{"id":739602,"date":"2017-09-26T15:59:33","date_gmt":"2017-09-26T14:59:33","guid":{"rendered":"https:\/\/www.finder.com\/ca\/?p=739602"},"modified":"2024-11-21T10:41:08","modified_gmt":"2024-11-21T15:41:08","slug":"remittance-statistics","status":"publish","type":"post","link":"https:\/\/www.finder.com\/ca\/international-money-transfers\/remittance-statistics","title":{"rendered":"Remittance statistics"},"content":{"rendered":"<p>Canada sent $8.33 billion in remittances in 2023 and received just $859.8 million. We\u2019ve unpacked the most recently available data to get an idea of where this money is coming from and going to.<\/p><p><em><strong>Figures are in US dollars.<\/strong><\/em><\/p><h3>Key remittance statistics<\/h3><ul><li>Global inward remittances amounted to $860 billion in 2023, with $669 billion of this received in low- and middle-income countries.<\/li><li>Canada sent $8.33 billion in remittances in 2023, up from $8.17 billion in 2022.<\/li><li>India received the most global remittances at $125 billion, followed by Mexico at $67 billion.<\/li><\/ul><h3>What does remittance mean?<\/h3><p>Remittance refers to transferring money, in this case, from someone in one country to someone in another country. It\u2019s particularly important in many developing nations, where international remittances make up a significant portion of the country\u2019s GDP. The total value of remittances received around the world has increased significantly over the past 2 decades.<\/p><iframe id=\"datawrapper-chart-WElQa\" title=\"Global remittance inflows (US$ million) over time\" width=\"100%\" scrolling=\"no\" aria-label=\"Interactive line chart\" src=\"https:\/\/datawrapper.dwcdn.net\/WElQa\/2\/\" loading=\"lazy\"><\/iframe><h3>Remittances to and from Canada<\/h3><p>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.<\/p><p>Meanwhile, Canada received a total of $871 remittances in 2023. This is up from $862 million in 2022 and $807 million in 2021.<\/p><iframe id=\"datawrapper-chart-45nRu\" title=\"Annual remittances to and from Canada (US$ million)\" width=\"100%\" scrolling=\"no\" aria-label=\"Interactive line chart\" src=\"https:\/\/datawrapper.dwcdn.net\/45nRu\/2\/\" loading=\"lazy\"><\/iframe><h3>Countries with GDPs that depend on money transfers<\/h3><p>Remittance inflows made up a solid percentage of the GDP of developing nations in 2023. Nearly half of (48%) of Tajikistan\u2019s 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%).<\/p><ul class=\"nav nav-tabs pb-tabs\"><li class=\"active\"><a href=\"#tab7733\" data-toggle=\"tab\">Top 10 countries<\/a><\/li><li class=\"\"><a href=\"#tab9150\" data-toggle=\"tab\">All countries<\/a><\/li><\/ul><div class=\"tab-content \"><div id=\"tab7733\" class=\"tab-pane active \"><iframe id=\"datawrapper-chart-AnNZw\" title=\"Top 10 countries most reliant on remittances\" width=\"100%\" scrolling=\"no\" aria-label=\"Bar Chart\" src=\"https:\/\/datawrapper.dwcdn.net\/AnNZw\/3\/\" loading=\"lazy\"><\/iframe><\/div><div id=\"tab9150\" class=\"tab-pane \"><iframe id=\"datawrapper-chart-ocsFM\" title=\"Inward remittances by country in 2023 (% of GDP)\" width=\"100%\" scrolling=\"no\" aria-label=\"Table\" src=\"https:\/\/datawrapper.dwcdn.net\/ocsFM\/4\/\" loading=\"lazy\"><\/iframe><\/div><\/div><h3>Which country is sending the most money?<\/h3><p>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 $81.6 billion being sent in 2023.<\/p><iframe id=\"datawrapper-chart-vji9p\" title=\"Global outward remittances (US$ million)\" width=\"100%\" scrolling=\"no\" aria-label=\"Map\" src=\"https:\/\/datawrapper.dwcdn.net\/vji9p\/2\/\" loading=\"lazy\"><\/iframe><p>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 ($18.3 billion).<\/p><ul class=\"nav nav-tabs pb-tabs\"><li class=\"active\"><a href=\"#tab4857\" data-toggle=\"tab\">Top 10 sending countries<\/a><\/li><li class=\"\"><a href=\"#tab7474\" data-toggle=\"tab\">All sending countries<\/a><\/li><\/ul><div class=\"tab-content \"><div id=\"tab4857\" class=\"tab-pane active \"><iframe id=\"datawrapper-chart-lLzcz\" title=\"Top 10 countries sending the most money abroad (US$ million)\" width=\"100%\" scrolling=\"no\" aria-label=\"Bar Chart\" src=\"https:\/\/datawrapper.dwcdn.net\/lLzcz\/2\/\" loading=\"lazy\"><\/iframe><\/div><div id=\"tab7474\" class=\"tab-pane \"><iframe id=\"datawrapper-chart-HtXzQ\" title=\"Global outward remittances by country (US$ million)\" width=\"100%\" scrolling=\"no\" aria-label=\"Table\" src=\"https:\/\/datawrapper.dwcdn.net\/HtXzQ\/3\/\" loading=\"lazy\"><\/iframe><\/div><\/div><h3>Which country is receiving the most money?<\/h3><p>As far as where money is being sent, India tops the list for countries receiving remittances at $125 billion.<\/p><iframe id=\"datawrapper-chart-m3ufB\" title=\"Global inward remittances (US$ million)\" width=\"100%\" scrolling=\"no\" aria-label=\"Map\" src=\"https:\/\/datawrapper.dwcdn.net\/m3ufB\/3\/\" loading=\"lazy\"><\/iframe><p>India was followed by Mexico ($67 billion), China ($49.5 billion), the Philippines ($40 billion) and France ($34 billion) for the top 5 countries receiving money from abroad.<article class=\"luna-card luna-card--primary luna-card--border\">\n  <div class=\"luna-card__block\" style=\"padding:0.7em\">\n<span style=\"font-size:0.9em; font-weight: 800; font-style: italic; text-transform: uppercase;\">Related: <\/span><a href=\"https:\/\/www.finder.com\/ca\/international-money-transfers\/taxes-regulations-on-large-money-transfers-to-india\" style=\"text-decoration:underline; font-size:0.9em;\">Taxes and limits on money transfers from Canada to India<\/a>\n<\/div>\n<\/article><\/p><div class=\"has-padding-xsmall\"><\/div><ul class=\"nav nav-tabs pb-tabs\"><li class=\"active\"><a href=\"#tab7751\" data-toggle=\"tab\">Top 10 receiving countries<\/a><\/li><li class=\"\"><a href=\"#tab8166\" data-toggle=\"tab\">All receiving countries<\/a><\/li><\/ul><div class=\"tab-content \"><div id=\"tab7751\" class=\"tab-pane active \"><iframe id=\"datawrapper-chart-96cJ0\" title=\"Top 10 countries receiving the most money abroad (US$ million)\" width=\"100%\" scrolling=\"no\" aria-label=\"Bar Chart\" src=\"https:\/\/datawrapper.dwcdn.net\/96cJ0\/1\/\" loading=\"lazy\"><\/iframe><\/div><div id=\"tab8166\" class=\"tab-pane \"><iframe id=\"datawrapper-chart-AiJA5\" title=\"Global inward remittances by country (US$ million)\" width=\"100%\" scrolling=\"no\" aria-label=\"Table\" src=\"https:\/\/datawrapper.dwcdn.net\/AiJA5\/2\/\" loading=\"lazy\"><\/iframe><\/div><\/div><h3>Which countries are receiving more than they\u2019re sending?<\/h3><p>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).<\/p><h3>Which countries are sending more than they\u2019re receiving?<\/h3><p>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 (-$13 billion).<\/p><ul class=\"nav nav-tabs pb-tabs\"><li class=\"active\"><a href=\"#tab7733-1\" data-toggle=\"tab\">Top 10 countries<\/a><\/li><li class=\"\"><a href=\"#tab9150-1\" data-toggle=\"tab\">All countries<\/a><\/li><\/ul><div class=\"tab-content \"><div id=\"tab7733-1\" class=\"tab-pane active \"><iframe id=\"datawrapper-chart-tHNRs\" title=\"Top 10 countries by net remittances (low to high)\" width=\"100%\" scrolling=\"no\" aria-label=\"Bullet Bars\" src=\"https:\/\/datawrapper.dwcdn.net\/tHNRs\/3\/\" loading=\"lazy\"><\/iframe><\/div><div id=\"tab9150-1\" class=\"tab-pane \"><iframe id=\"datawrapper-chart-v0cZe\" title=\"Global net remittances by country (US$ million)\" width=\"100%\" scrolling=\"no\" aria-label=\"Table\" src=\"https:\/\/datawrapper.dwcdn.net\/v0cZe\/3\/\" loading=\"lazy\"><\/iframe><\/div><\/div><h3>How much do remittances cost around the world?<\/h3><p>With such an enormous amount of money being moved across borders, what\u2019s the cost of <a href=\"https:\/\/www.finder.com\/ca\/international-money-transfers\">sending money overseas<\/a>? For most providers, remittance fees include both transfer fees and exchange rate fees.<\/p><p>Globally, the average cost of sending a remittance in 2023 was <strong>6.18%<\/strong> of the transfer amount. Banks are by far the most expensive way to send money, with fees averaging <strong>11.48%<\/strong>. Money transfer operators (MTOs) like Western Union, Moneygram, Wise and Remitly charge an average fee of <strong>5.33%<\/strong>, while post offices charge around <strong>8.52%<\/strong>.<\/p><p>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.<article class=\"luna-card luna-card--primary luna-card--border\">\n  <div class=\"luna-card__block\" style=\"padding:0.7em\">\n<span style=\"font-size:0.9em; font-weight: 800; font-style: italic; text-transform: uppercase;\">Related: <\/span><a href=\"https:\/\/www.finder.com\/ca\/international-money-transfers\/international-money-transfer-apps\" style=\"text-decoration:underline; font-size:0.9em;\">Compare top international money transfer services<\/a>\n<\/div>\n<\/article><\/p><div id=\"sources\" style=\"position: relative;\"><h3 style=\"position: absolute; width: 1px; height: 1px; padding: 0; margin: -1px; overflow: hidden; clip: rect(0,0,0,0); white-space: nowrap; border: 0;\">Sources<\/h3>\n<div id=\"lazy0000000000\"><\/div>\n<script type=\"application\/json\" id=\"lazyloaded-assets-json-lazy0000000000\" class=\"lazyloaded-assets-json\">{\"critical-scripts\":[],\"scripts\":[\"https:\\\/\\\/www.finder.com\\\/parent-theme\\\/shortcodes\\\/article-source\\\/prod\\\/article-source.de087a0da9824e407767.js\"],\"styles\":[\"https:\\\/\\\/www.finder.com\\\/parent-theme\\\/shortcodes\\\/article-source\\\/prod\\\/article-source.87684078d471e76125dd.css\"]}<\/script><\/div>\n<div class=\"contentFeed contentFeed--relatedPosts\">\n            <h3 class=\"contentFeed__title\">Learn more about transferring money<\/h3>\n        <div class=\"contentFeed__carousel\" data-post-count=\"3\">\n                                    <div class=\"fin-carousels fin-carousels--multiple-items-in-view\" id=\"fin-carousel0000000000\" data-items-in-view=\"3\" style=\"--items-in-view: 3\">\n    <div class=\"fin-carousels__container\">\n        <div class=\"fin-carousels__slides\">\n                                <div class=\"fin-carousel-item\">\n                <article class=\"luna-card luna-card--stretch\">        <figure class=\"luna-card__figure\">        <a href=\"https:\/\/www.finder.com\/ca\/international-money-transfers\/sites-like-torfx\">            <picture>                <source type=\"image\/webp\" data-srcset=\"https:\/\/www.finder.com\/finder-us\/wp-uploads\/sites\/5\/2023\/04\/TorFX_Supplied_450x250.jpg?fit=180&amp;webp=1 180w, https:\/\/www.finder.com\/finder-us\/wp-uploads\/sites\/5\/2023\/04\/TorFX_Supplied_450x250.jpg?fit=360&amp;webp=1 360w, https:\/\/www.finder.com\/finder-us\/wp-uploads\/sites\/5\/2023\/04\/TorFX_Supplied_450x250.jpg?fit=450&amp;webp=1 450w\" data-sizes=\"(max-width: 600px) 100vw, 35vw\"><\/source>                <img decoding=\"async\" class=\"luna-image\" src=\"data:image\/svg+xml;base64,PHN2ZyB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciIHdpZHRoPSI5IiBoZWlnaHQ9IjUiIHN0eWxlPSJiYWNrZ3JvdW5kLWNvbG9yOiAjRjVGNkY3OyIvPg==\" data-src=\"https:\/\/www.finder.com\/finder-us\/wp-uploads\/sites\/5\/2023\/04\/TorFX_Supplied_450x250.jpg\" data-srcset=\"https:\/\/www.finder.com\/finder-us\/wp-uploads\/sites\/5\/2023\/04\/TorFX_Supplied_450x250.jpg?fit=180 180w, https:\/\/www.finder.com\/finder-us\/wp-uploads\/sites\/5\/2023\/04\/TorFX_Supplied_450x250.jpg?fit=360 360w, https:\/\/www.finder.com\/finder-us\/wp-uploads\/sites\/5\/2023\/04\/TorFX_Supplied_450x250.jpg?fit=450 450w\" data-sizes=\"(max-width: 600px) 100vw, 35vw\" alt=\"TorFX\" loading=\"lazy\">            <\/picture>        <\/a>    <\/figure>        <div class=\"luna-card__block\">                            <div class=\"contentFeed__pills\">                                                    <span class=\"contentFeed__pill contentFeed__pill--category\">International Money Transfers<\/span>                            <\/div>                        <header>            <p class=\"luna-card__title luna-card__title--small\">                <a href=\"https:\/\/www.finder.com\/ca\/international-money-transfers\/sites-like-torfx\">Alternatives to TorFX<\/a>            <\/p>        <\/header>        <p>Looking for alternatives to TorFX for sending money abroad? Check out these reputable money transfer services.<\/p>                    <\/div>        <\/article>            \n<\/div>\n                    <div class=\"fin-carousel-item\">\n                <article class=\"luna-card luna-card--stretch\">        <figure class=\"luna-card__figure\">        <a href=\"https:\/\/www.finder.com\/ca\/international-money-transfers\/how-to-pay-off-an-overseas-debt\">            <picture>                <source type=\"image\/webp\" data-srcset=\"https:\/\/www.finder.com\/finder-us\/wp-uploads\/sites\/5\/2024\/09\/overseasdebtrepayment_Supplied_450x250.jpg?fit=180&amp;webp=1 180w, https:\/\/www.finder.com\/finder-us\/wp-uploads\/sites\/5\/2024\/09\/overseasdebtrepayment_Supplied_450x250.jpg?fit=360&amp;webp=1 360w, https:\/\/www.finder.com\/finder-us\/wp-uploads\/sites\/5\/2024\/09\/overseasdebtrepayment_Supplied_450x250.jpg?fit=450&amp;webp=1 450w\" data-sizes=\"(max-width: 600px) 100vw, 35vw\"><\/source>                <img decoding=\"async\" class=\"luna-image\" src=\"data:image\/svg+xml;base64,PHN2ZyB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciIHdpZHRoPSI5IiBoZWlnaHQ9IjUiIHN0eWxlPSJiYWNrZ3JvdW5kLWNvbG9yOiAjRjVGNkY3OyIvPg==\" data-src=\"https:\/\/www.finder.com\/finder-us\/wp-uploads\/sites\/5\/2024\/09\/overseasdebtrepayment_Supplied_450x250.jpg\" data-srcset=\"https:\/\/www.finder.com\/finder-us\/wp-uploads\/sites\/5\/2024\/09\/overseasdebtrepayment_Supplied_450x250.jpg?fit=180 180w, https:\/\/www.finder.com\/finder-us\/wp-uploads\/sites\/5\/2024\/09\/overseasdebtrepayment_Supplied_450x250.jpg?fit=360 360w, https:\/\/www.finder.com\/finder-us\/wp-uploads\/sites\/5\/2024\/09\/overseasdebtrepayment_Supplied_450x250.jpg?fit=450 450w\" data-sizes=\"(max-width: 600px) 100vw, 35vw\" alt=\"How to repay overseas debt\" loading=\"lazy\">            <\/picture>        <\/a>    <\/figure>        <div class=\"luna-card__block\">                            <div class=\"contentFeed__pills\">                                                    <span class=\"contentFeed__pill contentFeed__pill--category\">International Money Transfers<\/span>                            <\/div>                        <header>            <p class=\"luna-card__title luna-card__title--small\">                <a href=\"https:\/\/www.finder.com\/ca\/international-money-transfers\/how-to-pay-off-an-overseas-debt\">How to pay off an overseas debt<\/a>            <\/p>        <\/header>        <p>Paying off an overseas debt with an international money transfer can lead to huge savings on fees and interest.<\/p>                    <\/div>        <\/article>            \n<\/div>\n                    <div class=\"fin-carousel-item\">\n                <article class=\"luna-card luna-card--stretch\">        <figure class=\"luna-card__figure\">        <a href=\"https:\/\/www.finder.com\/ca\/international-money-transfers\/business-transfers\/airwallex-business-transfers\">            <picture>                <source type=\"image\/webp\" data-srcset=\"https:\/\/www.finder.com\/finder-us\/wp-uploads\/sites\/5\/2019\/04\/Airwallex_Supplied_450x250.jpg?fit=180&amp;webp=1 180w, https:\/\/www.finder.com\/finder-us\/wp-uploads\/sites\/5\/2019\/04\/Airwallex_Supplied_450x250.jpg?fit=360&amp;webp=1 360w, https:\/\/www.finder.com\/finder-us\/wp-uploads\/sites\/5\/2019\/04\/Airwallex_Supplied_450x250.jpg?fit=450&amp;webp=1 450w\" data-sizes=\"(max-width: 600px) 100vw, 35vw\"><\/source>                <img decoding=\"async\" class=\"luna-image\" src=\"data:image\/svg+xml;base64,PHN2ZyB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciIHdpZHRoPSI5IiBoZWlnaHQ9IjUiIHN0eWxlPSJiYWNrZ3JvdW5kLWNvbG9yOiAjRjVGNkY3OyIvPg==\" data-src=\"https:\/\/www.finder.com\/finder-us\/wp-uploads\/sites\/5\/2019\/04\/Airwallex_Supplied_450x250.jpg\" data-srcset=\"https:\/\/www.finder.com\/finder-us\/wp-uploads\/sites\/5\/2019\/04\/Airwallex_Supplied_450x250.jpg?fit=180 180w, https:\/\/www.finder.com\/finder-us\/wp-uploads\/sites\/5\/2019\/04\/Airwallex_Supplied_450x250.jpg?fit=360 360w, https:\/\/www.finder.com\/finder-us\/wp-uploads\/sites\/5\/2019\/04\/Airwallex_Supplied_450x250.jpg?fit=450 450w\" data-sizes=\"(max-width: 600px) 100vw, 35vw\" alt=\"Airwallex review\" loading=\"lazy\">            <\/picture>        <\/a>    <\/figure>        <div class=\"luna-card__block\">                            <div class=\"contentFeed__pills\">                                                    <span class=\"contentFeed__pill contentFeed__pill--category\">International Money Transfers<\/span>                            <\/div>                        <header>            <p class=\"luna-card__title luna-card__title--small\">                <a href=\"https:\/\/www.finder.com\/ca\/international-money-transfers\/business-transfers\/airwallex-business-transfers\">Airwallex international money transfers review<\/a>            <\/p>        <\/header>        <p>See how Airwallex does business money transfers differently, and find out whether it can help you save money.<\/p>                    <\/div>        <\/article>            \n<\/div>\n                \n        <\/div>\n    <\/div>\n    <div class=\"fin-carousels__controls\">\n        <button class=\"fin-carousels__nav fin-carousels__nav--prev fin-carousels__nav--disabled\" aria-label=\"Previous slide\">\n            <svg class=\"luna-icon\" style=\"--fill: var(--color-background-main)\">\n                <use href=\"#chevron-left\"><\/use>\n            <\/svg>\n        <\/button>\n        <button class=\"fin-carousels__nav fin-carousels__nav--next fin-carousels__nav--disabled\" aria-label=\"Next slide\">\n            <svg class=\"luna-icon\" style=\"--fill: var(--color-background-main)\">\n                <use href=\"#chevron-right\"><\/use>\n            <\/svg>\n        <\/button>\n    <\/div>\n\n    <div class=\"fin-carousels__dots\" role=\"tablist\" aria-label=\"Carousel navigation\"><!-- Dots will be generated by JavaScript -->\n    <\/div>\n<\/div>\n\n    <\/div>\n<\/div>","protected":false},"excerpt":{"rendered":"<p>Get the latest data on how much remittance money is being sent around the world.<\/p>\n","protected":false},"author":49,"featured_media":1038719,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"apple_news_api_created_at":"","apple_news_api_id":"","apple_news_api_modified_at":"","apple_news_api_revision":"","apple_news_api_share_url":"","apple_news_cover_media_provider":"image","apple_news_coverimage":0,"apple_news_coverimage_caption":"","apple_news_cover_video_id":0,"apple_news_cover_video_url":"","apple_news_cover_embedwebvideo_url":"","apple_news_is_hidden":"","apple_news_is_paid":"","apple_news_is_preview":"","apple_news_is_sponsored":"","apple_news_maturity_rating":"","apple_news_metadata":"\"\"","apple_news_pullquote":"","apple_news_pullquote_position":"","apple_news_slug":"","apple_news_sections":[],"apple_news_suppress_video_url":false,"apple_news_use_image_component":false,"footnotes":""},"categories":[245],"tags":[],"asset_tag":[],"class_list":["post-739602","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-international-money-transfers"],"apple_news_notices":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v24.9 (Yoast SEO v24.9) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Remittance Statistics: Canada and Global Data | Finder Canada<\/title>\n<meta name=\"description\" content=\"Based on World Bank remittance data and remittance reports from other organizations, Canadians sent $8.33 billion internationally in 2023.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.finder.com\/ca\/international-money-transfers\/remittance-statistics\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Remittance statistics\" \/>\n<meta property=\"og:description\" content=\"Based on World Bank remittance data and remittance reports from other organizations, Canadians sent $8.33 billion internationally in 2023.\" \/>\n<meta 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