Fees on money transfers to Jordan lowest from Qatar

AMMAN — The US was ranked the 4th least costly country to make remittances transfers to Jordan, according to a report by the Remittances Prices Worldwide by the World Bank.

The report indicated that to send $500 from the US to Jordan, the cost is 6.32 per cent of the total transaction.

The transfer speed for the amount ranges from 3-5 days, the World Bank index reported.

According to the report, Qatar was first on the list among the least costly countries to send remittances to Jordan with a 4.9 per cent transfer fee, the UAE came second with around 5.1 per cent and Saudi Arabia came third.

The time needed for money transfer from Qatar or the UAE to Jordan ranges from 1-5 days, according to the report, which indicated that the global average of fees for sending remittances reached 7.3 per cent by the end of the first quarter of this year.

Sending money from Saudi Arabia to Jordan requires one day, according to the report.

Remittances of Jordanian expatriates rose by 1.5  per cent in 2015 compared to 2014, according to the Central Bank of Jordan (CBJ).

The total remittances to Jordan amounted to $3.798 billion in 2015 compared to $3.743 billion in 2014, the CBJ added.

Jordan depends heavily on expatriate remittances and receipts from inbound tourism, two main sources of foreign currency.

Launched by the World Bank in 2008, the Remittances Prices Worldwide is a key tool to monitor the cost incurred by remitters when sending money along major remittances corridors.