The world's cheapest airline is Ryanair, correct?

According to some research conducted by WhichAirline.com, Ryanair is actually only the fourth cheapest airline in the world. So which airlines will fly you for the least amount of money?

When flying a budget airline, fees make all the difference. WhichAirline factored in both transaction fees and checked 20 kilogram baggage fees for all the airlines on their list.

Budget airlines are constantly competing to the be the cheapest option for their routes. Just last week, Norwegian Air announced they will begin to offer long-haul flights from Gatwick Airport to the United States in an attempt to compete with airlines like British Airways and Virgin Atlantic.

Check out the the world's 10 cheapest airlines below.

1. Pegasus Airlines
Total average fare: $86.34
Pegasus Airlines Boeing 737-800; TC-APH@DUS;13.10.2009/558mz

2. Wizz Air
Total average fare: $103.51
wizz air

3. Blue Air
Total average fare: $112.68
Blue Air Boeing 737-800

4. Ryanair
Total average fare: $114.04
ryanair

5. easyJet
Total average fare: $122.95
easyjet

6. Air One
Total average fare: $124.36
294cs - Air One Boeing 737-400; EI-CZG@ZRH;15.05.2004

7. Eurolot
Total average fare: $132.63
ATR-72-202, EuroLOT, Poznań - Ławica (POZ / EPPO)

8. Volotea
Total average fare: $141.78
Jesolo Air Extreme 2012

9. Vueling
Total average fare: $147.61
Vueling Airbus A320-214; EC-KKT@ZRH;08.04.2011/593al

10. flybe
Total average fare: $152.84
Flybe G-FBEM

Head over to Whichairline to see which other airline's made the list.

Also on HuffPost:

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  • 10: Bellingham International, Wa.

    Average fare paid: $342 Near: Seattle

  • 9: Chicago Midway, Ill.

    Average fare paid: $339 Near: Chicago, of course

  • 8: Oakland International Airport, Calif.

    Average fare paid: $330 Near: San Francisco

  • 7: Westchester County White Plains, N.Y.

    Average fare paid: $324 Near: New York City

  • 6: John Wayne Airport, Calif.

    Average fare paid: $316 Near: Los Angeles

  • 5: Lehigh Valley International Airport, Pa.

    Average fare paid: $307 Near: Philadelphia

  • 4: Harrisburg International Airport, Pa.

    Average fare paid: $304 Near: Baltimore and Philadelphia

  • 3: Fresno Yosemite International, Calif.

    Average fare paid: $290 Near: San Francisco

  • 2: Long Beach Airport, Calif.

    Average fare paid: $250 Near: Los Angeles

  • 1: Bob Hope Airport, Calif.

    Average fare paid: $221 Near: Los Angeles