GITNUX MARKETDATA REPORT 2024

Global Remittance Industry Statistics

The global remittance industry is expected to reach a total value of over $700 billion in 2021, with steady growth projected in the coming years.

Statistic 1

"Global remittances are projected to decline by 7.5% to $616 billion in 2021 due to the economic impact of the COVID-19 pandemic."

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Statistic 2

"The global remittances reached $714 billion in 2019."

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Statistic 3

"India is the largest remittance-receiving country in the world, with an estimated $83 billion in 2020."

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Statistic 4

"The United States is the top remittance-sending country, with an outward flow of $68 billion in 2020."

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Statistic 5

"The average cost of sending remittances globally has remained nearly constant at around 7% in 2020."

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Statistic 6

"In Sub-Saharan Africa, the average cost of sending $200 remained the highest, at around 8.9% in the fourth quarter of 2020."

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Statistic 7

"Remittances to low and middle income countries reached $540 billion in 2020, exceeding foreign direct investment flows."

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Statistic 8

"Remittances inflows declined in all regions of the world with the exception of Latin America and the Caribbean in 2020."

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Statistic 9

"Globally, two-thirds of remittances are sent through money transfer operators."

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Statistic 10

"The global remittance market is expected to grow to $930.44 billion by 2026."

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Statistic 11

"The World Bank reports that fees for remittances are three times higher than the Sustainable Development Goal target of 3%."

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Statistic 12

"The remittances to South Asia grew by around 5.2% in 2020."

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Statistic 13

"As per World Bank report, about $9.3 billion flowed from the U.S. to Sub-Saharan Africa in 2019 in form of remittances."

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Statistic 14

"The largest source of external financing in low and middle-income countries are remittances, surpassing foreign direct investment, private debt and portfolio equity, and official development assistance."

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Statistic 15

"Global remittance flows to Sub-Saharan Africa registered a small decline of 0.4% to $44 billion in 2020."

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Statistic 16

"Remittance flows to the Middle East and North Africa region fell by 8% to $56 billion in 2020, as compared with 2019."

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Statistic 17

"The global average cost of sending $200 remained at 6.5% in 2019, more than double the Sustainable Development Goal target of 3%."

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