Money transfer by a foreign worker to their home country
This article is about the transfer of money, often by migrant workers. For a payment sent by a customer to a business, see remittance advice. For an allowance sent to an exiled person on condition that they do not return home, see remittance man.
"Work in Poland legally" street advertisement in Transnistria
A remittance is a non-commercial transfer of money by a foreign worker, a member of a diaspora community, or a citizen with familial ties abroad, for household income in their home country or homeland. Money sent home by migrants competes with international aid as one of the largest financial inflows to developing countries. Workers' remittances are a significant part of international capital flows, especially with regard to labor-exporting countries.[1][2]
Due to its large diaspora, India consecutively remains the top receiver of remittances. In 2022, the top six recipient countries for remittances inflows in current[when?] U.S. dollars were India ($100 billion), Mexico ($60 billion), China ($51 billion), the Philippines ($38 billion), Egypt ($32 billion) and Pakistan ($29 billion).[citation needed]
^Al-Assaf, Ghazi and Al-Malki, Abdullah M., (2014), Modelling the Macroeconomic Determinants of Workers' Remittances: The Case of Jordan, International Journal of Economics and Financial Issues, Vol. 4, issue 3, p. 514-526.
^"Balance of Payments and International Investment Position Manual (BPM6)" (PDF). International Monetary Fund. p. 272. Retrieved 2021-04-10.
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