What is remittance?
The money transferred by a person who is working in a foreign country to his home country is termed as remittance. Developing countries have the largest inflow of the remittances. Also, workers’ remittances form a significant part of the total remittance inflows especially in the labour exporting nations. For example, if you are working in Hong Kong and wish to wire money to Indonesia from Hong Kong then it forms a part of the remittances of Hong Kong. Developing countries like the China and India receive some of the highest remittances in the world.
Companies like MoneyGram, Western Union, Insatrem, etc. can help you wire money to Indonesia from Hong Kong at a very fast speed.
This article will tell you about the top 5 remittance receiving nations of the world in 2017. Read to know more.
India received the highest remittance i.e. $62.7 billion in the past year. A large proportion of the Indian population works overseas and sends a huge amount of money to their friends and families back home. In comparison to the other countries the remittances sent by the Indians is much higher. India has been the biggest remittance receiving nation in the world. It has occupied this position for consecutive five years in a row. If we look at the remittances in India, they are not as large as the GDP of the country. Also, with the advent of the Internet, the online transfer of remittances has increased a great deal in India also.
China is the largest country in the world but incidentally it is not the first in number to receive remittances. China occupies the second position with the total remittances amounting to $61 billion in the list of top 5 remittance receiving nations of the world. You will find a huge Chinese population residing across the world and sending remittances back home. Also, China has witnessed enormous economic growth over the past decades. It is the biggest trading power in the world accounting to almost $34 trillion as its nominal GDP. A large population of the China also resides in Indonesia and people wire money to Indonesia from Hong Kong very frequently. Although there was a decline in the remittances of the East Asia and Pacific region during the last year, china still continues to occupy a respectable second position in the list of the top 5 remittance receiving countries.
Philippines is a country composed of a large number of islands which lie in the Western Pacific Ocean. The economy of this country heavily relies on the remittances from overseas. Remittances to Philippines have registered a growth in the last year amounting to $30 billion. In contrast people who used to wire money to Indonesia from Hong Kong and other nations have decreased considerably.
Mexico is a large country a big proportion of whose population migrates to USA for work. They send remittances back home in large amounts totalling to around $28.5 billion and placing Mexico on the 4th position in the list of the top 5 remittance receiving countries.
The remittances to Indonesia have registered a decline over the past years. There are many reasons which have led to this steep fall in the remittances to Indonesia. The people who wire money to Indonesia from Hong Kong formed a large part of these remittances and they have also registered a decline.
For more information on remittances you can visit the website of any international money transfer company.