Paid Remittance Giants 2022

By Raulin Cadet | Published Jan. 9, 2024 | Updated Jan. 9, 2024 | Topics: China, USA, Remittance, Switzerland, Saudi Arabia

Personal remittances become a key indicator in many countries, significantly contributing to supporting their foreign exchange reserves. These funds primarily originate from immigrants who send money to assist their relatives. Which countries are making the highest volume of personal remittances?

Definition: Acording to the World Bank, personal remittances include both transfers from residents of one economy to residents of another and compensation paid to employees from a country other than their country of residence. Regarding  empoyees compensation, an illustration is the case of a resident of an economy, receiving compensation for a freelance work from another country.

The graph of this blog post illustrates how far behind other countries, in terms of the amount paid in personal remittances in 2022, was the United States.We know that the United States a major destination for migrants from all over the world. The second country is Saudi Arabia followed by Switzerland and China.