Money transfers to other countries outside the United Kingdom were nearly ** times higher in 2021 than money received. 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 the United Kingdom, the top five recipient countries for remittances in 2021 included India, Pakistan, Nigeria, France, and Germany. The UK's five main sources for remittances were Australia, the United States, Canada, Spain, and Ireland.

Personal remittances sent from the UK almost reached their highest level in 2023, nearly reaching the same height as in 2014. This is according to a calculation that looks at personal money transfers and cross-country compensation of employees, on an annual basis. These two types of payments together form "personal" remittances. While technically not the same as "total" remittances, oftentimes the two types of remittances have the same figures due to a general lack of data tracking. Most of the remittances leaving the UK are said to go to India, although those estimates are solely based on migrant stock.

Personal remittances coming into the UK increased for the third year in a row in 2023, but did not reach the heights of 2007. This is according to a calculation that looks at personal money transfers and cross-country compensation of employees, on an annual basis. These two types of payments together form "personal" remittances. While technically not the same as "total" remittances, oftentimes the two types of remittances have the same figures due to a general lack of data tracking. Most of the remittances coming into the UK are said to come from Australia, although those estimates are solely based on migrant stock.

Remittance inflows to GDP (%) in United Kingdom was reported at 0.11782 % in 2020, according to the World Bank collection of development indicators, compiled from officially recognized sources. United Kingdom - Remittance inflows to GDP - actual values, historical data, forecasts and projections were sourced from the World Bank on July of 2025.

United Kingdom UK: Average Transaction Cost of Sending Remittances from a Specific Country data was reported at 7.009 % in 2017. This records a decrease from the previous number of 7.349 % for 2016. United Kingdom UK: Average Transaction Cost of Sending Remittances from a Specific Country data is updated yearly, averaging 7.562 % from Dec 2011 (Median) to 2017, with 7 observations. The data reached an all-time high of 8.400 % in 2013 and a record low of 7.009 % in 2017. United Kingdom UK: Average Transaction Cost of Sending Remittances from a Specific Country data remains active status in CEIC and is reported by World Bank. The data is categorized under Global Database’s United Kingdom – Table UK.World Bank.WDI: Payment System. Average transaction cost of sending remittance from a specific country is the average of the total transaction cost in percentage of the amount sent for sending USD 200 charged by each single remittance service provider (RSP) included in the Remittance Prices Worldwide (RPW) database from a specific country.; ; World Bank, Remittance Prices Worldwide, available at http://remittanceprices.worldbank.org; Unweighted average;

The share of digital remittances leaving the United Kingdom was slightly higher in 2024 than in previous years, taking up the majority of money transfers. This is according to a custom-made calculation from Statista, based on the number of reported remittance channels going away from the UK. The ***** countries the United Kingdom sends the highest value of remittances include India, Pakistan, and Nigeria. 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.

The United Kingdom: Remittances, million USD: The latest value from 2023 is 3933.15 million U.S. dollars, a decline from 3965.08 million U.S. dollars in 2022. In comparison, the world average is 4590.03 million U.S. dollars, based on data from 184 countries. Historically, the average for the United Kingdom from 1987 to 2023 is 3908.83 million U.S. dollars. The minimum value, 1369.1 million U.S. dollars, was reached in 1987 while the maximum of 6556.34 million U.S. dollars was recorded in 2007.

Personal remittances sent from the UK grew substantially in ** 2023 when compared to the previous year, although it was not the highest growth rate. This is according to a calculation that looks at personal money transfers and cross-country compensation of employees, on an annual basis. These two types of payments together form "personal" remittances. While technically not the same as "total" remittances, oftentimes the two types of remittances have the same figures due to a general lack of data tracking. Most of the remittances leaving the UK are said to go to India, although those estimates are solely based on migrant stock.

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Remittance Market Size 2024-2028

The remittance market size is forecast to increase by USD 57 bn at a CAGR of 13.54% between 2023 and 2028.

The market is experiencing significant growth, driven by technological advancements and government initiatives to promote digital payments. Keywords such as payments, wallets, and software are transforming the industry through FinTech innovations. The integration of blockchain technology, artificial intelligence, big data, and R analytics is revolutionizing the remittance landscape. Digital remittance solutions are increasingly popular, offering convenience, speed, and cost savings. However, challenges persist, including security concerns, regulatory compliance, and the need for financial education to ensure users fully understand the benefits and risks of digital remittances. As the market continues to evolve, staying informed about these trends and challenges is essential for businesses and individuals alike.

What will be the Size of the Remittance Market During the Forecast Period?

Request Free SampleThe market encompasses money transfers initiated by migratory workers and individuals seeking to send funds across borders. This market is characterized by a significant volume of cross border transactions, facilitated through digital transfer platforms and online transactions. Electronic devices, including mobile phones, have become increasingly important tools for executing these transactions, leading to the growth of digital remittance services. Financial security and anonymity are key considerations for users, who often incur extra fees and navigate complex paperwork to complete transactions. Regulators play a crucial role In the digital remittance business, implementing regulations to mitigate risks such as money laundering and terrorism funding.Despite these challenges, the market continues to expand, driven by the increasing popularity of digital payments and the need for convenient, cost-effective cross border payments. Money transfer costs remain a significant concern for users, with fees varying widely among different providers. Lack of knowledge and security barriers can also hinder adoption, necessitating education and innovation to address these concerns.

How is this Remittance Industry segmented and which is the largest segment?

The remittance industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD billion' for the period 2024-2028, as well as historical data from 2018-2022 for the following segments. MethodNon-digitalDigitalTypeInwardOutwardGeographyNorth AmericaUSEuropeUKAPACMiddle East and AfricaSouth America

By Method Insights

The non-digital segment is estimated to witness significant growth during the forecast period. The non-digital segment dominates The market, accounting for the largest revenue share in 2023. Traditional methods such as Automated Teller Machines (ATMs) and cheques offer accessibility to senders and recipients, flexible remittance channels, and fund accessibility to recipients. The sense of security experienced through offline transactions is a significant factor contributing to the growth of this segment. Prior to the emergence of digital channels, non-digital methods were the only means for international remittances. Key advantages of non-digital remittance include ease of use, convenience, and the absence of digital barriers for international residents. These factors are expected to drive the growth of the non-digital segment In the market during the forecast period.Cross-border transactions continue to be a crucial aspect of the international economy, with migratory workers playing a significant role in driving remittance volumes. Regulators play a crucial role in ensuring financial security and preventing money laundering and terrorism funding through digital remittance services. Digital payment solutions, including mobile wallets and blockchain technology, are gaining popularity but still trail behind non-digital methods in terms of market share.

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The Non-digital segment was valued at USD 34.00 bn in 2018 and showed a gradual increase during the forecast period.

Regional Analysis

North America is estimated to contribute 31% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.

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The digital the market is experiencing significant growth due to the increasing number of migratory workers requiring cross-border transactions. Digital transfer platforms and online transactions have become increasingly popular, facilitated by the widespread use of electronic devices. Cross-border

Pakistan Workers' Remittances: Cash: UK data was reported at 298.801 USD mn in Oct 2018. This records an increase from the previous number of 203.080 USD mn for Sep 2018. Pakistan Workers' Remittances: Cash: UK data is updated monthly, averaging 13.480 USD mn from Jul 1972 (Median) to Oct 2018, with 556 observations. The data reached an all-time high of 309.270 USD mn in Jun 2016 and a record low of 3.000 USD mn in Oct 1976. Pakistan Workers' Remittances: Cash: UK data remains active status in CEIC and is reported by State Bank of Pakistan. The data is categorized under Global Database’s Pakistan – Table PK.JB014: Workers' Remittances.

Personal remittances, received (% of GDP) in United Kingdom was reported at 0.13271 % in 2023, according to the World Bank collection of development indicators, compiled from officially recognized sources. United Kingdom - Workers' remittances and compensation of employees, received (% of GDP) - actual values, historical data, forecasts and projections were sourced from the World Bank on June of 2025.

United Kingdom UK: BOP: Current Account: Personal Remittances: Received: % of GDP data was reported at 0.168 % in 2017. This records a decrease from the previous number of 0.173 % for 2016. United Kingdom UK: BOP: Current Account: Personal Remittances: Received: % of GDP data is updated yearly, averaging 0.184 % from Dec 1987 (Median) to 2017, with 31 observations. The data reached an all-time high of 0.327 % in 1999 and a record low of 0.085 % in 1998. United Kingdom UK: BOP: Current Account: Personal Remittances: Received: % of GDP data remains active status in CEIC and is reported by World Bank. The data is categorized under Global Database’s United Kingdom – Table UK.World Bank.WDI: Balance of Payments: Current Account. Personal remittances comprise personal transfers and compensation of employees. Personal transfers consist of all current transfers in cash or in kind made or received by resident households to or from nonresident households. Personal transfers thus include all current transfers between resident and nonresident individuals. Compensation of employees refers to the income of border, seasonal, and other short-term workers who are employed in an economy where they are not resident and of residents employed by nonresident entities. Data are the sum of two items defined in the sixth edition of the IMF's Balance of Payments Manual: personal transfers and compensation of employees.; ; World Bank staff estimates based on IMF balance of payments data, and World Bank and OECD GDP estimates.; Weighted average; Note: Data starting from 2005 are based on the sixth edition of the IMF's Balance of Payments Manual (BPM6).

Remittances leaving the UK took about one day to be processed in 2024, a figure that was much higher if cash or bank account transfers were involved. This is according to a Statista estimate that aims to compare the transaction speed listed for different international money transfer channels across the world. Generally, digital remittance tend to process remittances much faster. The figures shown here have originally been gathered by the World Bank using mystery shopping. "Traditional end-to-end" and "digital to traditional" are categories assigned by Statista, and refer to the payment method used at the remittance sending side and the method used when receiving. "Traditional" refers to cash and bank account transfers, while "Digital" includes everything that does not involve these (e.g., cards, mobile wallets, mobile money, etc.). In this statistic, the categories "traditional to digital" and "digital end-to-end" were added, unlike other countries where there were not enough channels for these.

United Kingdom UK: BOP: Current Account: Personal Remittances: Received data was reported at 4.394 USD bn in 2017. This records a decrease from the previous number of 4.578 USD bn for 2016. United Kingdom UK: BOP: Current Account: Personal Remittances: Received data is updated yearly, averaging 4.932 USD bn from Dec 1987 (Median) to 2017, with 31 observations. The data reached an all-time high of 6.556 USD bn in 2007 and a record low of 1.369 USD bn in 1987. United Kingdom UK: BOP: Current Account: Personal Remittances: Received data remains active status in CEIC and is reported by World Bank. The data is categorized under Global Database’s United Kingdom – Table UK.World Bank.WDI: Balance of Payments: Current Account. Personal remittances comprise personal transfers and compensation of employees. Personal transfers consist of all current transfers in cash or in kind made or received by resident households to or from nonresident households. Personal transfers thus include all current transfers between resident and nonresident individuals. Compensation of employees refers to the income of border, seasonal, and other short-term workers who are employed in an economy where they are not resident and of residents employed by nonresident entities. Data are the sum of two items defined in the sixth edition of the IMF's Balance of Payments Manual: personal transfers and compensation of employees. Data are in current U.S. dollars.; ; World Bank staff estimates based on IMF balance of payments data.; Sum; Note: Data starting from 2005 are based on the sixth edition of the IMF's Balance of Payments Manual (BPM6).

Personal transfers, receipts (BoP, current US$) in United Kingdom was reported at 2463125028 USD in 2023, according to the World Bank collection of development indicators, compiled from officially recognized sources. United Kingdom - Workers' remittances, receipts (BoP, current US$) - actual values, historical data, forecasts and projections were sourced from the World Bank on June of 2025.

Personal remittances, paid (current US$) in United Kingdom was reported at 12271592596 USD in 2024, according to the World Bank collection of development indicators, compiled from officially recognized sources. United Kingdom - Workers' remittances and compensation of employees, paid - actual values, historical data, forecasts and projections were sourced from the World Bank on July of 2025.

UK: BOP: Current Account: Personal Remittances: Paid data was reported at 9.722 USD bn in 2017. This records a decrease from the previous number of 10.187 USD bn for 2016. UK: BOP: Current Account: Personal Remittances: Paid data is updated yearly, averaging 5.996 USD bn from Dec 1987 (Median) to 2017, with 31 observations. The data reached an all-time high of 11.597 USD bn in 2007 and a record low of 837.831 USD mn in 1993. UK: BOP: Current Account: Personal Remittances: Paid data remains active status in CEIC and is reported by World Bank. The data is categorized under Global Database’s United Kingdom – Table UK.World Bank.WDI: Balance of Payments: Current Account. Personal remittances comprise personal transfers and compensation of employees. Personal transfers consist of all current transfers in cash or in kind made or received by resident households to or from nonresident households. Personal transfers thus include all current transfers between resident and nonresident individuals. Compensation of employees refers to the income of border, seasonal, and other short-term workers who are employed in an economy where they are not resident and of residents employed by nonresident entities. Data are the sum of two items defined in the sixth edition of the IMF's Balance of Payments Manual: personal transfers and compensation of employees. Data are in current U.S. dollars.; ; World Bank staff estimates based on IMF balance of payments data.; Sum; Note: Data starting from 2005 are based on the sixth edition of the IMF's Balance of Payments Manual (BPM6).

Remitly was used the most for outgoing remittances from the UK in 2024, although its ***percent market share was relatively low due to how many providers are present. This is according to a custom-made calculation from Statista, based on the number of reported remittance channels going away from the United Kingdom. The three countries to which the UK sends the highest value of remittances are India, Pakistan, and Nigeria. 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.

Bangladesh Overseas Workers Remittances: USD: UK data was reported at 201.080 USD mn in Apr 2024. This records a decrease from the previous number of 263.170 USD mn for Mar 2024. Bangladesh Overseas Workers Remittances: USD: UK data is updated monthly, averaging 79.900 USD mn from Jul 2005 (Median) to Apr 2024, with 225 observations. The data reached an all-time high of 280.370 USD mn in Dec 2023 and a record low of 21.250 USD mn in Jul 2005. Bangladesh Overseas Workers Remittances: USD: UK data remains active status in CEIC and is reported by Bangladesh Bank. The data is categorized under Global Database’s Bangladesh – Table BD.JB014: Overseas Workers Remittances: USD.

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Digital Remittance Market Size 2024-2028

The digital remittance market size is forecast to increase by USD 15.2 million at a CAGR of 14.08% between 2023 and 2028. The market is experiencing significant growth due to the quickness and convenience of fund transfers through user-friendly digital payment solutions. With the rising global migration and cross-border remittance processes, the demand for digital platform solutions, including electronic wallets and mobile remittance applications, has increased. Mobile devices and mobile wallets have become essential tools for sending and receiving money across borders. Technological advancements, such as blockchain technology, have enhanced security and transparency, leading to faster transaction settlements. However, the implementation of know-your-customer (KYC) regulations adds complexity to the remittance process. To address this challenge, digital wallet providers are investing in mobile apps and digital wallets to streamline KYC procedures. As the trend of rising cross-border migration continues, the need for efficient and secure digital remittance solutions will remain high. The market is witnessing growth due to technological advancements, user-friendly digital payment solutions, and government initiatives promoting online payments. Cross-border migration and the need for quick and secure fund transfers have led to the increasing popularity of mobile wallets and mobile remittance apps. Blockchain technology enhances security and transparency, enabling faster transaction settlements.

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The market is witnessing significant growth as more individuals and businesses turn to digital transfer platforms for cross-border transactions. This shift is particularly prominent among migratory workers and families sending money to each other. Traditional methods of sending money, such as physical cash and paper-based transactions, are being replaced by mobile-based payment channels and digital transfer platforms. These electronic devices enable faster, more convenient, and cost-effective online transactions. Cross-border remittances have become an essential part of the global economy, with families and business associates relying on money transfer operators to facilitate these transactions.

However, the use of intermediaries and hidden charges have long been a concern for those sending and receiving money. Digital technology, including fintech innovations like artificial intelligence, data analytics, and chatbots, is revolutionizing the remittance industry. Digital platforms offer a more transparent and efficient way to send and receive money, reducing the need for intermediaries and minimizing hidden charges. Mobile money, a type of digital transfer platform, is becoming increasingly popular for family-to-family money transfers. This technology enables users to send and receive money using their mobile devices, making cross-border transactions faster and more convenient. Online transfer services offer several advantages over traditional methods, including reduced money transfer time, increased security, and the ability to track transactions in real-time.

Moreover, digital technology also enables users to access their account information and perform transactions from anywhere in the world. The market is expected to continue expanding as more individuals and businesses embrace digital transfer platforms. The convenience, efficiency, and cost-effectiveness of digital remittances make them an attractive alternative to physical cash and paper-based transactions. In conclusion, the market is experiencing significant growth as more individuals and businesses turn to digital transfer platforms for cross-border transactions. Digital technology, including mobile money and online transfer services, offers a faster, more convenient, and cost-effective way to send and receive money, making it an essential part of the global economy.

Market Segmentation

The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD million' for the period 2024-2028, as well as historical data from 2018-2022 for the following segments.

End-user

  Personal
  Small business
  Migrant labor workforce
  Others


Type

  Outward digital remittance
  Inward digital remittance


Geography

  North America

    US


  Europe

    Germany
    UK


  APAC



  Middle East and Africa



  South America

By End-user Insights

The personal segment is estimated to witness significant growth during the forecast period. The market has witnessed substantial growth in the personal segment due to various factors. Technological advancements and changing demographics are key drivers, with an increasing number of people using digital platforms for international money transfers. This trend is particularly prevalent among younger generations wh