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The following article presents a comprehensive overview of countries ranked by the amount of remittances they receive from abroad. Remittances, defined as monetary transfers made by migrants to their home countries, play a crucial role in global economies and the livelihoods of individuals and families.
Western Union is the world's leading handler of remittance and the 170,000 Western Union agents handle about 25 percent of the total global remittance traffic. [10] Other companies such as MoneyGram have also been a key player for decades. Pure play money transfer providers may be owned by parent companies with more diverse interests.
By 2022, remittances surged to the highest value of $111+ billion, affirming India's position as a top destination for financial transfers worldwide. [24] In 2023, India received an estimated $125 billion in remittances, marking a significant increase and highlighting the continued importance of these financial inflows to the Indian economy. [25]
Remittances have been a significant source of foreign exchange for Nepal, contributing substantially to the country's economy. The following table presents the annual remittance inflows to Nepal from 2005 to 2023, as reported by the World Bank. [5] The data highlights the overall upward trend in remittances over the period.
Chapter 2 draws upon global sources of data to provide an overview of key figures and trends regarding the stocks and flows of international migrants, as well as remittances. After an initial review of overall migrant stocks and flows, the chapter looks at these trends for specific migrant groups, including migrant workers, international ...
With the exception of the 2008 global financial crisis, remittances sent from the U.S. have been consistently climbing for the past half century. [4] This major increase in remittances can be partially attributed to the larger population of immigrants and migrant workers, [5] as well as to increasing globalization in the financial and money ...
In 2023, the CIPS processed 6.6133 million transactions, totaling RMB123.06 trillion($17.09 trillion), increasing by 50.29 percent and 27.27 percent y-o-y, respectively. On a daily basis, the system processed 25,900 transactions, totaling RMB482.602 billion($67.028 billion).
In 2011, remittances were US$20.118 billion. [27] In 2012, approximately 80% of the remittances came from only seven countries—United States, Canada, the United Kingdom, UAE, Saudi Arabia, Singapore, and Japan. [27] In 2018, remittance had increased to $31 billion, which was nearly 10% of the GDP of the Philippines. [23]