Top 10 countries for receiving the most remittances and money transfers

10. Nigeria

As the seventh most populous country in the world, Nigeria has earned its nickname as “The Giant of Africa”. It makes sense then that it would also have a very large diaspora population as native Nigerians choose to travel and live abroad.

At $398 billion, Nigeria has the 30th largest economy in the world. And some of that economic boost comes from remittances. In September 2021, Nigeria had a remittance inflow of about $14.2 billion – according to Vanguard – placing it firmly in 10th place in our top 10 list. WorldRemit allows you to send money to Nigeria in US dollars.

9. Germany

Germany is the most populous nation in the European Union, and also boasts a strong economy at a GDP of $3.89 trillion, according to US News. It’s also a leading importer and exporter with a social market economy, championing open-market capitalism.

In 2020, remittance inflows into Germany were reported at 0.42% of their GDP, according to Trading Economics, which amounts to about US $17.4 billion. You’ll find that a significant portion of these flows come from Switzerland, Luxembourg and the United States. You can send to most nations in the world through the WorldRemit app and in nearly 70 currencies.

8. Bangladesh

Some people may go to Bangladesh to take advantage of the long beaches where they can lounge in the sun. Those who live there are likely to make money in the garment industry, which is a key export for Bangladesh. They also have a vibrant agrarian culture, with over half the population engaging in agriculture.

In 2020, remittances in Bangladesh were about 6.7% – which was a significant drop from previous years (2012) where the amount went as high as 10.7%. To send a fast transfer to Bangladesh, just log onto the WorldRemit app and input your recipient’s details.

7. France

Great food, fine wines and a wealth of historic sites to feast your eyes on, too. France has (almost) everything you might need to stay healthy and happy. And after all, how could you not fall in love with the City of Love, Paris?

According to Trading Economics, remittances in both January and February 2022 were about 21 million euros. That was equal to about 1% of the country’s GDP!

6. Pakistan

The seventh most populous country in the world is also the youngest with the majority of its citizens being under age 22. The country is known for its textiles, although the bureau of Economic and Business affairs suggest its export-driven economy has struggled to obtain foreign investment in part because of its rocky political climate and tensions over its borders.

However, the Pakistani diaspora has a key role to play in its economy. Remittances into the country tally up to about $19.3 billion. Pakistan receives most of its remittances from the Gulf countries but, within the region, Saudi Arabia and the UAE also make up a significant portion of the inflows, according to Migrant Resource Centre. You can send to Pakistan through four different payout methods with WorldRemit, including cash pickup and airtime top up.

5. Egypt

Egypt is one of the world’s oldest civilisations. As such, tourism makes up one of its biggest industries, along with agriculture and manufacturing. While Egypt has made great strides in trying to improve life in the country, Egyptians face increasing annual unemployment, poverty and income disparities in 2022.

This may be why remittances in Egypt play such an important role in supporting the local economy. Since the beginning of the Coronavirus pandemic, remittances in Egypt have registered a near 10.4% year-on-year increase. In 2019/2020 they stood at $27.76 billion. A majority of these remittances were sent in the local currency but some arrived in US dollars as well, according to Africa Report.

You can transfer US dollars to Egyptian pounds with the WorldRemit app – keep an eye on exchange rates to get the best deal!

4. The Philippines

The Philippines is made up of thousands of islands and, unsurprisingly, is incredibly diverse. You’ll find hundreds of local dialects spoken throughout the country’s nearly 100 million-strong population.

Its economy is also buoyed by remittance inflows from “OFWs” or “Overseas Filipino Workers”. Tourism also plays a strong part in its economy. In 2021, Filipinos sent a record US $31.4 billion in cash to the country. This represents a 5.1% increase from 2020 when the pandemic forced some Filipino families to return home. The U.S. makes up the largest source of these remittances.

WorldRemit regularly supports OFWs with thousands of transactions per day to the Philippines.

3. Mexico

Mexico is home to the largest population of Spanish speakers in the world. It’s a federal republic with 31 states and one federal district. It has the second largest economy, but within the country there are extremes of both wealth and poverty.

2021 was a significant year for Mexico in terms of remittances, as they hit a high of US $51.6 billion. This made Mexico the third largest remittance recipient country. Unsurprisingly, 94.9% of these funds came from the United States. The average amount sent was about US $340, according to Wilson Centre. How much do you normally send to your friends and family in Mexico through the WorldRemit app?

2. China

Home to one of the world’s oldest civilisations, China has one of the fastest growing economies in the world. It’s also the most populous nation in the world and the second largest in terms of land mass. 90% of the population is Han Chinese and while over 300 different languages are recognised in the country, Mandarin is the official language.

Remittances to China in 2020 were about 0.13%. The majority of these remittances likely came from the United States and Hong Kong at 14.85% and 15.42% in 2016 respectively, according to Statista. Despite the fact that its remittances are a large amount of money, as you can see, they only make up a small fraction of the country’s actual GDP. To send to China safely and securely, simply log onto the WorldRemit app and select it as your preferred receive country.

1. India

As the world’s largest democracy, India has a fast-growing and diverse economy with a large, skilled workforce. Although most people are employed in agriculture, the service industry is growing the most. You may already be familiar with one of India’s largest cultural exports – Bollywood films! And, of course, if you were  to visit the country then you’d see its grand historic sights.

But, for Indians who live abroad, remittances make up a big part of their diaspora lifestyles. In fact, India is the largest remittance recipient country. In 2021, India received around US $87 billion dollars, making it the world’s largest recipient of remittances. This was a 4.6% gain on its remittance inflows in previous years. This is because in 2020, remittances made up only 3.1% of the country’s GDP. If you’ve sent a fast transfer to India through WorldRemit in the previous year, then you’ve likely made up some of this 4.6% gain.

What we can learn from each of these “receive” countries is that they have large immigrant populations who care enough about their family and friends back home to support them financially. WorldRemit makes this support as easy as possible with fast, secure transfers that arrive within minutes.

While you’re, of course, not solely responsible for the GDP boost that these countries enjoy, you can make a significant difference to your recipients who are, no doubt, grateful for your contributions.

For more information about remittances and other countries, please see some of our other blog posts:

• In which country is life more expensive?

• Sending money in a time of COVID

• 3 ways to send to someone who doesn’t have a bank account

This communication is intended for marketing purposes only and does not constitute or provide legal or investment advice.

Sources

• Trading Economics- Remittances

• Statista - Top Remittance Recipients

• European Migration Network- The Impact of COVID-19 on Remittances in the EU and OECD countries