If you are looking for top-5-remittance-receiving countries. You are on the right platform.
Remittances inflows increased during the COVID-19 pandemic and in 2023. According to the sources, money sent back to low- and middle-income countries (LMICs) is expected to have grown by 0.7% to hit USD 656 billion in 2023.
This growth is much less rapid than the quick rises seen after the COVID-19 pandemic in 2021 and 2022. Various countries received record remittances in 2023, let us find out the top 5 remittance-receiving countries of the world.
Remittance-Receiving Countries
Here are the top 5 countries in the world where people have received the most money from their loved ones living abroad.
India (120 billion)
India is the world’s largest democracy plus the second-largest country in terms of population. Over 32 million Indians live overseas and send remittances back home. India received remittances of 120 billion in 2023, which is only due to the hard workers staying abroad and making themselves count in strengthening the economy. India is a fast-developing nation in multiple fields like IT, Science, and technology.
Mexico (66 billion)
Mexico has an estimated 11.8 million ex-pats living abroad and sending money back to their families. In 2023, Mexico received $66 billion in remittances from Mexican expatriates. These funds keep expats connected to their families and are crucial for millions of families. Remittances are also helpful in sustaining the country’s economic health and development. Mexico has become the 2nd largest remittance-receiving country in the world.
China (50 billion)
The latest study in IOM’s (Migration Research Series) says that the money that millions of Chinese expats send back home has a significant impact on the migrants and their families. This is true even though the money helps rural families in a big way. China, with a large expatriate community of around 10.5 million, received $50 billion in remittances in 2023. These remittances are a major source of financial needs for many families across China.
Philippines (39 billion)
The Philippines is the 7th largest country in Asia by population, out of 115 million people, 12 million Filipinos are residing in various countries of the world. The “land of islands” stands prominent in the list of remittances received in 2023. Over $39 billion of remittance inflow was received in the Philippines during 2023. For low-income homes in the Philippines, remittances help to provide resources for good health and education. Philipinos use the money (received from loved ones abroad) to fulfill basic needs like food, clothing, and shelter. Philippines is in the top 4 of remittance-receiving countries in the world.
Pakistan (27 billion)
In 2023, Pakistan received $27 billion in remittances from over 10.8 Pakistani ex-pats living abroad. Despite tough economic conditions and flood disasters, overseas Pakistanis helped their country a lot by sending remittances back to Pakistan. Due to the recorded amount, Pakistan is still at the top of 5 remittance-receiving countries.
Remit Choice Cares for Overseas
India, Mexico, China, Philippines, and Pakistan are the top 5 remittance-receiving countries in the world. People from these countries live abroad and send money back home regularly. It is important to realize the efforts of overseas workers who stay away from family and friends, just to support them financially. Remit Choice always focuses on convenient money transfer services just to make immigrants realize that we care for them and their loved ones living anywhere in the world.
Download the App now to send money back home at the best exchange rates, swiftly and securely.
