The prices are dropping

Since the price comparison site Money from Sweden was launched December 2014, the cost of sending 3000 SEK from Sweden to different parts of the world has dropped 2-4 percentage points, to some countries by around 5-6 percentage points. Above all, it is the companies that specializes in money transfers which accounts for the reduction. It´s the cost for sending money to the poorest countries that accounts for the most favorable development. The fee for a transfer of 3000 SEK can sometimes be less than 0.5 per cent. Even the prices for transferring money in Europe have begun to decline after a long time lagging at the same level. The price decline is 1.8 percentage points. The banks have not shown the same trend.

Transparency benefits consumers

"We can’t be quite sure that it is the price comparison service Money from Sweden alone behind the price press, but that the service has an impact on the market by making the options and costs visible is obvious. There has been a clear decline in prices, especially in companies specializing in currency exchange and remittances since the service started, says Torbjörn Noaksson, Project Manager for Money from Sweden at the Swedish Consumer Agency. The costs of electronic transfers may in some cases be below 1 percent, which puts pressure on the others 
"When the data what it costs to send money becomes transparent, accessible to everyone, it will be easy for consumers to compare different companies and switch to the cheapest," he says. The trend is just the one we want to see. The average cost of sending money to the poorest countries is currently around 6 percent. The decrease has been greater than for the world as a total. For example, you can send 3000 SEK to Burkina Faso today and pay less than 0.5 percent fee if you choose the right company.

A bit left to the target

Still, it is a bit left to the UN goal in Agenda 2030 that it should not cost more than 3 percent to send money to developing countries. Today, the average cost of sending 3000 SEK to a country in Africa has decreased from 10.2 percent (before the service was launched) to 7.7 percent now in May 2018. For South America, the corresponding figures from 11.4 to 7.2 percent.

Facts:

Money from Sweden is a free price comparison service that is independent and run by the Swedish Consumer Agency on behalf of the government. Here consumers can compare how much it costs, fees and exchange rates, to send money to 42 countries, mainly developing countries, with different companies. You can also see the transfer speed. The price comparison service is aimed at consumers. Money from Sweden has as of June 2018, in addition to Swedish and English navigation, also navigation in Arabic. Supporting information is available in 16 languages. The service is certified by the World Bank 
Since the service opened on December 1, 2014, Money from Sweden has had over 1 million page views. Nearly 30 percent of them are recurring visitors. With the current visitor rate, the 2018 visits will reach nearly 350,000.