Annual value of outgoing and incoming remittance flow in Hong Kong 2021, by country

Hong Kong's outflow of remittances was nearly 30 times higher than its inflow, both of which heavily relied on China in 2021. This is according to a ranking that tries to identify the flow of such money transfers. Remittances refer to cross-border payments to family or friends and are often associated with migrant workers sending money back home to friends or relatives back in their communities of origin. It is estimated that about one in seven people worldwide are involved with remittances - substantially impacting payment behavior in, especially, Asia and Latin America. For Hong Kong, the top five recipient countries for remittances in 2021 included China, the Philippines, Indonesia, Thailand, and India. Hong Kong's five main sources for remittances were largely outside of Asia: the United States, Canada, China, the United Kingdom, and Australia.