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Money Transfer Statistics 2025: 50+ Facts, Charts & Data

The most comprehensive collection of international money transfer statistics available online. 10 interactive charts, 50+ data points, all sourced from the World Bank, FXC Intelligence, BIS, ONS, and FCA. Updated February 2026.

Matt WoodleyFounder & Editor

Updated 22 Feb 2026 · 25 min read

10 interactive charts World Bank, BIS & FCA sourced 50+ data points with citations

Key Statistics at a Glance

The headline numbers that define the global money transfer industry in 2025.

$905B

Global Remittances (2024)

+4.2% YoY

$685B

LMIC Flows (2024)

+5.8% YoY

6.49%

Global Avg. Cost (2025)

SDG target: 3%

61%

Digital Market Share

Up from 12% in 2017

India $129B

Top Recipient

Followed by Mexico $68B

8.78%

Costliest Region

Sub-Saharan Africa

Sources: World Bank Migration & Development Brief 41 (Dec 2024), Remittance Prices Worldwide Q1 2025, FXC Intelligence 2025, Statista.

1. Global Remittance Flows (2017-2024)

Global remittance flows reached $905 billion in 2024, with $685 billion flowing to low- and middle-income countries (LMICs). Remittances to LMICs grew 5.8% in 2024, significantly higher than the 1.2% growth in 2023. This makes remittances larger than foreign direct investment and official development assistance combined.

Global Remittance Flows ($B), 2017-2024

Source: World Bank, Migration & Development Brief 41, December 2024. 2024 figures are estimates.

Year	LMIC ($B)	HIC ($B)	Global ($B)	LMIC Growth
2017	$465B	$179B	$644B	+8.9%
2018	$510B	$189B	$699B	+9.7%
2019	$536B	$193B	$729B	+5.0%
2020	$530B	$191B	$721B	-0.9%
2021	$587B	$208B	$795B	+10.6%
2022	$640B	$205B	$844B	+9.0%
2023	$647B	$218B	$865B	+1.2%
2024e	$685B	$219B	$905B	+5.8%

2. Remittances by Region (2024)

South Asia registered the highest growth at 11.8%, driven by India, Pakistan, and Bangladesh. Latin America & the Caribbean received $163B, with Mexico alone accounting for $68B. Sub-Saharan Africa received $56B but remains the most expensive region to send money to.

Remittance Flows by Region ($B), 2024

Source: World Bank, Migration & Development Brief 41, December 2024.

3. Top 10 Remittance-Receiving Countries (2024)

India is the world's largest remittance recipient at $129 billion, more than the next two countries combined. Among smaller economies, Tajikistan leads with remittances equal to 45% of GDP, underscoring the critical role these flows play in developing economies.

Top 5 Recipient Countries ($B), 2024

#	Country	Volume	% of GDP	Growth	Top Source Countries
1	India	$129B	3.4%	+12.0%	UAE, USA, Saudi Arabia
2	Mexico	$68B	3.9%	+3.0%	USA
3	China	$48B	0.3%	-1.2%	USA, Japan, S. Korea
4	Philippines	$40B	9.3%	+3.0%	USA, Saudi Arabia, UAE
5	Pakistan	$33B	8.7%	+11.1%	Saudi Arabia, UAE, UK
6	Bangladesh	$24B	5.1%	+21.0%	Saudi Arabia, UAE, Malaysia
7	Egypt	$24B	5.9%	+24.2%	Saudi Arabia, UAE, Kuwait
8	Nigeria	$19B	5.0%	-3.7%	USA, UK, Cameroon
9	Guatemala	$20B	22.2%	+5.5%	USA
10	Vietnam	$16B	3.7%	+3.9%	USA, Australia, S. Korea

Source: World Bank, Migration & Development Brief 41, December 2024. GDP shares from World Development Indicators.

4. Remittances vs FDI vs ODA (2017-2024)

Remittances have overtaken FDI as the largest source of external finance for developing countries. While FDI declined 41% over the past decade (from $476B to $283B), remittances grew 57% (from $465B to $685B). This resilience -- remittances barely dipped during COVID-19 while FDI collapsed -- makes them the most dependable external financial flow for developing economies.

Financial Flows to LMICs ($B), 2017-2024

Source: World Bank, IMF Balance of Payments, World Development Indicators. FDI = Foreign Direct Investment, ODA = Official Development Assistance.

5. The Cost of Sending Money Abroad (2017-2025)

The global average cost of sending $200 was 6.49% in Q1 2025, more than double the UN Sustainable Development Goal target of 3%. Banks remain the most expensive channel at 9.50%, while digital providers average 3.65% -- already close to the SDG target. For larger transfers, currency brokers charge just 0.2-1.0%.

Average Remittance Cost by Channel (%), 2017-2025

Source: World Bank Remittance Prices Worldwide, Q1 2025. Cost = total cost of sending $200 as a percentage of the amount sent.

Cost by Channel Type (2025)

Channel	Avg. Cost	Trend	Speed	Notes
Banks	9.50%	Declining slowly	3-5 days	Highest cost, most regulated
Post Offices	7.10%	Flat	5-10 days	Limited corridors
Money Transfer Operators	5.90%	Declining	Minutes to 2 days	WU, MoneyGram, Ria
Mobile Money	4.10%	Declining fast	Minutes	M-Pesa dominant in Africa
Digital-only Providers	3.65%	Declining fast	Minutes to 1 day	Wise, Remitly, WorldRemit
Currency Brokers	0.2-1.0%	Stable low	1-2 days	Best for large transfers
Crypto/Stablecoin	0.5-2.0%	Volatile	Minutes	~$400B settled via USDT/USDC in 2025

6. Remittance Costs by Region (2025)

Sub-Saharan Africa remains the most expensive region to send money to at 8.78%, nearly triple the 3% SDG target. South Asia is the cheapest major corridor at 5.18%, partly due to intense competition on the India, Pakistan, and Bangladesh routes. The cheapest individual corridors include UAE-to-India (1.5%) and Saudi Arabia-to-Pakistan (2.1%).

Average Cost of Sending $200 by Region (%), Q1 2025

Source: World Bank Remittance Prices Worldwide, Q1 2025.

SDG 10.c: Reduce remittance costs to less than 3%

The UN's Sustainable Development Goal 10.c targets reducing the transaction cost of migrant remittances to less than 3% by 2030 and eliminating corridors costing more than 5%. As of 2025, the global average (6.49%) remains more than double the target, and 48% of corridors still exceed 5%. Digital providers are the closest to meeting the target at 3.65%.

7. The Digital Revolution: Digital vs Traditional (2017-2025)

Digital money transfers have gone from 12% of the market in 2017 to 61% in 2025. The COVID-19 pandemic was the inflection point -- digital adoption jumped from 21% to 32% in a single year (2020). Traditional channels (bank branches, agent locations) have declined from 88% to 39% of transactions. Providers like Wise, Remitly, and other digital providers have been the primary beneficiaries.

Digital vs Traditional Market Share (%), 2017-2025

Source: Statista, FXC Intelligence, World Bank. Digital includes mobile money, online platforms, and app-based providers.

8. Market Share by Provider Type (2025)

Digital-first providers now lead the market at 28%, surpassing traditional operators (Western Union, MoneyGram) at 24%. Banks still hold 22% but have been losing share steadily for a decade. Crypto and stablecoins (primarily USDT and USDC) accounted for 7% of cross-border flows, with the BIS estimating approximately $400 billion settled via stablecoins in 2025.

Market Share by Provider Type (%), 2025

Source: FXC Intelligence, Statista, BIS. Estimates based on transaction volume.

Key Provider Statistics

Wise

London · Est. 2011

Volume: £145.2BCustomers: 15.6M

FY25 results. Revenue £1.36B.

Western Union

Denver · Est. 1851

Volume: $75BCustomers: 120M+

Acquired Intermex in 2025.

Remitly

Seattle · Est. 2011

Volume: $50B+Customers: 7M+

Revenue $1.24B (2024).

MoneyGram

Dallas · Est. 1940

Volume: $30B+Customers: 50M+

Now privately held (Madison Dearborn).

Revolut

London · Est. 2015

Volume: $30B+Customers: 45M+

UK banking licence granted Jul 2024.

PayPal/Xoom

San Jose · Est. 1998

Volume: $25B+Customers: 400M+ (PayPal total)

Xoom operates in 130+ countries.

9. UK Money Transfer Statistics

The UK is one of the world's largest remittance-sending countries, with estimated outbound flows exceeding £18 billion annually. The UK is also home to several of the world's largest fintech money transfer companies, including Wise (£145.2B volume), Revolut, and multiple FCA-regulated currency brokers.

UK Outbound Remittance Corridors (£B), 2025

Source: ONS estimates, TopMoneyCompare analysis, 2025.

Wise: The UK's Largest Fintech Transfer Provider

Wise plc Growth (FY2020-FY2025)

Source: Wise plc Annual Reports FY2020-FY2025. Volume = total cross-border transfer volume.

£18B+

UK Outbound Flows

ONS est.

3,000+

FCA-Regulated Providers

FCA Register

UK → Pakistan

Top UK Corridor

ONS est.

3-5%

Avg. UK Bank Cost

IMT analysis

UK-specific guides

For detailed UK provider comparisons, see our top 10 money transfer companies, best currency brokers, and large transfers guide. For cost comparisons on specific corridors, browse our send-money pages.

10. Crypto & Stablecoin Remittances (2025)

Stablecoin-powered cross-border transfers are a rapidly growing segment. The BIS estimates approximately $400 billion was settled via USDT and USDC in 2025, though this figure includes both consumer remittances and commercial payments. Key developments include Western Union's USDC pilot, Wise's stablecoin treasury strategy, and M-Pesa's integration with blockchain rails in East Africa.

$400B

Stablecoin cross-border volume (2025)

BIS Working Paper 1265

USDT

Dominant stablecoin for remittances

BIS, Chainalysis

0.5-2%

Typical stablecoin transfer cost

Industry estimates

Key Takeaways

Global remittances reached $905B in 2024, growing 4.2% YoY -- now larger than FDI and ODA combined for developing countries.

India received $129B, making it the world's largest remittance recipient. Mexico ($68B) and China ($48B) follow.

The global average cost of sending $200 was 6.49% in Q1 2025 -- still more than double the UN SDG target of 3%.

Banks are the most expensive channel at 9.50%, while digital providers average 3.65% and currency brokers charge 0.2-1.0%.

Sub-Saharan Africa remains the costliest region at 8.78%, nearly triple the SDG target.

Digital channels now account for 61% of remittance transactions, up from 12% in 2017.

The UK sends over £18B annually, with Pakistan (£4.24B) and India (£4.17B) as the top corridors.

Wise processed £145.2B in FY2025, making it the UK's largest fintech transfer provider.

Stablecoin cross-border volume reached approximately $400B in 2025 (BIS estimate).

Western Union acquired Intermex in 2025, consolidating the traditional money transfer segment.

Methodology & Sources

This statistics page compiles data from the following primary sources. All data points are cited individually throughout the article. Where exact figures are unavailable, we use the most recent available data and clearly label estimates.

World Bank Migration & Development Brief 41

December 2024

Global remittance flows, regional breakdowns, top recipient countries, growth rates

World Bank Remittance Prices Worldwide

Q1 2025

Average cost of sending $200 by corridor, channel, and region

FXC Intelligence

December 2025

Market sizing, provider revenues, corridor analysis, digital adoption trends

BIS Working Papers

2025

Stablecoin cross-border volume, cryptocurrency remittance estimates

Wise plc Annual Reports

FY2020-FY2025

Transfer volumes, customer numbers, revenue, product data

ONS/TopMoneyCompare

2025 estimates

UK outbound remittance flows by corridor

Statista

November 2025

Digital remittance market share, provider comparisons

IMF Balance of Payments Statistics

2024

FDI and ODA comparison data

Frequently Asked Questions

How much money is transferred internationally each year?

In 2024, global remittance flows reached $905 billion, with $685 billion flowing to low- and middle-income countries. This is larger than foreign direct investment ($283B) and official development assistance ($228B) combined. The World Bank projects continued growth in 2025, driven by strong labour markets in OECD countries.

What is the average cost of sending money abroad?

The global average cost of sending $200 was 6.49% in Q1 2025 (World Bank). Banks are the most expensive at 9.50%, while digital providers average 3.65%. Currency brokers charge 0.2-1.0% on larger transfers. The UN Sustainable Development Goal target is 3% by 2030, which remains far from being met.

Which country receives the most remittances?

India is the world's largest remittance recipient, receiving an estimated $129 billion in 2024, followed by Mexico ($68B), China ($48B), the Philippines ($40B), and Pakistan ($33B). As a share of GDP, Tajikistan leads at 45%, followed by Tonga (38%) and Nicaragua (27%).

How big is the UK money transfer market?

The UK is one of the world's largest remittance-sending countries. ONS data estimates UK outbound remittance flows exceed £18 billion annually, with the largest corridors being Pakistan (£4.24B), India (£4.17B), and Nigeria (£3.90B). The UK is also home to major fintech providers including Wise, Revolut, and OFX.

What percentage of remittances are sent digitally?

Digital channels accounted for approximately 61% of all remittance transactions in 2025, up from just 12% in 2017. The COVID-19 pandemic accelerated the shift, with digital adoption jumping from 21% to 32% in 2020 alone. Mobile money is the fastest-growing channel in Sub-Saharan Africa.

How much does Wise transfer per year?

Wise processed £145.2 billion in cross-border transfers in FY2025 (year ending March 2025), serving 15.6 million active customers. Revenue was £1.36 billion. Wise is the UK's largest fintech money transfer provider by volume.

Are crypto remittances growing?

Yes. The BIS estimates approximately $400 billion was settled via stablecoins (primarily USDT and USDC) in cross-border transfers during 2025. However, this includes both remittances and commercial payments. Crypto remittances are particularly significant in corridors where traditional banking is expensive or limited.

Why is sending money to Africa so expensive?

Sub-Saharan Africa has the highest average remittance cost at 8.78% (2025). Key factors include limited competition (fewer licensed providers), underdeveloped banking infrastructure, strict foreign exchange controls in some countries, reliance on cash-based agent networks, and small average transaction sizes that make fixed costs proportionally higher.