 7.83 percent in the first quarter of 2014, compared to 7.88 percent in the fourth quarter of 2014 and 5.52 percent in the first quarter of 2014.

In nominal terms, the cost of sending CA$500 from Canada to Lebanon was CA$39.13 in the first quarter of 2015, compared to CA$39.39 in the preceding quarter. Lebanon is the second most expensive destination for sending CA$500 from Canada among 12 countries with available data.

Also, the cost of sending remittances from Australia to Lebanon was 7.59 percent in the first quarter of 2015 compared to 6.88 percent in the fourth quarter of 2014 and 6.82 percent in the first quarter of 2014.

In nominal terms, the cost of sending 500 Australian dollars was AU$37.96 in the first quarter of 2015, compared to AU$34.38 in the previous quarter. Lebanon is the fifth most expensive destination for sending AU$500 from Australia among 14 countries with available data.

In parallel, the cost of sending remittances from Germany to Lebanon reached 7.53 percent in the first quarter of 2015 for a transfer of 345 euros, down from 8.1 percent in the fourth quarter of 2014 and 8.44 percent in the first quarter of 2014. The cost of sending 345 euros from Germany to Lebanon was 25.98 euros in the first quarter of 2015 compared to 27.94 euros in the previous quarter.

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