Remittance statistics for 2022
Find out the data on which countries send and receive the most money abroad.
Key takeaways
- Compare money transfer operators against banks as global transfer fees average 4.72% for operators versus 14.99% for banks.
- Australia sent US$6,350 million in remittances in 2022 while receiving US$1,298 million.
- India received the most remittances globally at US$111,222 million in 2022, while the US sent US$79,153 million.
Compare money transfer services as they often charge lower fees (around 5.38% on average) than banks (around 11.84%).
Key statistics
- Global inward remittances amounted to around US$843 billion in 2022.
- Australia sent about US$8,454 million in remittances in 2022, an increase from about US$6,458 million in 2021.
- Meanwhile Australia received US$1,298 million in remittances in 2022, an increase from US$936 million in 2021.
- India received the most remittances at US$111,222 million, while the United States sent the most at US$79,153 million.
What does remittance mean?
Remittance refers to the transfer of money. In this case, it's about transferring funds from someone in one country to a person in another country. It's particularly important in many developing nations, where international remittances make up a significant portion of the country's GDP. The total value of remittances received around the world has increased significantly over the past 2 decades.
Remittances to and from Australia
Australia sent a total of $6,432 million in remittances in 2022, which is higher than the $4,963 million sent in 2021 and $4,423 million in 2020.
On the other hand, Australia received a total of $1,298 million remittances in 2022. This is an increase from $936 million in 2021 and $1,197 in 2020.
Countries whose GDPs depend on money transfers
Countries that are classed as "developing nations" saw migrant remittance inflows making up a solid percentage of their GDP in 2022. In countries such as Tajikistan, migrant remittance inflows were responsible for more than half (51%) of 2022 GDP. Rounding out the top 5 countries reliant on migrant remittance inflows were Tonga (44%), Lebanon (36%), Samoa (34%) and Kyrgyz Republic (31%).
Which country is sending the most money?
Where is all that money coming from? Of all the countries that are sending money overseas, the US sends by far the most offshore, with $81,636 million being sent in 2022.
The United States was followed by Saudi Arabia ($39,349 million), Switzerland ($31,906 million), Germany ($25,599 million) and China ($18,256 million) to round out the top 5 countries sending money abroad.
Which country is receiving the most money?
As far as where that money is being sent, India tops the list for countries receiving remittances at $111,222 million.
India was followed by Mexico ($61,100 million), China ($51,000 million), the Philippines ($38,049 million) and France ($30,044 million) to round out the top 5 countries receiving money from abroad.
Which countries are receiving more than they're sending?
With $111,222 million received in remittances (inward) and just $10,089 million sent (outward), India has the top net remittance of $101,133 million in 2022. Rounding off the top 5 markets are Mexico (about $60.0 billion), China (about $32.7 billion), the Philippines (about $37.9 billion) and Pakistan (about $29.7 billion).
On the other end of the spectrum is the United States, with a 2022 net remittance of -$72,074 million – meaning they're sending more money in remittances than they received. The United States is followed by Saudi Arabia (-$39,062 million), Switzerland (-$29,286 million), Kuwait (-$17,722) and Luxembourg (-$13,298 million).
What are the remittance fees around the world?
With such an enormous amount of money being moved across borders, what is the cost of sending money overseas? The fees that most providers charge include exchange rate margins as well as a transfer fee.
The global average rate for remittances is 6.36%*, but this varies by country and method of payment. Banks are by far the most expensive method to remit money, with fees averaging 14.99%. Money transfer operators charge an average fee of 4.72%, while post offices charge 5.58%. However, this is just an average and the number can vary. Make sure to compare what options are available to you before diving in.
The map below shows the average rate of remittance fees globally and is sortable by the year. In 2017, the most expensive countries included Angola at 24% and Nigeria at 25%.
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