Remittance statistics: Where are we sending our money? | Finder Canada

Canada remittance statistics

14 Jun 2018

Canada sends over $30 billion in remittances worldwide every year. We’ve compiled the most recently available data from World Bank to get an idea of where this money is going.

What does remittance mean?

Remittance refers to the transfer of money and in this case, it’s about transferring funds to someone from one country to another. It’s particularly important in many developing nations, where international remittances make up a significant portion of the country’s GDP.

World Bank data sets the number at US$613 billion that was sent in remittances worldwide in 2017. In the same year, Canada received US$1.3 billion in remittances which represents 0.22% of total remittances sent worldwide. On the flipside, the US$24.6 billion that we sent overseas represents a much larger 4% of total remittances sent.

Where is Canada sending its remittances?

Of all the countries that Canada sends remittance to, we send the most in remittance payments to China, with $5.4 billion being sent there in 2017. This is 17% of the total money being sent in remittances outside of Canada. India comes in second with $3.7 billion being sent in remittances from Canada, then the Philippines at $3.1 billion.

Top 10 countries Canada sends remittances to:

CountryRankVolumePercentage of total remittances sent from Canada
China1$5,387,225,43817%
India2$3,739,767,80112%
Philippines3$3,080,379,01510%
France4$1,685,755,7925%
Italy5$1,393,745,5854%
Vietnam6$1,238,597,0754%
Lebanon7$1,108,807,0173%
Germany8$1,052,950,8153%
United States9$860,574,6463%
United Kingdom10$739,213,8772%

Sources: World Bank, finder.com
Values are in Canadian dollars

What are the top countries Canada receives remittance payments from?

Money flows both ways, with remittances being sent out of and back into Canada. Overall, the amount of money being sent into Canada is much smaller. Canada sent US$24.6 billion overseas in 2017. In comparison, we only received 5% (US$1.3 billion) of this amount in remittances from all other countries worldwide.

Those in the United States sent the most to Canadians in 2017, at $1.1 billion, making up 66% of all international remittances going into Canada. The United Kingdom follows at a much lower 7% of the total, then Australia at 4%.

The total amount of remittance payments that Canada receives is $1.7 billion.

Top 10 countries Canada receives remittance from:

CountryRankVolumePercentage of total remittances sent to Canada
United States1$1,142,366,75466%
United Kingdom2$120,120,2087%
Australia3$60,876,0013%
Italy4$34,877,0302%
France5$32,431,1782%
Germany6$28,210,1802%
China7$25,544,7121%
Korea, Rep.8$23,829,8051%
Hong Kong SAR, China9$19,147,7691%
Japan10$17,765,0121%

Sources: World Bank, finder.com
Values are in Canadian dollars

What are the remittance fees around the world?

With such an enormous amount of money being moved across borders, what is the cost of sending money overseas? The fees that most providers charge include exchange-rate margins as well as a transfer fee on top.

The global average rate for remittances is 7.14%*, but this varies by country and method of payment. Banks are by far the most expensive method to remit money, with fees averaging at 10.8%. Money transfer operators charge an average fee of 6.2%, while post offices charge the least at 5.5%. This is just an average, however, and the number can vary – make sure to compare what options are available to you before diving in.

The graph below shows the average rate of remittance fees globally, showing the most expensive and sortable by year. In 2017, the most expensive countries included Angola at 24% and Nigeria at 25%.

Worldwide data of where Canada’s remittances are going

Please note that the below data is in USD.

CountryAmount (USD)RankPercentage
China$4,144,019,567116.90%
India$2,876,744,463211.70%
Philippines$2,369,522,32039.60%
France$1,296,735,22445.30%
Italy$1,072,111,98954.40%
Vietnam$952,766,98163.90%
Lebanon$852,928,47473.50%
Germany$809,962,16583.30%
United States$661,980,49792.70%
United Kingdom$568,626,060102.30%
Pakistan$562,135,197112.30%
Sri Lanka$488,458,451122.00%
Belgium$458,706,682131.90%
Hungary$436,081,160141.80%
Nigeria$435,546,130151.80%
Portugal$408,678,131161.70%
Poland$341,104,090171.40%
Korea, Rep.$326,941,579181.30%
Jamaica$314,588,531191.30%
Bermuda$284,864,277201.20%
Egypt, Arab Rep.$268,793,396211.10%
Netherlands$181,288,281220.70%
Czech Republic$176,796,767230.70%
El Salvador$156,553,236240.60%
Mexico$155,789,519250.60%
Japan$153,235,381260.60%
Haiti$143,890,029270.60%
Guatemala$142,254,629280.60%
Romania$139,016,640290.60%
Hong Kong SAR, China$136,048,120300.60%
Austria$132,554,939310.50%
Kenya$123,009,938320.50%
Croatia$118,817,857330.50%
Morocco$114,416,210340.50%
Colombia$113,104,727350.50%
Ukraine$107,583,442360.40%
Spain$106,967,826370.40%
Denmark$101,234,796380.40%
Australia$97,847,339390.40%
Switzerland$91,195,287400.40%
Iran, Islamic Rep.$89,785,599410.40%
Ghana$81,752,100420.30%
Thailand$79,370,683430.30%
Bangladesh$78,464,044440.30%
Uganda$76,022,378450.30%
Israel$70,861,126460.30%
Sweden$65,860,233470.30%
Slovak Republic$62,020,981480.30%
Serbia$61,809,652490.30%
Guyana$59,043,973500.20%
Russian Federation$58,760,989510.20%
Tanzania$57,415,683520.20%
Peru$56,756,979530.20%
Qatar$53,772,551540.20%
South Africa$52,197,809550.20%
Jordan$48,049,086560.20%
Algeria$44,989,058570.20%
Bosnia and Herzegovina$40,892,543580.20%
Ecuador$38,796,899590.20%
Honduras$37,861,628600.20%
Finland$37,781,151610.20%
Dominican Republic$34,251,907620.10%
Indonesia$33,545,926630.10%
Brazil$31,284,184640.10%
Bulgaria$30,647,590650.10%
Trinidad and Tobago$30,149,825660.10%
Greece$26,821,877670.10%
Latvia$26,360,601680.10%
Tunisia$26,149,929690.10%
Ethiopia$26,089,733700.10%
Slovenia$25,809,193710.10%
Nicaragua$24,945,664720.10%
Malaysia$24,308,039730.10%
Ireland$20,155,666740.10%
Barbados$19,614,371750.10%
Luxembourg$19,424,324760.10%
French Polynesia$18,937,631770.10%
Norway$18,648,260780.10%
Malta$18,416,458790.10%
Estonia$18,307,778800.10%
Iraq$18,161,297810.10%
Costa Rica$18,014,829820.10%
Mauritius$17,871,885830.10%
New Caledonia$17,676,026840.10%
Lithuania$16,797,954850.10%
Senegal$16,443,045860.10%
Argentina$16,219,926870.10%
Saudi Arabia$15,511,214880.10%
Albania$14,408,776890.10%
Moldova$13,731,313900.10%
Nepal$13,684,551910.10%
Panama$12,122,024920.00%
Fiji$11,819,509930.00%
Cyprus$10,956,677940.00%
Syrian Arab Republic$9,873,021950.00%
Cambodia$9,673,827960.00%
Turkey$8,899,907970.00%
St. Vincent and the Grenadines$8,090,356980.00%
Bolivia$7,806,922990.00%
Paraguay$7,551,6771000.00%
Belarus$6,699,7121010.00%
Liberia$6,119,4461020.00%
Kyrgyz Republic$6,046,8671030.00%
Venezuela, RB$5,916,4411040.00%
Armenia$5,762,5231050.00%
Chile$5,445,9831060.00%
West Bank and Gaza$5,125,2671070.00%
Rwanda$5,099,9601080.00%
Georgia$5,005,0431090.00%
Macedonia, FYR$4,949,0171100.00%
Madagascar$4,891,1151110.00%
New Zealand$4,686,9451120.00%
Afghanistan$4,575,5661130.00%
Mali$3,988,7271140.00%
Cameroon$3,813,5861150.00%
Iceland$3,634,8261160.00%
Yemen, Rep.$3,622,7461170.00%
Burkina Faso$3,533,6581180.00%
Togo$3,395,2981190.00%
Belize$3,351,1591200.00%
Djibouti$3,100,4801210.00%
Tajikistan$3,098,2021220.00%
St. Lucia$2,948,4111230.00%
Dominica$2,781,0631240.00%
Mongolia$2,556,4951250.00%
Seychelles$2,537,4381260.00%
Uruguay$2,491,2471270.00%
Azerbaijan$2,466,7071280.00%
Oman$2,067,9061290.00%
Cote d’Ivoire$1,987,6131300.00%
Gambia, The$1,880,1991310.00%
Lao PDR$1,871,0501320.00%
Myanmar$1,664,6881330.00%
Antigua and Barbuda$1,520,3611340.00%
Macao SAR, China$1,467,6971350.00%
Burundi$1,444,3961360.00%
St. Kitts and Nevis$1,109,9391370.00%
Benin$1,108,4141380.00%
Sierra Leone$1,016,5331390.00%
Guinea$996,3661400.00%
Sudan$877,2961410.00%
Curacao$833,4881420.00%
Niger$825,1211430.00%
Zambia$778,5071440.00%
Kazakhstan$736,9511450.00%
Congo, Dem. Rep.$565,7421460.00%
Aruba$358,2931470.00%
Montenegro$349,3491480.00%
Sint Maarten (Dutch part)$330,6111490.00%
Cabo Verde$330,2351500.00%
Swaziland$268,6791510.00%
Solomon Islands$240,9691520.00%
Tonga$233,3291530.00%
Grenada$220,1291540.00%
Lesotho$211,1011550.00%
Comoros$197,6381560.00%
Namibia$190,4881570.00%
Malawi$176,8381580.00%
Botswana$175,7151590.00%
Mozambique$167,7091600.00%
Kuwait$163,1191610.00%
Guinea-Bissau$160,0971620.00%
Samoa$143,3611630.00%
Maldives$115,2071640.00%
Bhutan$84,9941650.00%
Micronesia, Fed. Sts.$44,1531660.00%
Angola$37,3121670.00%
Timor-Leste$33,3361680.00%
Suriname$26,3931690.00%
Papua New Guinea$25,0341700.00%
Palau$10,0591710.00%
Sao Tome and Principe$7,3751720.00%
American Samoa$01730.00%
Andorra$01730.00%
Bahamas, The$01730.00%
Bahrain$01730.00%
Brunei Darussalam$01730.00%
Canada$01730.00%
Cayman Islands$01730.00%
Central African Republic$01730.00%
Chad$01730.00%
Channel Islands$01730.00%
Congo, Rep.$01730.00%
Cuba$01730.00%
Equatorial Guinea$01730.00%
Eritrea$01730.00%
Faeroe Islands$01730.00%
Gabon$01730.00%
Greenland$01730.00%
Guam$01730.00%
Isle of Man$01730.00%
Kiribati$01730.00%
Korea, Dem. Rep.$01730.00%
Kosovo$01730.00%
Libya$01730.00%
Liechtenstein$01730.00%
Marshall Islands$01730.00%
Mauritania$01730.00%
Monaco$01730.00%
Northern Mariana Islands$01730.00%
Puerto Rico$01730.00%
San Marino$01730.00%
Singapore$01730.00%
Somalia$01730.00%
South Sudan$01730.00%
St. Martin (French part)$01730.00%
Turkmenistan$01730.00%
Turks and Caicos Islands$01730.00%
Tuvalu$01730.00%
United Arab Emirates$01730.00%
Uzbekistan$01730.00%
Vanuatu$01730.00%
Virgin Islands (U.S.)$01730.00%
Zimbabwe$01730.00%

Sources: World Bank, finder.com

Net remittances

The below world map illustrates what country receives the most remittances and what country loses the most. To show this, we’ve used the data on what each country receives in remittances and minus what it sends out. If a country has a negative value, that means it’s sending out more than what it’s receiving.

The United States, for example, is the country that sends out the most money in remittances compared to what is sent to those living there. India, on the other hand, receives more remittance payments than its residents send out.

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