Remittances are money transfers from people in one country to people in another country. They can be sent for a variety of reasons, including family support, medical expenses, business purposes, or other emergencies. In this article, we have given a well-researched view on Top 10 remittance-receiving countries in 2021
10. Vietnam
Remittance Received by Vietnam in 2021: $18.1 Billion
Vietnam received a total of $18.1 billion in remittances in 2021, which is an increase of 8.6% from 2020. This makes Vietnam the fifth largest recipient of remittances in the world. The majority of these remittances come from Vietnamese workers abroad who send money back to their families in Vietnam.
In recent years, the Vietnamese government has taken steps to make it easier for people to send and receive remittances. They have waived fees for international money transfers and created special accounts that allow people to send money directly to their loved ones in Vietnam. The government has also started working with banks and other financial institutions to promote remittance services.
The influx of remittances into Vietnam has had a positive impact on the economy. It has helped to reduce poverty and create jobs, as well as improve living standards. Remittances are also one of the main sources of foreign currency for Vietnam, which helps to stabilize the economy.
9. Ukraine
Remittance Received by Ukraine in 2021: $18.2 Billion
According to the World Bank, Ukraine received around $17.5 billion in remittances in 2021. This would be an increase of about 9% from 2020, when the country received around $16 billion in remittances. The vast majority of these remittances come from Ukrainians working abroad, particularly in European Union countries.
Remittances are an important source of revenue for Ukraine. They help to supplement the incomes of families and households, and can be used for essential expenditure such as healthcare, education and housing. In some cases, remittances may also be used to start or invest in businesses.
The Ukrainian government has taken steps to try and make it easier for Ukrainians working abroad to send money home. In 2019, it introduced a new electronic system for processing money transfers. This system is designed to be faster and more efficient than the previous system, which was often slow and bureaucratic.
The government has also worked with commercial banks to set up special accounts for Ukrainians working abroad. These accounts have low fees and offer better exchange rates than regular bank accounts. As a result of these measures, it is now easier and cheaper for Ukrainians working abroad to send money home to their families.
8. Nigeria
Remittance Received by Nigeria in 2021: $19.2 Billion
In 2021, Nigeria received around $19.2 billion in remittances from its diaspora. This figure makes Nigeria the second-largest recipient of remittances in Africa after Egypt.
The vast majority of Nigerian remittances come from the United States, with other significant sources including the United Kingdom, Canada, and Italy. In 2021, it is estimated that over 80% of Nigerian remittances will come from North America and Europe.
Nigerian remittances play a vital role in the country’s economy, accounting for around 3% of GDP. They are also an important source of foreign exchange, helping to offset the nation’s trade deficit.
Remittances are used primarily for consumption purposes, but they can also be invested in productive activities such as housing or business ventures. In recent years, there has been a growing trend towards investing remittances in digital assets such as cryptocurrency.
The Nigerian government has taken steps to encourage diaspora investment in the country through initiatives such as the Diaspora Investment Company and the Diaspora Remittance Infrastructure Bond. It is hoped that these measures will help to further boost Nigeria’s economy and reduce dependence on oil revenues.
7. Bangladesh
Remittance Received by Bangladesh in 2021: $22.2 Billion
According to World Bank, Bangladesh received $22.2 billion in remittances in 2021, ranking it as the seventh-largest remittance-receiving country in the world. The lion’s share of these remittances comes from Bangladeshi workers employed in Gulf countries, particularly Saudi Arabia, the United Arab Emirates, and Kuwait. Other major source countries include Malaysia, Oman, Qatar, and the United Kingdom.
Remittances are a vital source of income for millions of Bangladeshi households and play an important role in the country’s economy. They account for around 3% of GDP and are equivalent to nearly one-fifth of total export earnings. In addition to supporting household consumption, remittances contribute to investment and savings, which can help drive economic growth and poverty reduction.
The COVID-19 pandemic has had a significant impact on global remittance flows, with an estimated decline of around 20% in 2020. This is likely to continue into 2021 as the pandemic continues to weigh on economic activity and employment opportunities around the world. However, Bangladesh is expected to be less affected than other major remittance-receiving countries due to its relatively small number of migrant workers in hard-hit countries and its robust domestic economy.
6. Pakistan
Remittance Received by Pakistan in 2021: $31.2 Billion
Pakistan is one of the top remittance-receiving countries in the world. The Pakistani diaspora is large and spread out across the globe, working in a variety of professions. A significant portion of these workers’ earnings are sent back home to Pakistan in the form of remittances.
Remittances play an important role in Pakistan’s economy, accounting for around 3% of GDP. They are a major source of income for many households and help to reduce poverty levels. In recent years, the Pakistani government has been working to encourage more remittances through official channels in order to capture more tax revenue.
In 2021, Pakistan received around $31.2 billion in remittances, an increase of 8% from 2020. The majority of this money will come from Pakistani workers in the Middle East, followed by those in Europe and North America. With continued economic growth and increased employment opportunities abroad, it is likely that Pakistan will continue to receive high levels of remittances in the coming years.
5. Egypt
Remittance Received by Egypt in 2021: $31.
In 2021, Egypt received around US$31 billion in remittances, which would account for about 3.5% of GDP.
Remittances are an important source of income for many households in Egypt. They help to offset the high costs of living and can be used to cover basic needs such as food and housing. In addition, remittances can also be used to invest in business ventures or education.
The majority of remittances to Egypt come from Egyptians working abroad, particularly in the Gulf region. Other significant sources of remittances include the United States and Europe.
There are a number of reasons why Egyptians working abroad send money home. Many do so to support family members who are struggling to make ends meet. Others send money home as a way to invest in their homeland.
Whatever the reason, remittances play a vital role in the Egyptian economy and are likely to continue doing so in the years ahead.
4. Philippines
Remittance Received by Philippines in 2021: $36.7 Billion
The Philippines received $36.7 billion in remittances in 2021, according to the World Bank. This would be an increase of 4.5+% from 2020, when the country received $32.6 billion in remittances.
The Philippines is one of the top remittance-receiving countries in the world and has been for many years. In 2019, it was the second-largest recipient of remittances, behind only India.
Remittances play a significant role in the Philippine economy, accounting for about 10% of GDP. They are also an important source of income for families and households in the country.
The vast majority of remittances to the Philippines come from Filipino workers abroad. In 2020, around 80% of all remittances to the country came from Filipinos working in other countries, according to data from the Bangko Sentral ng Pilipinas (BSP).
The United States is the largest source of remittances to the Philippines, followed by Saudi Arabia, Canada, United Arab Emirates, and Japan.
3. China
Remittance Received by China in 2021: $53.0 Billion
According to the World Bank, China received $64 billion in remittances in 2021. This would make China the third largest recipient of remittances in the world, behind only Mexico & India.
Remittances can be a lifeline for families in developing countries. They can help pay for essential expenses like food, housing, and healthcare. And they can also be used to start or expand a business, which can create jobs and boost economic growth.
China has been an increasingly popular destination for migrants in recent years. In 2020, there were an estimated 10 million migrant workers in China. Many of them come from other Asian countries, such as Vietnam, Laos, and Cambodia.
The COVID-19 pandemic has caused a decrease in global remittances, as migrants have lost their jobs and been unable to send money home. However, China is expected to weather the storm better than most other countries. This is because its economy has been relatively stable during the pandemic and many migrants have been able to find new jobs within China.
2. Mexico
Remittance Received by Mexico in 2021: $54.1 Billion
In 2021, Mexico received around $54.1 billion in remittances from Mexicans living abroad. This is a significant increase from the $24 billion received in 2020 and highlights the importance of remittances to the Mexican economy.
Remittances are an important source of income for many families in Mexico and can be used to cover basic expenses like food, housing, and education. Additionally, remittances can help to stimulate the local economy by supporting businesses and creating jobs.
There are a number of factors that have contributed to the expected increase in remittances to Mexico in 2021. First, there has been an overall increase in global remittance flows due to the COVID-19 pandemic. Second, the US-Mexico border has been closed to non-essential travel since March 2020, preventing many Mexicans from returning home. As a result, many Mexicans have decided to stay in the US and send money back to their families in Mexico.
If you are a Mexican national living abroad and planning on sending money home in 2021, there are a few things you should keep in mind. First, make sure you are using a reputable and reliable money transfer service like Xoom. Xoom offers competitive exchange rates and low fees, making it a great option for sending money home to Mexico. Additionally, Xoom offers a convenient online platform that makes it easy to send money 24/7.
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1. India
Remittance Received by India in 2021: $89.4 Billion
According to the World Bank, India is the top remittance-receiving country in 2021, with $89.4 billion in inflows. This would represent a 3.9 percent increase from 2020, when the country received $77 billion in remittances. The Philippines is projected to receive the second-highest amount of remittances in 2021, at $36 billion, followed by Mexico ($35 billion), China ($34 billion), and Egypt ($26 billion).
Remittances are an important source of income for many developing countries, as they can help reduce poverty and provide much-needed financial support to families. In India, for example, remittances account for about 3 percent of GDP and are particularly important for rural households.
The vast majority of Indian migrants are working in the Gulf Cooperation Council (GCC) countries, as well as the United States and United Kingdom. In recent years, there has been a significant increase in the number of Indian migrants going to Canada and Australia as well.
