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Hong Kong remittance statistics
Hong Kong sends more money in overseas remittances than it receives.
Hong Kong sent $17.121 billion (USD) in remittances in 2017, while it received significantly less, at just $430 million. So where is it going? We took a look at World Bank data to find out.
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.
The total value of remittances sent from Hong Kong has steadily grown over the last decade.
Where are people sending remittances to?
Of all the countries people in Hong Kong send remittances to, they send the most to China with $15.55 billion sent in 2017. They send the second-highest amount to the Philippines ($653 mil) followed by Indonesia ($307 mil). Australia also makes the top 10 ($37 mil) along with Nepal ($35 mil) and Pakistan ($30 mil).
|Receiving country||US millions|
|14||Macao SAR, China||15|
Sources: World Bank, finder.com
What are the top countries Hong Kong receives money from?
Hong Kong receives significantly less in remittances than it distributes, with just $430 million received in 2017. Canada remits the most to Hong Kong with $136 million sent in 2017, followed closely by the United States ($132 mil). Other countries sending money to Hong Kong include Australia, the United Kingdom, Singapore, Macau and New Zealand.
|Sending country||US millions|
|6||Macao SAR, China||12|
Sources: World Bank, finder.com
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%. However, this is just an average 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%.
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 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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