Money Transfer Around The Globe
You’re sending money from the Bay Area to relatives in the Philippines or searching for a better way of doing online money transfers to save on fees and protect the fidelity of your transactions. In either case, you’re curious about the topic of remittances.
Statistically speaking, which countries receive the most remittances from the United States? An astonishing amount of money transfers from developing nations to home countries every year. Per a World Bank analysis in 2014, $436 billion annually makes its way through the remittance system. That’s up from $404 billion in 2013. Estimates suggest that it will hit $516 billion by 2016.
Remittances in Nepal are about double what the country generates in revenues from its own internal services and goods. 38% of all money that flows into the Philippines comes from remittances. India brought in $70 billion last year, China brought in $60 billion and the Philippines brought in $25 billion. That’s a huge chunk of these countries’ economies. Mexico took fourth place with $22 billion in 2013. Nigeria — home to about 100 million people, around one-third the size of the United States — brought in $21 billion in remittances. Egypt and Pakistan took in $17 billion and $15 billion in remittances, respectively. In East Asia, Bangladesh brought in $14 billion, while Vietnam brought in $11 billion. And the star-crossed Ukraine brought in $10 billion.
Those figures are staggering, but some countries are even more dependent on remittances. For instance, the Kyrgyz Republic gets nearly 31% of its gross domestic product from remittances. Tajikistan, meanwhile, gets more than half of its GDP from remittances.
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