Making payments has now become an essential aspect of our lives. For example, money transfers are necessary to support our loved ones back home and to satisfy any financial obligations that are owed to us. Remittances, particularly to the nations listed below, have increased recently thanks to technology that has made transferring money much more straightforward.
- India
India is the top recipient of funds from foreign employees. In comparison to any other nation in the globe, more Indians than any other work abroad and send money home to support their families. The quantity of money sent to India annually during the Previous Ten Years has increased. Compared to 2021, when $87 billion was sent to India, $68.82 billion was sent in 2012.
- China
The second-largest quantity of remittances is sent to Chinese nationals living at home. China’s amount has changed during the previous ten years, in contrast to India’s. China received $57.99 billion in 2012, but by 2021, that amount had dropped to barely $53 billion. When it received $70.3 billion from workers abroad in 2019, China’s remittances hit their highest level.
- Mexico
In 2021, $53 billion was sent from Mexico to its residents. Since only $23.37 billion was sent home in 2012 10 years ago, this amount represents significant growth. Every year, the quantity of remittances to Mexico has increased, but the biggest increase was between 2020 and 2021 when the monetary amount jumped by almost $10 billion.
- Philippines
36 billion dollars in remittances were made to beneficiaries in the Philippines in 2021. In comparison to 2012, when only $24.61 was transferred to the Philippines, this sum has significantly increased. Over the past ten years, there has been a consistent rise in this nation, with annual rises of roughly $2 billion.
- Egypt
On our list of the nations with the largest remittances, Egypt is the first African nation. In 2021, this nation received $33.3 billion. Although Egypt’s remittance volume is normally on the rise, its overall dollar amount decreased in both 2013 and 2016. Egypt experienced a gain of roughly $4 billion between 2020 and 2021.
- Nigeria
Nigeria, another African nation on our list, will get $18 billion in remittances annually as of 2021. From their all-time high of $25.4 billion in 2019, this figure represents a sharp fall. $20 billion in remittances were sent to Nigeria between 2012 and 2016, with little variation.
- Pakistan
Pakistan is ranked seventh among the nations receiving the most remittances on our list. Workers from other countries sent $33 billion to Pakistan in 2021. Although this is a startlingly high number for the seventh spot on the list, it was much lower in previous years. Pakistan only received $14 billion in 2012. Remittance growth didn’t begin until 2014 when it hit $21 billion and continued to rise.
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