India Receives Highest Amount Of Money Transfers
Remittances have become an incredibly popular practice in recent decades; they’ve even had a profound affect on global migration patterns. International migrants sent $529 billion in remittances in 2012, and India received more money in remittances than any other country on Earth; India reported an astonishing $70 billion in money transfers in India. While the Indian rupee is getting weaker, money entering the economy in the form of remittances from around the world enables India’s economic strength and power.
Money Remittance To India #1
Per the World Bank, “During 2013, remittance flows were generally robust in all regions except LAC, and the Middle East and North Africa (MENA)… India remained in the top spot, with $70 billion in remittances in 2013. Other large recipients were China ($60 billion), the Philippines ($25 billion), Mexico ($22 billion), Nigeria ($21 billion), Egypt ($17 billion), Pakistan ($15 billion), Bangladesh ($14 billion), Vietnam ($11 billion) and Ukraine ($10 billion).”
Who’s Sending Money to India?
The United States sends the most remittances to India. Others top contributors include the Cayman Islands, a British territory economically fueled by tourism and financial services. The Cayman Islands send an estimated $2.5 billion in remittances to India annually. Indians based in Malaysia remitted $493 million this year, and those based in Italy sent a whopping $572 million to India. Australian-residing Indian citizens remitted $1.2 billion, and Indians based in Sri Lanka also sent $1.2 billion.
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