The Latest International Money Transfer Industry Statistics Explained
Global remittances reached approximately $689 billion in 2018.
The statistic “Global remittances reached approximately $689 billion in 2018” refers to the total amount of money that was sent by individuals working abroad to their home countries in the year 2018. Remittances are a significant source of financial inflow for many developing countries, providing important support to families and contributing to the overall economic development of these nations. The $689 billion figure demonstrates the scale of these international transactions and highlights the importance of remittances in the global economy. Tracking and analyzing such statistics can provide valuable insights into migration patterns, economic trends, and the well-being of communities around the world.
In 2021, about $540 billion was transferred by migrant workers to their home countries.
The statistic that in 2021, about $540 billion was transferred by migrant workers to their home countries represents the immense economic impact of remittances on global financial flows. Remittances are funds sent by individuals working abroad to their home countries to support their families and contribute to the local economy. Migrant workers’ remittances play a crucial role in improving the standard of living, alleviating poverty, and stimulating economic development in many developing nations. The significant amount of $540 billion highlights the scale of financial support provided by migrant workers to their families and communities back home, underscoring the importance of policies and initiatives that facilitate and optimize these valuable financial transactions.
The global mobile remittance service market is expected to reach $141.9 billion by 2026.
The statistic indicates that the global mobile remittance service market, which refers to the transfer of money through mobile devices, is projected to grow significantly and reach a valuation of $141.9 billion by the year 2026. This growth is driven by factors such as increasing smartphone penetration, advancements in mobile payment technologies, and the growing demand for convenient and efficient ways to transfer money internationally. The substantial market size forecast highlights the significant role that mobile remittance services are expected to play in the global financial landscape in the coming years, as more individuals and businesses turn to mobile devices for conducting monetary transactions.
The U.S. is the largest source of international remittances, with $68 billion sent in 2018.
This statistic indicates that in 2018, the United States was the leading country in terms of international remittances, with a total of $68 billion being sent from individuals living in the U.S. to recipients in other countries. Remittances refer to the money that migrants or expatriates send back to their home countries to support their families or for other purposes. The significant amount of remittances sent from the U.S. reflects the vibrant immigrant population and the strong connections that individuals maintain with their home countries. This money plays a crucial role in supporting the financial well-being of recipients, boosting economic stability and development in the receiving countries, and contributing to the global flow of funds.
By 2021, the total value of cross-border transactions done via digital remittance is projected to exceed $95 billion.
The statistic indicates that by the year 2021, the total worth of cross-border transactions facilitated through digital remittance services is forecasted to surpass $95 billion. This projection suggests a significant and growing trend towards utilizing digital platforms for sending money across borders, highlighting the increasing popularity and convenience of online remittance services. The figure signifies the substantial economic impact of digital remittances on the global economy and reflects the shifting preferences of individuals and businesses towards more efficient and cost-effective methods of transferring funds internationally. Additionally, the statistic underscores the importance of digital innovation in the financial sector, as well as the potential for further growth and development in the remittance industry in the coming years.
International money transfers sent to low and middle-income countries reached $529 billion in 2018.
The statistic that international money transfers sent to low and middle-income countries reached $529 billion in 2018 reflects the substantial flow of remittances from individuals working abroad to their families and communities in their home countries. This influx of funds plays a crucial role in improving the economic well-being of recipients in developing nations, helping to alleviate poverty, enhance access to education and healthcare, and stimulate economic growth. The significant volume of remittances signifies the importance of migrant workers as key contributors to the economic development and stability of low and middle-income countries, highlighting the interconnectedness of global labor markets and financial systems.
The average cost to send remittances from G8 countries in Q4, 2020 was 7.46%.
This statistic indicates that in the fourth quarter of 2020, the average cost of sending remittances from G8 countries was 7.46% of the total amount being sent. This percentage represents the proportion of the total remittance amount that is consumed by fees and charges associated with transferring money across borders. A higher average cost of 7.46% suggests that remittance senders may incur significant expenses when sending money to recipients in other countries, potentially affecting the overall amount received by the intended beneficiaries. This statistic highlights the financial burden faced by individuals who rely on remittances as a vital source of income and emphasizes the importance of reducing transaction costs to ensure that more money reaches those who depend on these funds for their livelihoods.
India is the largest receiver of remittances with $79 billion received in 2018.
The statistic that India is the largest receiver of remittances with $79 billion received in 2018 indicates the significant amount of money sent by Indian expatriates living and working abroad back to their home country. Remittances play a crucial role in India’s economy by providing a stable source of income that can support families, boost household consumption, and contribute to poverty reduction. The fact that India received such a substantial amount in remittances underscores the strong ties between the Indian diaspora and their homeland, highlighting the importance of international migration in driving economic development and prosperity in the country.
China is the second-largest receiver of remittances, with $67 billion received in 2018.
The statistic “China is the second-largest receiver of remittances, with $67 billion received in 2018” indicates that China ranks second globally in terms of receiving money transfers from individuals living and working abroad, also known as remittances. Remittances play a significant role in the Chinese economy, contributing to improved standards of living for recipient households, increased consumption, and investment. These funds can help alleviate poverty, promote economic development, and enhance financial inclusion. The substantial amount of $67 billion received in 2018 underscores the importance of remittances as a key source of external income for China, highlighting the impact of international migration on the country’s economy.
The global digital remittance market is expected to grow at a CAGR of 13.3% from 2021 to 2028.
This statistic indicates that the global digital remittance market is projected to experience significant growth over the period from 2021 to 2028, with a Compound Annual Growth Rate (CAGR) of 13.3%. This means that on average, the market is expected to expand by 13.3% each year during this timeframe. The increasing adoption of digital technologies, the shift towards online transactions, and the rising demand for more convenient and cost-effective remittance services are likely driving factors behind this growth trend. This projection suggests a promising outlook for the digital remittance industry, highlighting opportunities for businesses operating in this sector and demonstrating the potential for continued innovation and expansion in the coming years.
Women account for approximately half of all global remittance recipients.
The statistic that women account for approximately half of all global remittance recipients means that out of all the money being sent internationally by migrants to their families or contacts in their home countries, about half of the recipients are women. This highlights the significant role that women play in the global remittance flow, as they are often primary recipients of financial support from family members working abroad. Understanding this statistic is important for policymakers and organizations aiming to support women’s economic empowerment and financial inclusion, as remittances can play a crucial role in improving the well-being and economic stability of women in many regions around the world.
In 2019, remittances to sub-Saharan Africa grew by 10%, to $48 billion.
The statistic “In 2019, remittances to sub-Saharan Africa grew by 10%, to $48 billion” indicates that the total amount of money sent by migrants living and working abroad to their home countries in sub-Saharan Africa increased by 10% in the year 2019 compared to the previous year. Remittances play a crucial role in the economic development of many African countries, as they provide significant financial support to families and communities, contribute to poverty reduction, and help stimulate consumption and investment in various sectors. The growth in remittances to sub-Saharan Africa suggests an increasing level of support from the diaspora, which can have positive implications for the region’s overall economic stability and development.
The global business to business money transfer market is expected to reach $218 trillion by 2022.
The statistic suggests that the global business to business money transfer market is projected to grow significantly, reaching a staggering sum of $218 trillion by the year 2022. This indicates a substantial increase in the volume of transactions occurring between businesses on a global scale, reflecting an expanding interconnectedness within the business world. The growth of this market can be attributed to factors such as increased globalization, technological advancements facilitating easier and faster transfers, and the rising adoption of digital payment solutions among businesses. Such a substantial market size indicates the crucial role that business to business money transfers play in facilitating commerce and economic activity worldwide.
The global market for cross-border P2P money transfers reached $1.7 trillion in 2019.
The statistic indicating that the global market for cross-border person-to-person (P2P) money transfers hit $1.7 trillion in 2019 reflects the significant scale and economic impact of individuals transferring funds across borders for personal reasons. This figure represents the total value of money sent from one individual to another across international boundaries using various platforms and services. The growing trend of cross-border P2P transfers indicates an increasing interconnectedness of the global economy and highlights the importance of efficient and secure channels for individuals to send money to friends, family, or for various needs. The substantial amount of $1.7 trillion demonstrates the magnitude of such transactions and underscores the role of technology and financial services in facilitating seamless cross-border financial interactions.
In 2018, global remittances represented more than three times the total Official Development Assistance worldwide.
The statistic indicates that in 2018, the total amount of money sent as global remittances exceeded three times the total amount of Official Development Assistance (ODA) provided worldwide. Global remittances refer to the money that individuals living and working abroad send back to their home countries to support their families or contribute to their countries’ economies. This significant difference highlights the substantial financial impact that remittances have on developing economies compared to the assistance provided through ODA programs by governments and international organizations. The statistic underscores the crucial role of remittances in supporting the livelihoods of families and driving economic development in many countries worldwide.
References
0. – https://www.juniperresearch.com
1. – https://www.www.alliedmarketresearch.com
2. – https://www.www.grandviewresearch.com
3. – https://www.www.un.org
4. – https://www.www.mckinsey.com
5. – https://www.www.statista.com
6. – https://www.www.worldbank.org
7. – https://www.www.pewresearch.org
8. – https://www.www.knomad.org
9. – https://www.blogs.worldbank.org
10. – https://www.www.tearsheet.co
