A recent report from World Bank reveals important information about the current panorama of TransfersPositioning the India as the maximum recipient of the Money sent by migrantswhich surpasses countries like Mexico, Venezuela and China. This study presents us with a detailed view of the situation of international workers in places like USA and the United Arab Emirates, who often have to fend for themselves and their families in their home countries.
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India, the country that receives the most remittances in the world
In 2023 India has established itself as the number one remittance destination with an impressive number of transfers 125 billion dollarsaccording to a report published by the World Bank. This phenomenon reflects the huge number of Indian migrants through high-income countries and testifies to a favorable financial environment in this country send money from foreign countries.
Currently, of the 281 million migrants worldwide, 18 million come from India. Photo: Shutterstock
USAThe UK and Singapore are the main senders of remittances to India and contribute together 36% of total streams received.
India's second largest remittance provider United Arab Emirates (UAE), which encourages the use of local currencies in cross-border transactions. Photo: EFE
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What does bank transfer mean?
A Broadcast This is a money transfer from an emigrant to his country of origin, usually to his family. This money is often sent through formal channels such as banks or specialized companies.
The main brands used to send money internationally include Western Union and Remitly. Photo: LR-Komposition / Freepik
Which countries do most people from India emigrate to?
In addition to USAthe United Kingdom and Singapore, the countries of the Council of Gulf Cooperation (GCC) They are increasingly becoming popular destinations for immigrants from India. Currently, the member countries of this group, which include Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates, represent the 29% of remittances go to India. Likewise, Canada and Australia are increasingly recognized as potential destinations for Indian immigrants.
Which country in Latin America receives the most remittances?
Unlike India Mexico is the main recipient of remittances in Latin America and is, by one estimate, ranked second in the world 67 billion dollars in 2023, the report says World Bank.
In USA There are millions of Mexicans who make a significant contribution to their country's economy through their work Money transfers. Photo: LR/Bloomberg Composition
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Ranking of countries receiving the most remittances according to the World Bank
In addition to India And Mexicothe ranking of the Receiving transfers shows us 10 other nations with migration patterns and economic dependence:
Top 10 countries that received the most remittances in 2023. Photo: Fortune