August 31, 2016

Remittance Flows Worldwide in 2015

in remittances was sent from to other countries in 2015

in remittances was sent to from other countries in 2015

Worldwide, an estimated 582 billion U.S. dollars was sent by migrants to relatives in their home countries in 2015, a 2% decline from 2014, when the amount was $592 billion, according to economists at the World Bank. This is the first drop in global remittances since 2009, when they fell by $28 billion amid the global financial crisis. Despite this recent decline, remittances sent by migrants are still about double what they were a decade ago, before the sharp decline in the global economy during the late 2000s. And, with the exception of 2009, migrant remittances worldwide have steadily climbed since the World Bank began releasing estimates in 1970.

Tracking remittances worldwide is difficult because many countries do not track funds that are sent or received. Based on data it is able to collect, the World Bank has used a statistical model to estimate the amount of money coming from each sending country to each receiving country. Because these numbers are estimates, there is some room for error. For example, the total incoming or outgoing remittances for some countries may not be the same as actual remittances.

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"Remittances" are funds or other assets that migrants send to their home countries, either directly or in the form of compensation for border, short-term and seasonal employees. Total remittances received by a country, as reported by the World Bank, include remittances sent via formal channels such as banks and other businesses that transfer money. Remittance data in this interactive are provided by the World Bank and follow World Bank definitions adopted from the International Monetary Fund nations (World Bank, 2016). Countries with no data have no known remittance flows. Estimates less than $1 million are shown as <$1,000,000. Estimates of $1 million or greater are rounded to the nearest million. Country remittance flow totals are based on unrounded data. If unofficial remittances were counted, the total could be as much as 50% higher or more, according to household surveys and other evidence cited by the World Bank (World Bank, 2005). Remittance flows presented in this map are based in part on World Bank estimates derived from a statistical model. For more information, see Ratha and Shaw, 2007.

Source: World Bank 2015 Bilateral Remittance Matrix.