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Highest Remittance Receiving Countries (Top 176 Countries)


What is Remittance?

Send back is the literal meaning of remittance. Remittance means transferring funds or other forms of payment from one individual or organization to another, typically across international borders. It is commonly used to define money sent home by foreign workers to support their families or for other purposes.

Most commonly, money transfers are conducted electronically. This can be accomplished by a bank’s electronic payment system or a money transfer service. It typically saves time, as digital transfers usually take less than ten minutes, making it the preferred method of sending money abroad. Through this procedure, a certain fee is assessed to the payer for the transfer.

Remittances are crucial for the residents of small, developing nations with low economic growth, as relatives working abroad send them a significant portion of their income through remittances. Remittances also play an essential role during natural disasters by contributing to relief funds.

Facts about Remittance

  • India consistently tops the list of the largest recipients of remittances for the past 15 years.
  • About one in nine individuals worldwide is supported by remittances from migrant workers.
  • The average amount that migrant workers send home every one to two months is between $200 and $300.
  • Remittances are at least three times more essential than international aid.
  • Each year, 200 million migrant workers send money home. This money supports 800 million people (on average, four people in a family).
  • In the last 20 years, remittances have grown five times.
  • More than half of remittances are sent to rural homes.
  • About 75% of remittances are used to pay for food, medical bills, school fees, or rent. 
  • Over 70 countries rely on remittances for at least 4 percent of their GDP.
  • Remittances can also make a country more dependent on money from outside the country and less likely to invest or grow its economy.

What are the highest remittance-receiving countries?

Here are the top remittance-receiving countries.

1. India ($100 Billion)

India is the leading recipient of remittances, receiving $100 billion in 2022, representing 2.9% of its GDP. According to the report, skilled Indian migrants residing in the richest nations, such as the United States, the United Kingdom, and Singapore, were sending more money home. Over time, Indians have moved away from performing low-paying labor in locations like the Gulf. In addition to wage increases, record-high employment, and a weakening rupee, other factors also contributed to growth.

The proportion of high-income nations’ cash transfers to India increased to over 36% in 2020-21 from 26% in 2016-17. Contrarily, during this time span, the percentage contributed by the five Gulf countries (including Saudi Arabia and the United Arab Emirates) fell from 54% to 28%.

2. Mexico ($60.3 billion)

Mexico is the world’s second-largest beneficiary of remittances. In 2022, Mexicans who live abroad sent home $60,3 billion. According to these numbers, Mexico receives the most money in Latin America. This increase in Mexico’s remittance revenue is primarily attributable to the increase in wages earned by Mexicans who have migrated to the United States to work.

Remittances now surpass nearly all other sources of foreign income, including tourism, energy exports, and the majority of exports of manufactured goods. As a result, India receives more money from remittances than any other country. Each year, Indian immigrants send home approximately $100 billion.

3. China ($51 Billion)

China, home to one of the world’s earliest civilizations, has one of the world’s fastest-growing economies. It is also the world’s most populous nation and the second largest by land area. While over 300 distinct languages are recognized in the country, Mandarin is the official language, and Han Chinese makes up 90% of the population.

China has many overseas Chinese with solid ties to their homeland despite their migration to other countries. These individuals may send money home to their families or invest in Chinese businesses and initiatives, thereby contributing to China’s remittances. However, although its remittances are substantial, they only account for a minor portion of the country’s gross domestic product. 

4. Philippines ($38 Billion)

The Philippines are made up of thousands of islands, so it’s no surprise that they are very different from one another. The nearly 100 million people in the country speak hundreds of different local languages. In addition, many people from the Philippines live and work in other countries worldwide. These people are called foreign Filipino workers (OFWs). Many OFWs return money to their families and friends in the Philippines. This adds to the high amount of remittances that come into the country.

Filipinos usually work abroad to find better jobs, make more money, and help support their families in the Philippines. The money that OFWs send home is a big part of what keeps the Philippines economy going. It makes up a big chunk of the country’s GDP.

Also, remittance service companies in the Philippines are constantly adding new technologies, like adding blockchain technology to the remittance platform so that money can be sent more quickly. For example, in August 2022, a company called Roxe, which builds blockchain infrastructure, announced a partnership with Cebuana Lhuillier, a business that helps people send money from one place to another. By combining Cebuana Lhuillier’s many ways to send money and the Roxe blockchain network, this partnership wanted to make it easy for people in the Philippines to send money to other countries.

5. Egypt ($32.34 Billion)

Egypt has a lengthy and illustrious history spanning countless centuries. The country’s ancient civilization is regarded as one of the most evolved and sophisticated of its time, as evidenced by the pyramids and the Sphinx. The ancient Egyptian empire, a center of art, science, and culture, was governed by pharaohs believed to be divine monarchs.

Remittances are one of Egypt’s most significant sources of foreign currency. The annual remittances from Gulf Cooperation Council countries account for the greatest proportion. In FY2020/21, remittances from Gulf Cooperation Council countries are projected to reach $20.9 billion, up from $18.8 billion in FY2019/20, an increase of 11.1%. Saudi Arabia sent the largest quantity of remittances to Egypt in FY2020/21, totaling $11.2bn, followed by Kuwait with $4.4bn, the UAE with $3.4bn, Qatar with $1.5bn, Oman with $162m, and Bahrain with $104.1m.

6. Pakistan ($29 Billion)

Pakistan ranked sixth position on the highest remittance-receiving countries in the world. Between January and November of 2022, more than 54 percent of Pakistan’s remittances came from the Gulf region. The preponderance of the population of the fifth largest country by population is under the age of 22. The Directorate of Economic and Business Affairs suggests that the country’s export-driven economy has struggled to attract foreign investment due to its turbulent political climate and border tensions.

The Pakistani diaspora plays a crucial position in the country’s economy. Inbound remittances total approximately $29 billion. Most of Pakistan’s remittances come from the Gulf states, but Saudi Arabia and the United Arab Emirates contribute significantly.

7. France ($28.52 Billion)

France ranked eighth on the list of countries receiving the most remittances. In addition to delicious cuisine and wine, there are numerous historical sites to feast your eyes upon. France has (almost) everything necessary for a person’s health and happiness. 

France receives remittances from migrants who reside and work in the country and transfer money home to their families and communities. According to the OECD, France has a significant immigrant population, with immigrants comprising approximately 13% of the total population. Most migrants originate from Algeria, Morocco, Tunisia, and sub-Saharan Africa. These migrants may send remittances to assist their families with housing, education, health care, and sustenance.

8. Bangladesh ($21 Billion)

Bangladesh ranked eighth on the list of countries receiving the most remittances. However, after four years of gradual growth, remittances decreased in 2022. In 2018, the country received $15.54 billion in remittances, followed by $18.35 billion in 2019, $21.75 billion in 2020, and $22.07 billion in 2021. However, Remittance inflow decreased by 3.56 percent, or approximately $786 million, from $22.070 billion in 2021 to $21.28 billion in 2022. (2021).

Saudi Arabia, the most popular destination for Bangladeshi migrants, generated 56% of all overseas employment through November of the previous year, followed by Oman, the United Arab Emirates, Singapore, Malaysia, Qatar, Kuwait, and Jordan.

Here is a complete list of the Highest Remittance receiving countries:

RankCountryTotal Remittance (In Million USD)
1India 100,000
2Mexico 60,300
3China 51,000
4Philippines 38,000
5Egypt 32,337
6Pakistan 29,000
7France 28,520
8Bangladesh 21,000
9Nigeria 20,945
10Vietnam 19,000
11Ukraine 18,421
12Guatemala 18,112
13Germany 18,000
14Belgium 13,500
15Uzbekistan 13,500
16Morocco 11,401
17Romania 11,064
18Dominican Republic 9,920
19Indonesia 9,700
20Thailand 9,500
21Colombia 9,133
22Italy 9,000
23Nepal 8,500
24Spain 8,500
25Honduras 8,284
26Poland 8,000
27South Korea 7,877
28El Salvador 7,620
29Lebanon 6,841
30Israel 6,143
31United States 6,097
32Russia 6,000
33Serbia 5,400
34Brazil 5,045
35Japan 5,000
36Portugal 4,694
37Ghana 4,664
38Jordan 4,646
39Czech Republic 4,539
40Haiti 4,532
41Ecuador 4,468
42Georgia 4,100
43Kenya 4,091
44Croatia 3,701
45Peru 3,699
46Sri Lanka 3,600
47West Bank and Gaza 3,495
48Jamaica 3,419
49Armenia 3,350
50Tajikistan 3,200
51Nicaragua 3,126
52Kyrgyz Republic 3,050
53Senegal 2,711
54Austria 2,700
55Switzerland 2,631
56Sweden 2,565
57United Kingdom 2,501
58Hungary 2,404
59Bosnia and Herzegovina 2,400
60Slovak Republic 2,300
61Moldova 2,170
62Azerbaijan 2,150
63Tunisia 2,085
64Zimbabwe 2,047
65Luxembourg 2,000
66Netherlands 2,000
67Myanmar 1,900
68Algeria 1,829
69Albania 1,800
70Somalia 1,735
71DR Congo 1,664
72Malaysia 1,620
73Kosovo 1,600
74Denmark 1,517
75Latvia 1,500
76Bolivia 1,403
77Belarus 1,350
78Cambodia 1,250
79Bermuda 1,200
80South Sudan 1,187
81Uganda 1,131
82Mali 1,094
83South Africa 1,019
84Sudan 1,013
85Argentina 966
86Montenegro 920
87Finland 880
88Bulgaria 850
89Slovenia 800
90Australia 737
91Madagascar 718
92Turkey 710
93Canada 700
94Lithuania 700
95Togo 668
96Greece 665
97Costa Rica 654
98Estonia 626
99Qatar 624
100Iraq 624
101The Gambia 615
102Tanzania 609
103Norway 600
104Panama 596
105Burkina Faso 589
106Hong Kong SAR 571
107Paraguay 554
108Mozambique 545
109Niger 534
110Cyprus 527
111Lesotho 527
112Mongolia 500
113Rwanda 469
114Fiji 450
115North Macedonia 450
116Guyana 400
117Cabo Verde 375
118Kazakhstan 370
119Cameroon 365
120Cote d'Ivoire 360
121Liberia 351
122Afghanistan 350
123Ethiopia 327
124Samoa 280
125Mauritius 279
126Saudi Arabia 273
127Malta 271
128Malawi 267
129Zambia 260
130Tonga 250
131Comoros 250
132Ireland 249
133Suriname 221
134Benin 209
135Laos 200
136Timor-Leste 185
137Sierra Leone 179
138Guinea-Bissau 178
139Trinidad and Tobago 172
140Mauritania 168
141Iceland 164
142Eswatini 148
143Belize 142
144Curacao 131
145Uruguay 127
146Chile 78
147Vanuatu 75
148St. Vincent and the Grenadines 70
149Grenada 69
150Botswana 56
151St. Lucia 55
152Bhutan 55
153Djibouti 55
154Dominica 52
155Burundi 50
156Aruba 44
157Namibia 44
158Guinea 41
159Solomon Islands 40
160Oman 39
161Antigua and Barbuda 35
162St. Kitts and Nevis 33
163Marshall Islands 30
164Kuwait 27
165New Zealand 25
166Macao SAR, China 17
167Angola 16
168Kiribati 15
169Cayman Islands 14
170Sao Tome and Principe 10
171Seychelles 9
172Maldives 5
173Gabon 4
174Palau 2
175Papua New Guinea 2
176Turkmenistan 1

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