Remittance statistics

Canada sent $8.33 billion in remittances in 2023 and received just $859.8 million. We’ve unpacked the most recently available data to get an idea of where this money is coming from and going to.

Figures are in US dollars.

Key remittance statistics

• Global inward remittances amounted to $860 billion in 2023, with $669 billion of this received in low- and middle-income countries.
• Canada sent $8.33 billion in remittances in 2023, up from $8.17 billion in 2022.
• India received the most global remittances at $125 billion, followed by Mexico at $67 billion.

What does remittance mean?

Remittance refers to transferring money, in this case, from someone in one country to someone in another country. It’s particularly important in many developing nations, where international remittances make up a significant portion of the country’s GDP. The total value of remittances received around the world has increased significantly over the past 2 decades.

Remittances to and from Canada

Canada sent a total of $8.33 billion in remittances in 2023, higher than $8.17 billion in 2022 and $7.18 billion in 2021.

Meanwhile, Canada received a total of $871 remittances in 2023. This is up from $862 million in 2022 and $807 million in 2021.

Countries with GDPs that depend on money transfers

Remittance inflows made up a solid percentage of the GDP of developing nations in 2023. Nearly half of (48%) of Tajikistan’s 2023 GDP was comprised of incoming remittances. Rounding out the top 5 countries reliant on migrant remittance inflows were Tonga (41%), Samoa (32%), Lebanon (28%) and Nicaragua (27%).

• Top 10 countries
• All countries

Which country is sending the most money?

Where is all that money coming from? Of all the countries that are sending money overseas, the US sends by far the most offshore, with $81.6 billion being sent in 2023.

Besides the United States, the top 5 counties sending money abroad include the United Arab Emirates ($39.7 billion), Saudi Arabia ($39.3 billion), Switzerland ($33.6 billion) and China ($18.3 billion).

• Top 10 sending countries
• All sending countries

Which country is receiving the most money?

As far as where money is being sent, India tops the list for countries receiving remittances at $125 billion.

India was followed by Mexico ($67 billion), China ($49.5 billion), the Philippines ($40 billion) and France ($34 billion) for the top 5 countries receiving money from abroad.

• Top 10 receiving countries
• All receiving countries

Which countries are receiving more than they’re sending?

With $125 billion received in remittances (inward) and just $10.1 billion sent (outward), India has the top net remittance of $114.9 in 2023. Rounding off the top 6 markets are Mexico ($65.9 billion), the Philippines ($39.7 billion), China ($31.2 billion), Egypt ($23.81 billion) and Pakistan ($23.79 billion).

Which countries are sending more than they’re receiving?

On the other end of the spectrum is the United States, with a 2023 net remittance of -$74.4 billion, which means US residents are collectively sending more remittances than they receive. The United States is followed by Saudi Arabia (-$39.018 billion), Switzerland (-$31.1 billion), Kuwait (-$17.677 billion), Luxembourg (-$14 billion) and the Netherlands (-$13 billion).

• Top 10 countries
• All countries

How much do remittances cost around the world?

With such an enormous amount of money being moved across borders, what’s the cost of sending money overseas? For most providers, remittance fees include both transfer fees and exchange rate fees.

Globally, the average cost of sending a remittance in 2023 was 6.18% of the transfer amount. Banks are by far the most expensive way to send money, with fees averaging 11.48%. Money transfer operators (MTOs) like Western Union, Moneygram, Wise and Remitly charge an average fee of 5.33%, while post offices charge around 8.52%.

Keep in mind that these figures are averages. The actual cost of sending an international money transfer varies depending on the sending country, payment method, exchange rate markup and other factors.

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Written by

Richard Laycock

Editorial & PR Lead

Richard Laycock is Finder’s NYC-based lead editor & insights editor, spending the last decade data diving, writing and editing articles about all things personal finance. His musings can be found across the web including on NASDAQ, MoneyMag, Yahoo Finance and Travel Weekly. Richard studied Media at Macquarie University, including a semester abroad at The Missouri School of Journalism (MIZZOU). See full bio

Co-written by

Stacie Hurst

Associate editor

Stacie Hurst is an editor at Finder, specializing in loans, banking, investing and money transfers. She has a Bachelor of Arts in Psychology and Writing, and she has completed FP Canada Institute's Financial Management Course. Before working in the publishing industry, Stacie completed one year of law school in the United States. When not working, she can usually be found watching K-dramas or playing games with her friends and family. See full bio

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