According to the Market Statsville Group (MSG), the global Remittance Market size is expected to grow from USD 866.2 billion in 2022 to USD 4,964.0 billion by 2033, at a CAGR of 5.3% from 2023 to 2033.

A remittance is a non-commercial mode of money transfer by foreign workers, a member of a diaspora community, or a citizen of other countries for household income in their home country or homeland. A major source of financial inflow to developing countries is money sent home by migrant workers.

Remittance transactions typically involve three simple steps:

  • The migrant citizen pays the remittance to the sending agent using cash, credit card, money order, check, phone, or a debit instruction sent by e-mail, debit card, or through the Internet.
  • An agent in the recipient's country delivers the remittance on behalf of the sending agency.
  • The paying agent pays the beneficiary.

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Global Remittance Market Dynamics

Drivers: Increase in Cross-Border Transaction

Cross-border payment flows are expected to increase because of the large population of migrated workers living away from their homes. The term "cross-border payment" refers to a financial transaction in which the payer and recipient are based in different countries. Cross-border payments can be made in several ways, such as bank transfers, credit card payments, and e-money wallets. In recent decades, cross-border payments have become increasingly important due to increased international mobility of goods and services, capital, and people. As a result of these trends, cross-border payments are becoming more prevalent, and they have access to cross-border payment services that are just as safe and efficient as domestic ones. Growth and revenue expansion are other factors driving this market's competitive interest. All the aforementioned factors drive the market for the upcoming forecasting period.

Scope of the Global Remittance Market

The study categorizes the remittance market based on application, channel, and end user at the regional and global levels.

By Application Outlook (Sales, USD Million, 2019-2033)

  • Consumption
  • Savings
  • Investment

By Channel Outlook (Sales, USD Million, 2019-2033)

  • Banks
  • Money Transfer Operator
  • Others

By End User Outlook (Sales, USD Million, 2019-2033)

  • Business
  • Personal

By Region Outlook (Sales, USD Million, 2019-2033)

  • North America
    • US
    • Canada
    • Mexico
  • Europe
    • Germany
    • Italy
    • France
    • UK
    • Spain
    • Poland
    • Russia
    • The Netherlands
    • Norway
    • Czech Republic
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Indonesia
    • Malaysia
    • Thailand
    • Singapore
    • Australia & New Zealand
    • Rest of Asia Pacific
  • South America
    • Brazil
    • Argentina
    • Colombia
    • Rest of South America
  • The Middle East & Africa
    • Saudi Arabia
    • UAE
    • South Africa
    • Northern Africa
    • Rest of MEA

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Personal segment is projected to account for the largest market share

Personal segment accounted for the largest market share in 2022. Due to the global expansion of banks and financial services, an increase in the personal sector is also anticipated. Further, the immigrants who work in several nations do a large number of financial transactions. It is anticipated that the personal end-use sector will continue to rule during the projection period. Companies are indulging in creating innovative services to make using financial client accounts more practical and simple. Globalization will probably push workers to use remittance services to send money home.

Asia Pacific accounts for the highest CAGR during the forecast period

Most of the remittances have gone to Asian Pacific nations like Bangladesh, Pakistan, the Philippines, India, China, and more. Among the nations that depend on remittances the most annually are Asian nations like Tajikistan and Nepal. Most remittances are sent using a traditional agent, such as Ria Money Transfer, Western Union, UAE Exchange, MoneyGram, and similar services. Nevertheless, online and mobile money transfers have seen a substantial increase due to the expanding financial services and the increasing significance and reach of the Internet. With more than 12% of global remittances, India is the leading recipient of remittances. The largest diaspora in the world is made up of Indians. According to the Ministry of Overseas Indian Affairs, the roughly 34 million members send money home.

Competitive Landscape - Global Remittance Market

Major players in the global remittance market are:

  • Bank of America
  • Citigroup Inc.
  • JPMorgan Chase & Co.
  • MoneyGram International Inc.
  • RIA Financial Services Ltd.
  • TransferWise Ltd.
  • UAE Exchange
  • Wells Fargo
  • Western Union Holdings Inc.
  • XOOM

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Recent Developments

  • In March 2022, J.P. Morgan acquired Global Shares, one of the leading share plan management software providers.
  • In Feb 2022, MoneyGram agreed to be acquired by Madison Dearborn Partners. Madison Dearborn Partners will have more chances to develop and change MoneyGram so that it may dominate the market in terms of cross-border payment technology and provide a wider range of digital offerings.

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