24 Remittance Statistics Highlighting Cash In and Out

Remittance refers to cash despatched from one social gathering to a different corresponding to a cost made for a invoice. Nevertheless, on this article, we focus on remittance because the act of sending cash to kinfolk dwelling in overseas international locations for ongoing help, emergencies, or particular occasions. 

Remittances have an honest share within the gross home product (GDP) of small and creating international locations. In difficult conditions like disasters, or attributable to social points like poverty, remittances assist increase folks’s lifestyle. 

Monetary establishments assist ship this cash with the assure that it reaches the supposed social gathering. The price of sending cash varies relying on the cost processing system. Let’s study a number of the newest remittance statistics carefully. 

International remittance statistics

International remittance has proven resilience and development regardless of financial uncertainties and different geopolitical challenges. Remittance move continues to extend, and for low- and middle-income international locations, it reached new heights in 2023. 

This drives enhancements within the world economic system. Nevertheless, the price of sending remittances stays a difficulty. It may be as excessive as 6.2% of the switch quantity and varies by area and remittance hall. Research these statistics to get a whole overview. 

• The worldwide remittance move was $860 billion in 2023, up from $836 billion in 2022. It is a 3% improve in a yr.

• The US digital remittance market is rising at a compound development fee of 15.1%. It has potential to achieve $13.5 billion in 2032. 
• $508 billion in remittances have been despatched to low- and middle-income international locations in 2020.
• International remittances have been rising yearly since 2016, aside from a dip in 2020 as a result of pandemic.
• Remittances steadily climbed from $591 billion in 2016 to $860 billion in 2023, with a forecast of $887 billion for 2024.

International locations that obtain essentially the most remittance

India has the highest spot, with Mexico and China at second and third on the listing. 

These international locations have extra remittance influx than outflow, however Australia’s outflow is considerably bigger. Learn on to see a clearer view of remittance by nation. 

• Australia’s remittances to different international locations got here to $1.65 billion in 2023, with extra outflow than influx.
• Remittances to the Philippines in 2023 amounted to $40 billion, or 9.2% of its GDP.
• Pakistan acquired $24 billion in 2023, representing 7% of its GDP.
• The UAE despatched $39.67 billion in 2022, the second largest quantity after the US.

• Mexico and China acquired $67 billion and $50 billion, claiming second and third locations, respectively.
• Nepal acquired a report $11 billion in remittances in 2023, about 26.6% of its GDP.
• Malaysia acquired $1.75 billion in remittances in 2023, with a a lot bigger outflow.
• In 2023, South Asia, Latin America, the Caribbean, and East Asia and the Pacific have been the highest recipients of those funds, at $189 billion, $156 billion, and $133 billion. 

Fintech remittance statistics

Fintech remittance makes use of expertise to ship cash from one nation to a different, making the method quicker and infrequently cheaper than conventional methods. 

The expertise makes use of sturdy safety measures to maintain the cash secure and scrambles your confidential info. It helps shield your id and keep away from any misuse. These stats will give extra context on fintech remittance. 

• The estimated transaction worth of Fintech Options for digital remittances in 2024 is $151.3 billion.
• Fintech remittances from the US will attain $29.92 billion in 2024.
• Fintech remittance customers have grown from 5.33 million in 2017 to an anticipated 15.82 million in 2024. Key fintech gamers with important market shares embody Sensible, Revolut, and Remitly.
• $9.56K is the anticipated common transaction worth per person within the digital remittance market in 2024.
• Customers within the digital remittance market are anticipated to quantity to 18.85 million by 2028.

United States remittance statistics

The US is a big world remittance supply with a big immigrant inhabitants. Immigrants ship billions of {dollars} again dwelling every year to help their households for important issues like meals, medication, schooling, and healthcare. 

Fashionable expertise has made sending cash from the US simpler and cheaper. The statistics beneath assist us perceive extra about US remittances. 

• The USA acquired $7.2 billion in remittance in 2023, barely down from 2022.

• Remittance development within the US is projected to hit $32.98 billion by 2028. Remitly leads the US market, adopted by Sensible and Xoom Cash Switch.

Tech-enable remittance

Regardless of financial turbulence and uncertainties, remittance worth has steadily elevated since 2020. The statistics above present the alternatives current within the world remittance market. The price of sending cash may very well be an space of curiosity for entrepreneurs and banking establishments.

The market additionally seems promising for corporations constructing and working applied sciences that facilitate remittance. The market wants extra gamers to enter, making this house a rewarding expertise for a lot of. 

Uncover the newest fintech statistics for extra actionable insights into the trade.