Diverse countries with a lower living cost

The Philippines

First on our list is the beautiful Philippines, an island nation made up of around 7,500 islands. When visiting this diverse country, you might hear a mix of 171 languages spoken.

Migration is very common for Filipino people with 11% of the population moving abroad at some point. The Philippines is also the largest exporter of nurses in the world, with many nurses working across the US, Saudi Arabia and other countries.

With these facts in mind, it may be unsurprising to find that remittances make up a good portion of the national GDP. In 2020, they made up 9.6% of it.

Living costs in the Philippines

According to Numbeo, a single person’s estimated monthly costs are USD $509.35 or ₱26,204.71. Rent costs are an average of $173.24 (₱8,912.52) per month.

The average salary for someone living in the Philippines can vary, somewhere in the range of PHP ₱11,300 - 199,000. But it averages out to be about ₱44,600 ($867) per month. The exchange rate (at the time of writing is) 1USD$ to 51.43 Philippine peso ₱.

Like anywhere, living costs in the Philippines will vary greatly city to city or, in this case, island to island. Rural areas tend to have lower living costs than cities.

The most expensive city to live in is Manila, the capital of the Philippines. In fact, Manila is the third most expensive city to live in South East Asia.

How far does money in the Philippines go?

If you’re wondering how much to send to the Philippines, then you should know that a US $500 bank transfer would be around ₱25,365. (Exchange rate was true at the time of writing.)

This amount would cover rent for a three-bedroom apartment or roughly cover one person’s living costs for a month.

Ghana

Since its transition to a multi-party democracy in 1992, Ghana has become one of the most stable West African countries. Although it was once considered an underdeveloped country, Ghana’s economy has grown a lot over the years. It is currently the 8th largest economy by GDP in Africa. This growth, however, has been slowed somewhat by the ongoing COVID-19 pandemic.

Ghana’s currency of choice is the Ghanaian Cedi. It is also a very ethnically diverse country as over 70 ethnic groups call Ghana home. There are an estimated 3 million Ghanaians as part of the diaspora. The population of Ghana is 31 million, so just under 9% of the population lives outside of the country. In 2020, personal remittances to Ghana equalled $3.6 billion US dollars, or 3.6% of the country’s entire GDP.

So what’s the cost of living like in Ghana?

According to Numbeo, a single person’s estimated monthly costs are US $527.95 (GH ₵3,302.34) without rent. Rent costs on average are US $90.28 (GH ₵564.71). Salaries in Ghana vary, ranging from ₵1280 to ₵22,600. The average is ₵5070, according to Salary Explorer. This is according to an exchange rate of US $1 to GH ₵6.27, which was accurate at the time of writing.

While rent costs in most places in Ghana are low, in certain cities that’s not the case. Accra, Ghana’s capital, is the second most expensive city in the world in terms of property price to income ratio.

Sending money to Ghana

A US $500 mobile money transfer to Ghana would be GH ₵2,964 for a recipient. For those who live outside of cities, that money would significantly help cover one person’s basic costs and necessities.

Rent costs in Ghana per month

Kenya

Kenya is famous for its scenic nature reserves, making it one of the most popular tourist destinations in Africa. This vibrant country is host to many different cultures and points of interest, from country wildlife to bustling cities like Nairobi.

Much like Ghana, Kenya’s economy has been growing in recent years. As of 2020, Kenya is the 4th strongest economy behind Nigeria, South Africa, and Ethiopia. Kenya’s currency is the Kenyan Shilling.

The Kenyan diaspora is estimated to be about 3 million people, or about 5% of the country’s 53 million population. Like many African countries, remittances form a sizable portion of the country’s economy. Data from the Central Bank of Kenya (CBK) revealed that remittances to Kenya in 2021 totalled a record-breaking US $3.718 billion - around 3-4% of their GDP.

Living costs in Kenya

A single person’s estimated monthly cost without rent is around US $474.56 (KSh 53,839.26), according to Numbeo. Whereas the average rent cost for a single bedroom flat is around US $141.56, if not slightly more in city centres. The average monthly salary in Kenya is about US $422.07. The exchange rate (at the time of writing) is 1 USD to 113.5 Kenyan Shilling.

Kenya’s capital, Nairobi, has a reputation for being expensive. But according to the ‘Cost of Living City Ranking’ conducted by the global consultancy firm, Mercer, Nairobi is the 21st most expensive African city.

Sending money to Kenya

At the time of writing, a US $500 transfer to Kenya would be KSh 55,023 for a recipient. That would cover a single person’s living costs outright or cover rent for up to 2 months.

Nigeria

Nigeria has the largest population in Africa at over 200 million and is the 7th most populous country in the world. There are over 500 languages spoken in this vast country.

Nigeria has the largest economy in Africa and the 30th largest economy in the world, with a GDP of about US $432 billion. Nigerians make up one of the largest diasporas in the world, although the amount is difficult to estimate. It could be anywhere from 2 million to 15 million people.

In 2020, remittances sent back to Nigeria totalled US $17 billion, which was 6 billion less than in 2019. These remittances formed just under 4% of the country’s GDP.

Living costs in Nigeria

According to Numbeo, a single person’s estimated monthly costs without rent are US $446.93 (₦185,327.83). However, the average rent cost for a single bedroom flat is US $502-911, depending on location.

The average salary in Nigeria is around US $816 (₦339,000) per month, according to Salary Survey. At the time of writing, the exchange rate was 1 USD = 414 NGN.

Most expensive cities in Nigeria, according to Nigerianinfopedia:

1. Abuja

2. Lagos

3. Port Harcourt

4. Warri

5. Kaduna

Colombia

Colombia is the second most populous South American country. It’s also the second most biodiverse country in the world. Although it’s the fourth largest economy in South America, economic factors and internal conflicts have driven a lot of emigration from the country over the years.

It’s estimated that 4.7% of the population live abroad, most commonly in Venezuela or the United States. This means that remittances are a regular occurrence amongst the Colombian diaspora. In 2020, US $6.9Billion was sent in remittances – 2.5% of the country’s total GDP. Columbia's currency is the Colombian Peso.

Living costs in Colombia

A single person's monthly living costs are around US $373.45 (COP $1,506,087.43) without rent, according to Numbeo. Rent, for a single bed flat, is around US $195-251 per month, depending on location. Salaries in Columbia are on average US $307.12 a month. The exchange rate (at time of writing) was 1USD = 3,975 COP.

Sending money to Colombia

At time of writing, a US $500 transfer will mean a recipient gets COP $1,945,920. This would cover a single person's living costs for one month, or pay for accommodation for one month.

As with any big move, it’s not just the living costs that you have to factor in. You also have to decide ultimately where you might be happiest. Other factors to consider might be what kinds of job opportunities might be available, or how good the education system is in each country, if you need to send your children to school.

However, when it comes to covering the day-to-day costs for you and your loved ones, you can rely on WorldRemit to send fast transfers to your chosen destination. For more information about life abroad, you can see our other blog posts on living costs around the world here. Or if you already know where you want to go, sign up to WorldRemit and start sending today.