We designed a map of top money transfer destinations for every country. Here are some interesting facts we found: United States is the number one source of remittances in the world, approximately…
We designed a map of top money transfer destinations for every country. Here are some interesting facts we found:
- United States is the number one source of remittances in the world, approximately 24% of all global outflow
- India is the top receiver of remittances in the world, 12% of global inflow
- UK, Germany, the Netherlands, Switzerland, Norway and Russia are the only countries in Europe that send significantly more money than receive
- Ireland, Italy, Greece and Turkey send approximately the same amount the receive
- For New Zealand, Australia, Malaysia, Japan, Mongolia, Canada the top destination is China
- Most of South American countries send remittances to Spain, except Brazil that has Portugal as their most common destination
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Composed by wirecompare.com, data source: worldbank.org, 2017
These estimates are based on the methodology developed by Ratha and Shaw, 2007, “South-South Migration and Remittances,” World Bank (www.worldbank.org/prospects/migrationandremittances). The remittance data is for 2016, disaggregated using host country and origin country incomes, and estimated migrant stocks from 2013.
These are analytical estimates based on logical assumptions and derived from a global estimation of bilateral remittance flows worldwide. They are not actual officially reported data. The caveats attached to these estimates are: (a) the data on migrants in various destination countries are incomplete; (b) the incomes of migrants abroad and the costs of living are both proxied by per capita incomes in PPP terms, which is only a rough proxy; and (c) there is no way to capture remittances flowing through informal, unrecorded channels.
These estimates are based on the Bilateral Migration Matrix 2017.