Working in the UK and sending money back home is common practice among many expats. Expats send money home to support their family or just to send a gift to a friend. We tried to quantify this more precisely and found that the UK consistently sends over $20 billion abroad every year through international money transfers.
Using the most recently available data from the World Bank, along with findings from our own surveys, we’ve tried to get an idea of where this money is going and what it’s being sent for.
Since 20 years ago, the value of money transfers from the UK has increased significantly. Remittance outflows are up 82% between 2002 and 2022, going from $5.37 billion in 2002 to $10.92 billion in 2022.
The value of money transfers also increased year-on-year between 2021 and 2022, up 6% from $10.27 billion in 2021. The peak of money transfers was in 2007, however, when the value of $11.6 billion was sent abroad from the UK. This is closely followed by 2014, when $11.57 billion was sent in money transfers.
| Year | Remittance outflows (US$) |
|---|---|
| 2022 | $10.92 billion |
| 2021 | $10.27 billion |
| 2020 | $9.38 billion |
| 2019 | $10.36 billion |
| 2018 | $10.41 billion |
| 2017 | $9.8 billion |
| 2016 | $10.19 billion |
| 2015 | $10.71 billion |
| 2014 | $11.57 billion |
| 2013 | $10.53 billion |
| 2012 | $10.08 billion |
| 2011 | $9.93 billion |
| 2010 | $9.57 billion |
| 2009 | $9.27 billion |
| 2008 | $11.21 billion |
| 2007 | $11.6 billion |
| 2006 | $10.65 billion |
| 2005 | $9.64 billion |
| 2004 | $8.93 billion |
| 2003 | $6.99 billion |
| 2002 | $6 billion |
The UK’s remittance market is estimated to be worth $55.61 billion in 2023. It is projected to grow at a rate of 6.1% over the next 5 years and be worth $74.74 billion by 2028.
Revolut accounts for almost half (46%) of the UK digital remittances market, as of 2022. Wise makes up a fifth (19%), followed by Remitly with 13% and WorldRemit with 6%. These are the top apps for money transfers, but other digital platforms make up the remaining 16%.
| Response | Percentage |
|---|---|
| Revolut | 46% |
| Wise | 19% |
| Remitly | 13% |
| WorldRemit | 6% |
| Other | 16% |
Money transfers were most common among those aged 25 to 34 years as of 2021, accounting for 32% of users, followed by those aged 35 to 44, accounting for 27% of users. Together, these age groups make up almost three-fifths (59%) of users.
| Age group | Percentage |
|---|---|
| 18-24 years | 16.90% |
| 25-34 years | 31.60% |
| 35-44 years | 27.30% |
| 45-54 years | 13.90% |
| 55-64 years | 10.40% |
According to recent statistics, there are estimated to be 770,000 users of money transfer apps and digital platforms in the UK in 2024. This number has increased from 400,000 in 2019, up 92.5% in 5 years.
Globally, India was the top receiver of money transfers by a long way in 2023, with $125 million in remittances sent here. This total is almost double the amount received by the next country, Mexico, which had $67 million worth of money transfers in 2023.
China is next up, receiving $49.5 million in remittances in 2023, followed by the Philippines ($40 million), Egypt ($24.2 million) and Pakistan ($24 million).
| Year | Remittance outflows (US$) |
|---|---|
| 2022 | $10.92 billion |
| 2021 | $10.27 billion |
| 2020 | $9.38 billion |
| 2019 | $10.36 billion |
| 2018 | $10.41 billion |
| 2017 | $9.8 billion |
| 2016 | $10.19 billion |
| 2015 | $10.71 billion |
| 2014 | $11.57 billion |
| 2013 | $10.53 billion |
| 2012 | $10.08 billion |
| 2011 | $9.93 billion |
| 2010 | $9.57 billion |
| 2009 | $9.27 billion |
| 2008 | $11.21 billion |
| 2007 | $11.6 billion |
| 2006 | $10.65 billion |
| 2005 | $9.64 billion |
| 2004 | $8.93 billion |
| 2003 | $6.99 billion |
| 2002 | $6 billion |
Our survey of over 2,000 UK adults revealed the main reasons people transfer money abroad. The top reason was family support (41.2%), followed closely by transferring money as a gift (37.8%).
| Reason | % |
|---|---|
| To support their family | 41.20% |
| As a gift | 37.80% |
| For a holiday | 23.70% |
| An emergency | 20.30% |
| Wedding | 9.50% |
| Business | 13.50% |
New to Monese? See if you can keep some more money in your pocket with our promo codes and special offers.
Read more…
New to nimbl? See if you can keep some more money in your pocket with our promo codes and special offers.
Read more…
New to NatWest Rooster Money? See if you can keep some more money in your pocket with our promo codes and special offers.
Read more…
We’ve analysed data on the average price of a pint of a coffee in the most populated cities around the world and across the UK.
Read more…
These awards cut through the greenwash and recognise the banking brands in the UK which are sustainable and making a difference.
Read more…
Learn more about GoHenry and Starling Kite and find out which is the better prepaid card option for your child.
Read more…
Learn about how Small World alternatives can help you send more money for less.
Revolut has made a name for itself as a favourite for frequent travellers by offering great currency services. Stick within the “fair usage” limit for your plan and the pricing can be hard to beat.
Halifax offers different ways to send money overseas to friends and family. Check the exchange rates, fees and features in our review, and compare your options.
Learn about taxes on large-money transfers to the UK from abroad, including penalties and exceptions.
Xe is a leading company of currency solutions that offers competitive exchange rates, no fees and fast money transfers.
Lloyds Bank provides a range of options for sending money overseas to friends and family. See exchange rates, fees and services here and compare your options.
Check out our review of TorFX’s fee-free money transfers.
Read our Wise review to see the exchange rates, fees and what to expect when you send a transfer.
If you’re thinking of sending a money transfer with Western Union, read our review of its transfer speed, exchange rates and fees first.
Send an international money transfer to someone without a bank account. Get it there instantly and they can pick it up in person, in cash. Get quotes now.