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Report Overview

The global remittance market attained a value of nearly USD 34.84 Billion in 2024. The market is further expected to grow at a CAGR of 4.00% during the forecast period of 2025-2034 to reach a value of USD 51.57 Billion by 2034.

2024

Base Year

2018-2024

Historical Period

2025-2034

Forecast Period

  • The World Bank's goal is to reduce the average cost of remittances to 3% of the amount sent.

  • Countries like India, China, Mexico, and the Philippines are among the top recipients of remittances globally.

  • Remittances are increasingly recognised as a tool for financial inclusion, providing recipients with access to financial services.

Compound Annual Growth Rate

4%

Value in USD Billion

2025-2034


Remittance Market Outlook

*this image is indicative*

Global Remittance Market Report Summary Description Value
Base Year USD Billion 2024
Historical Period USD Billion 2018-2024
Forecast Period USD Billion 2025-2034
Market Size 2024 USD Billion 34.84
Market Size 2034 USD Billion 51.57
CAGR 2018-2024 Percentage XX%
CAGR 2025-2034 Percentage 4.00%
CAGR 2025-2034 - Market by Region Asia Pacific 4.5%
CAGR 2025-2034 - Market by Country India 5.2%
CAGR 2025-2034 - Market by Country China 4.1%
CAGR 2025-2034 - Market by Application Savings 4.3%
CAGR 2025-2034 - Market by Type Outward Remittance 4.6%
Market Share by Country 2024 Germany 5.3%

Remittance refers to the exchange of a monetary sum from one party to another, usually overseas. Thus, it can be commonly described as an international money transfer. Migrants from various parts of the world utilise remittance services to transfer money to their home countries, which could be personal transfers between family and friends or in the form of business payments. In today’s globalised world, the high overseas migration for work and educational purposes has increased the demand for remittance transactions. As a result, remittance serves as a strong force in the growth of many developing economies.

Migration rates have gone up worldwide, with people from various parts of the world migrating to foreign countries for higher studies and better career opportunities. This, in turn, is leading to an increase in cross-border remittance payments and propelling the remittance market growth. The rapid technological advancements have made the banking experience convenient, with a variety of services available on digital platforms, which are steadily being utilised by financial institutions in the form of mobile payment apps and others. People can make payments at their leisure through mobile payment apps, ensuring security and privacy in the transaction process. These apps have further decreased the transfer time, making them a popular choice among consumers. These factors are expected to further propel the remittance market growth.

A report issued by the World Bank in May 2021 states that despite the COVID-19 pandemic, the overall remittance flow remained strong in 2020, registering a smaller decline compared to the previously estimated decrease. The major factors for the steady remittance flow amid the crisis remained fiscal stimulus, a growing preference for digital payments over cash, and a shift in flows from informal to formal channels.

Key Trends and Developments

Remittance Market Trends

Remittances, the money sent home by migrant workers, are increasingly being recognised as a significant tool for financial inclusion and economic development in receiving countries. Remittances often serve as an entry point for unbanked or underbanked individuals in receiving countries to access financial services. When migrants send money home through formal channels such as banks or mobile money platforms, their family members may need to open a bank account, which, in turn, introduces them to the formal financial system.

Market players in remittance market are establishing collaborations to enhance financial inclusion and make remittance services more accessible. A collaborative effort between the Postal Administration of India and the Philippine Postal Corporation (PHLPost) in April 2024 aims to improve and broaden the scope of postal remittance services in the Philippines.

Global Remittance Market by Segment

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Market Segmentation

“Remittance Market Report and Forecast 2025-2034” offers a detailed analysis of the market based on the following segments:

Market Breakup by Type

  • Inward Remittance
  • Outward Remittance

Market Breakup by Remittance Channel

  • Banks
  • Money Transfer Operators
  • Others

Market Breakup by Application

  • Consumption
  • Savings
  • Investment

Market Breakup by End User

  • Business
  • Personal

Market Breakup by Region

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East and Africa

CAGR 2025-2034 - Market by Country
India 5.2%
China 4.1%
Canada 4.0%
UK 3.6%
Saudi Arabia 3.6%
USA XX%
Germany XX%
France XX%

Banks account for a major remittance market share owing to their extensive branch network and long-established trust among consumers

Banks are predicted to hold a significant share of the market based on remittance channels due to their substantive financial powers. Around the world, banks are adopting various digitalised innovations to expand their services to cross-border remittance transactions, so that they can be utilised by more people.

Meanwhile, the money transfer operator segment is predicted to observe a steady increase in remittance market over the forecast period. This expansion can be credited to their swift adoption of digital platforms such as mobile apps, making the entire process of remittance significantly easy. This, in turn, is attracting potential consumers and aiding the market. The increasing movement of people across borders for work, education, or refuge has also led to a rise in the demand for remittance services. MTOs cater to the needs of these migrant populations by providing a convenient way to send money home.

Personal share maintains its dominance in the market due to the large number of migrants transferring money to their family members

Personal remittances, which include money sent by migrant workers and individuals to their families and friends in their home countries, usually constitute the largest portion of the money transfer market. This is primarily due to the sheer number of individuals working abroad and sending money home for various purposes, such as supporting family members, education, healthcare, or savings. Personal remittances are a critical source of income for many households in developing countries and play a significant role in poverty reduction and economic development.

Business remittances, which involve transactions between businesses across borders are anticipated to grow at a sizeable growth in the remittance market in the forecast period. These can include payments for goods and services, investments, or other business-related transfers.

Remittance Market Analysis by Region

In terms of region, North America is expected to hold a significant share of the global market in the forecast period. The growth can be attributed to the considerable immigration of students and job seekers into the North American region from various parts of the world. The increasing number of immigrants profits the prominent money transfer operators, such as PayPal, Western Union Holdings, and others based in the North American region.

The remittance market in Asia Pacific has also witnessed significant growth and demand. Asia Pacific is home to a substantial number of migrant workers who move to other countries in search of employment opportunities. Countries like the Philippines, India, Pakistan, and Bangladesh are among the top remittance-receiving countries globally and the large migrant population drives the demand for remittance services.

Competitive Landscape

The market players are increasing their collaboration and research and development activities to gain a competitive edge in the remittance market

Bank of America Corporation

Bank of America Corporation is one of the largest financial institutions in the world, serving individual consumers, small and middle-market businesses, and large corporations with a full range of banking.

Citigroup Inc.

Citigroup Inc. is a global financial services company with approximately 200 million customer accounts and business in more than 160 countries and jurisdictions which provides a broad range of financial services.

J.P. Morgan Chase & Co.

J.P. Morgan Chase & Co. is one of the largest, and most well-known financial institutions in the world and is a leader in investment banking and financial services.

Western Union Holdings, Inc.

Western Union Holdings, Inc. is a global leader in cross-border, cross-currency money movement and payment services which provides consumers and businesses with fast and reliable ways to send and receive money.

*Please note that this is only a partial list; the complete list of key players is available in the full report. Additionally, the list of key players can be customized to better suit your needs.*

Other major players in the market include Ria Financial Services Ltd, MoneyGram International, Inc., and TransferWise Ltd., among others. These companies are focused on collaboration and technological innovations to enhance their capabilities.

*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*

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Key Questions Answered in the Report

In 2024, the global remittance market attained a value of nearly USD 34.84 Billion.

The market is projected to grow at a CAGR of 4.00% between 2025 and 2034.

The major drivers of the industry include  the immigration of students and job seekers, the increasing number of immigrants who profit the prominent money transfer operators, swift adoption of digital platforms, and evolving customer expectations.

The key trends driving the market forward are the rapid technological advancements and rise in overseas migration.

The major regions in the industry are North America, Latin America, Europe, Middle East and Africa, and the Asia Pacific with North America accounting for the largest share in the market.

By type, the market is divided into inward remittance and outward remittance.

Banks are the dominant remittance channel in the industry.

On the basis of application, the industry can be segmented into consumption, savings, and investment.

Based on end-user, the market can be bifurcated into business and personal.

The major players in the market are Bank of America Corporation, Citigroup Inc., J.P. Morgan Chase & Co., Ria Financial Services Ltd, Western Union Holdings, Inc., MoneyGram International, Inc., and TransferWise Ltd., among others.

The market is estimated to witness a healthy growth in the forecast period of 2025-2034 to reach USD 51.57 Billion by 2034.

Report Summary

Explore our key highlights of the report and gain a concise overview of key findings, trends, and actionable insights that will empower your strategic decisions.

Key Highlights of the Report

Please note that the figures mentioned in the description serve as estimates and may vary from the actual figures presented in the final report.

REPORT FEATURES DETAILS
Base Year 2024
Historical Period 2018-2024
Forecast Period 2025-2034
Scope of the Report

Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:

  • Type
  • Remittance Channel
  • Application
  • End User
  • Region
Breakup by Type
  • Inward Remittance
  • Outward Remittance
Breakup by Remittance Channel
  • Banks
  • Money Transfer Operators
  • Others
Breakup by Application
  • Consumption
  • Savings
  • Investment
Breakup by End User
  • Business
  • Personal
Breakup by Region
  • North America
    • United States of America 
    • Canada
  • Europe
    • United Kingdom
    • Germany
    • France
    • Italy
    • Others
  • Asia Pacific
    • China
    • Japan
    • India
    • ASEAN
    • Australia
    • Others
  • Latin America
    • Brazil
    • Argentina
    • Mexico
    • Others
  • Middle East and Africa
    • Saudi Arabia
    • United Arab Emirates
    • Nigeria
    • South Africa
    • Others
Market Dynamics
  • SWOT Analysis
  • Porter's Five Forces Analysis
  • Key Indicators for Demand
  • Key Indicators for Price
Competitive Landscape
  • Market Structure
  • Company Profiles
    • Company Overview
    • Product Portfolio
    • Demographic Reach and Achievements
    • Certifications
Companies Covered
  • Bank of America Corporation
  • Citigroup Inc.
  • J.P. Morgan Chase & Co.
  • Ria Financial Services Ltd
  • Western Union Holdings, Inc.
  • MoneyGram International, Inc.
  • TransferWise Ltd.
  • Others
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