The biggest receivers of remittances in the world included India, Mexico, and China in 2023, with each country receiving **************** worth of dollars. This is according to a database that tries to model money sent internationally from one party to another. Remittances typically refer to money sent from migrant workers back home to family and friends, although there are other forms of this. Remittances can, for example, include pensioners who have a second home in a foreign country. Nevertheless, Asia Pacific is often referred to as the main receiver of remittances.

Low-and middle-income (LMI) countries in South Asia received more remittances than any other LMI region in the world, such as Latin America. The latter region received approximately *** billion U.S. dollars from other countries, most of which likely comes from the U.S. to Mexico - the biggest remittance corridor in the world. Predictions are that global remittances will increase by ** billion U.S. dollars between 2022 and 2024.

Remittances sent to Europe went largely towards France and Germany in 2021, with each country receiving at least ** billion billions worth of dollars. This is according to a database that tries to model money sent internationally from one party to another. Remittances typically refer to money sent from migrant workers back home to family and friends, although there are other forms of this. Remittances can, for example, include pensioners who have a second home in foreign country. Nevertheless, Asia Pacific - not Europe - is often referred to as the main receiver of remittances.

The value of remittances to India outweighed the value sent to other countries about ** times in 2021, according to a ranking that maps the flow of such money transfers. Remittances refer to cross-border payments to family or friends and are often associated with migrant workers sending money back home to friends or relatives back in their communities of origin. It is estimated that about *** in seven people worldwide are involved with remittances - substantially impacting payment behavior in, especially, Asia and Latin America. For India, the top five recipient countries for remittances in 2021 included Bangladesh, Nepal, China, Sri Lanka, and the United States. India's main sources for remittances were the United Arab Emirates, the United States, Saudi Arabia, Oman, and Kuwait.

Remittances in Bangladesh increased to 2969.57 USD Million in May from 2752.33 USD Million in April of 2025. This dataset provides the latest reported value for - Bangladesh Remittances - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news.

Remittance inflows to GDP (%) in Nepal was reported at 24.25 % in 2020, according to the World Bank collection of development indicators, compiled from officially recognized sources. Nepal - Remittance inflows to GDP - actual values, historical data, forecasts and projections were sourced from the World Bank on July of 2025.

MoneyGram was used the most for incoming remittances to Colombia, although its market share stayed relatively unchanged in 2024. This is according to a custom-made calculation from Statista, based on the number of reported remittance channels going towards Colombia. The ***** countries from which Colombia received the highest value of remittances are the U.S., Venezuela, and Spain. Remittances are a relatively uncharted topic, though. While figures exist on the total traffic between individual countries ("corridors"), exact numbers on how much of this comes from banks, money transfer organizations (MTOs), or digital sources (blockchain, etc.) is typically not known. All figures on remittances are therefore estimates.

India, China, and Pakistan accounted for a combined ** percent of the total inflow of remittance-receiving countries in Asia bar Southeast Asia in 2021. Remittances received by the eight ** countries and territories in this region were worth roughly *** billion U.S. dollars, with more than half of this money originating from the Middle East. Remittances refer to cross-border payments to family or friends and are often associated with migrant workers sending money back home to friends or relatives back in their communities of origin. It is estimated that about one in seven people worldwide are involved with remittances - substantially impacting payment behavior in, especially, Asia and Latin America. Southeast Asia's outflow largely stayed within Asia, especially within both Southeast Asia itself and South Asia - which includes India.

Remittances in Sri Lanka decreased to 635.70 USD Million in June from 641.70 USD Million in May of 2025. This dataset provides the latest reported value for - Sri Lanka Remittances - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news.

Remittance are forecast to grow in the years following 2023, and are expected to pick again after a growth decline. In 2023, the value of remittances worldwide amounted to an estimated *** billion U.S. dollars. This is expected to reach *** billion U.S. dollars by 2025. Remittances grew especially during the coronavirus pandemic, when the year-on-year percentage change went up by more than ** percent between 2020 and 2021. Historical data on the global remittance market size, however, reveals this was not the largest increase.

Digital Money Transfer and Remittances Market Outlook

The global digital money transfer and remittances market size was valued at approximately USD 17 billion in 2023, and it is projected to reach around USD 37 billion by 2032, growing at a compound annual growth rate (CAGR) of 9% during the forecast period of 2024-2032. This robust growth can be attributed to the increasing adoption of digital platforms for transferring money across borders and domestically, driven significantly by the convenience, speed, and cost-effectiveness they offer compared to traditional methods. Moreover, the market is benefiting from the rapid advancements in financial technology and the growing penetration of smartphones and internet connectivity globally.

The digital money transfer and remittances market is witnessing substantial growth due to a multitude of factors. One of the primary drivers is the increasing migration of people for employment, education, and better living conditions. As more individuals work and live away from their home countries, the need for efficient and cost-effective remittance services continues to rise. Additionally, digital platforms are providing solutions that bypass the traditional banking systems, offering faster and often cheaper alternatives to send money across borders. This has significantly democratized financial transactions, making it easier for even those without access to traditional banking services to participate in the global economy. The COVID-19 pandemic has also accelerated the shift towards digital money transfers, as consumers and businesses sought contactless ways to manage transactions.

Technological advancements have played a crucial role in shaping the digital money transfer and remittances market. The integration of blockchain technology and artificial intelligence has not only improved the security and efficiency of transactions but has also reduced the costs associated with cross-border payments. Blockchain, in particular, has revolutionized the way money is transferred internationally by enabling near-instantaneous transactions with minimal fees. Moreover, the increasing adoption of mobile wallets and digital payment platforms has further fueled market growth. These platforms allow users to send and receive money with just a few taps on their smartphones, making financial transactions more accessible to everyone, including those in remote and underserved areas.

Another significant growth factor for this market is the supportive regulatory environment in many countries. Governments and financial institutions are increasingly recognizing the importance of digital financial services in driving economic growth and financial inclusion. As a result, many regions have implemented regulatory frameworks that facilitate the operation and expansion of digital money transfer services. These regulations aim to protect consumers while encouraging innovation and competition within the industry. Additionally, the rise of fintech companies and the collaboration between traditional banks and digital platforms have created a more competitive landscape, leading to better services and lower costs for consumers.

Regionally, the digital money transfer and remittances market is experiencing varied growth patterns. The Asia Pacific region is leading the charge, with a significant portion of the remittance flows originating from this area due to the high number of migrant workers. The region's growth is further supported by the rapid digitalization of financial services and the widespread use of mobile payment platforms. North America and Europe are also seeing substantial growth, driven by the increasing preference for digital transactions over cash and check payments. Latin America and the Middle East & Africa regions, while currently smaller in terms of market size, are poised for rapid growth as financial inclusion initiatives gain momentum and digital infrastructure improves.

Type Analysis

The digital money transfer and remittances market can be segmented into domestic and international types, each with its own set of dynamics and growth prospects. The domestic money transfer segment is characterized by the need for quick and efficient transfer of funds within the same country. This segment is witnessing growth due to the increasing adoption of mobile payment solutions and peer-to-peer payment platforms that cater to the needs of both urban and rural populations. As more individuals turn to digital methods for paying bills, transferring money to family and friends, and making purchases, the demand for domestic digital transfer solutions continues to rise.

Overseas Filipino workers (OFWs) based in the United States were the leading source of remittances received by the Philippines in 2024. Remittances from the U.S. amounted to around ** billion U.S. dollars. Singapore follows, with remittances amounting to around **** billion U.S. dollars. Economic contribution of remittances  Remittances, in case or kind, have been a fundamental source of income in the Philippines. In fact, in 2020, the county ranked second to India when it comes to the total personal remittances received in the Asia Pacific region. Overall, personal remittances contributed about **** percent to the country's GDP. Demographics of OFWs  Of the **** million Filipino labor migrants employed worldwide in 2023, women accounted for the higher share of OFWs compared to men. In terms of age, most women OFWs were between the age of 30 and 34, while the majority of male OFWs were 45 years old and above.

Remittances in Philippines decreased to 2658389 USD Thousand in May from 2663701 USD Thousand in April of 2025. This dataset provides - Philippines Remittances - actual values, historical data, forecast, chart, statistics, economic calendar and news.

Crypto Remittance Market Outlook

According to our latest research, the global crypto remittance market size reached USD 22.8 billion in 2024, demonstrating robust growth driven by increasing adoption of digital currencies for cross-border and domestic payments. The market is expected to expand at a CAGR of 14.3% from 2025 to 2033, with the total market value projected to reach USD 66.1 billion by the end of the forecast period. This impressive growth is attributed to the rising demand for faster, cost-effective, and transparent remittance solutions leveraging blockchain technology, as well as the increasing penetration of smartphones and internet connectivity in developing regions. As per our latest research, the shift towards decentralized finance and the growing trust in digital assets are further accelerating the momentum of the crypto remittance market worldwide.

One of the primary growth factors propelling the crypto remittance market is the significant reduction in transaction costs compared to traditional banking and remittance channels. Legacy systems are often plagued by high transfer fees, slow processing times, and a lack of transparency, particularly for cross-border payments. In contrast, crypto remittance platforms leverage blockchain technology to enable near-instantaneous transfers with minimal fees, making them highly attractive for both individuals and businesses. This cost efficiency is particularly beneficial for migrant workers sending money to their families, as well as small and medium enterprises (SMEs) involved in international trade. The ability to bypass intermediaries not only reduces costs but also minimizes the risks of fraud and delays, thereby enhancing user trust and driving market adoption.

Another critical driver for the crypto remittance market is the growing financial inclusion facilitated by digital assets. In many developing countries, a significant portion of the population remains unbanked or underbanked, lacking access to formal financial services. The proliferation of smartphones and affordable internet access has enabled these populations to participate in the global economy through crypto remittance solutions. These platforms provide a secure and accessible alternative to traditional banking, empowering individuals to receive and send funds seamlessly across borders. Moreover, the integration of user-friendly interfaces and multi-language support by leading crypto remittance providers has further broadened their reach, making digital remittances an increasingly viable option for diverse user segments.

Regulatory developments and the increasing acceptance of cryptocurrencies by mainstream financial institutions are also contributing to market growth. Governments and central banks in several regions are recognizing the potential of blockchain-based remittances to enhance transparency, reduce illicit activities, and promote economic development. Initiatives such as regulatory sandboxes, pilot programs, and collaborations between fintech firms and traditional banks are fostering innovation and building consumer confidence in crypto remittance solutions. While regulatory uncertainty remains a challenge in some markets, the overall trend towards clearer guidelines and supportive frameworks is expected to fuel further expansion of the crypto remittance market in the coming years.

Regionally, the Asia Pacific market is emerging as a dominant force in the global crypto remittance landscape, fueled by a large migrant workforce, high remittance inflows, and rapid digital transformation. North America and Europe are also witnessing substantial growth, driven by increasing adoption among SMEs and tech-savvy consumers. Meanwhile, Latin America and the Middle East & Africa are showing promising potential due to rising mobile penetration and favorable regulatory environments. Each region presents unique opportunities and challenges, but the overarching trend is a steady shift towards digital and decentralized remittance solutions, positioning the crypto remittance market for sustained growth through 2033.

Remittances sent to Africa went largely towards Egypt, Nigeria, and Morocco in 2021, with each country receiving at least ** billion billions worth of dollars. This is according to a database that tries to model money sent internationally from one party to another. Remittances typically refer to money sent from migrant workers back home to family and friends, although there are other forms of this. Remittances can, for example, include pensioners who have a second home in a foreign country. Nevertheless, Asia Pacific - not Africa - is often referred to as the main receiver of remittances.

Remittances between the United States and Mexico were over twice as large in value as the second-biggest corridor, which was in Asia. This is according to a Statista ranking, using a table that tried to map out migrant remittance flows between individual countries. Multiple countries across the world received remittances worth more than ***** percent of their GDP in 2022. That said, it should be stressed that remittance figures are not without their flaws. First, the numbers shown here are based on migrant stock. This is a difficult topic to track for certain countries, but also potentially excludes other types of remittances - such as pensions or illegal remittances. Two, the figures essentially assume that every migrant will send the difference of per capita income in PPP terms back home to the country of origin. The source acknowledges this is a rough proxy, potentially leading to over- or undervaluing any estimates.

MoneyGram was used the most for incoming remittances to Brazil, although its market share - around*** percent - stayed relatively unchanged in 2024. This is according to a custom-made calculation from Statista, based on the number of reported remittance channels going towards Brazil. The three countries from which Brazil received the highest value of remittances are the U.S., Japan, and Portugal. Remittances are a relatively uncharted topic, though. While figures exist on the total traffic between individual countries ("corridors"), exact numbers on how much of this comes from banks, money transfer organizations (MTOs), or digital sources (blockchain, etc.) is typically not known. All figures on remittances are therefore estimates.

Western Union was used the most for incoming remittances to Mexico, although its market share stayed relatively unchanged in 2024. This is according to a custom-made calculation from Statista, based on the number of reported remittance channels going towards Mexico. The ***** countries from which Mexico received the highest value of remittances are the U.S., Canada, and Spain. Remittances are a relatively uncharted topic, though. While figures exist on the total traffic between individual countries ("corridors"), exact numbers on how much of this comes from banks, money transfer organizations (MTOs), or digital sources (blockchain, etc.) is typically not known. All figures on remittances are therefore estimates.

Western Union's market share in incoming remittances was relatively high in China as of late 2024, more so than in Mexico or India. This is according to a custom-made calculation from Statista, based on the number of reported remittances channels originating from more than 40 different countries worldwide. Western Union is often considered one of the main providers of remittances services worldwide. The company's quarterly revenue increased by nearly *** percent in Q1 2024, as compared to a year earlier. Nevertheless, remittances are a relatively uncharted topic. While figures exist on the total traffic between individual countries ("corridors") or the overall size of remittance flows, exact numbers on how much of this comes from banks, money transfer organizations (MTOs), or digital sources (blockchain, etc.) is typically not known. All figures on remittances are therefore estimates.

The value of remittances received in Nepal was roughly **** times higher than the remittance outflow, with most money from Nepal going towards India in 2021. This is according to a ranking that attempts to map out the flow of such money transfers. Remittances refer to cross-border payments to family or friends and are often associated with migrant workers sending money back home to friends or relatives back in their communities of origin. It is estimated that about *** in ***** people worldwide are involved with remittances - substantially impacting payment behavior in, especially, Asia and Latin America. For Nepal, the top five recipient countries for remittances in 2021 included India, China, Bhutan, Pakistan, and Bangladesh. Nepal's main sources for remittances were the Saudi Arabia, Malaysia, India, Qatar, and the United States.