Remittances from Iceland largely went towards countries in Europe and Southeast Asia in 2021, according to a ranking looking 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 Iceland, the top five recipient countries for remittances in 2021 included Poland, Sweden, Denmark, France, and the Philippines. Iceland's five main sources for remittances were Denmark, the United States, Norway, Sweden, and Spain.
Value of remittances sent from/to Iceland to/from other countries or territories worldwide in 2021
(in million U.S. dollars)
Destination territory/territory of origin
Remittances sent from Iceland
Remittances received in Iceland
Net balance in Iceland (remittances received minus remittances sent)
Remittance figures have a publication delay. Numbers cover 2021, but were reported in late 2022; All numbers are in current (nominal) U.S. dollars; See the "Details" tab for more information on the source methdology
Supplementary notes
The source adds the following information:
No numbers are available for Venezuela;
Due to political and economic situations, the flows between certain countries was considered to be 0 (zero). These countries included: India and Pakistan (and vice versa), Lebanon and Israel (and vice versa), and Azerbaijan and Armenia (and vice versa);
The source emphasizes several times that the numbers provided are estimates, as the data suffers from several issues. These relate to, for example, the frequency of migrant data updating per country, the lack of data on informal money transfers or the possibility of retirees moving abroad but then withdrawing savings from their country of origin.
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Statista. (December 18, 2022). Value of remittances sent from/to Iceland to/from other countries or territories worldwide in 2021 (in million U.S. dollars) [Graph]. In Statista. Retrieved November 21, 2024, from https://www.statista.com/statistics/1382682/bilateral-remittances-iceland/
Statista. "Value of remittances sent from/to Iceland to/from other countries or territories worldwide in 2021 (in million U.S. dollars)." Chart. December 18, 2022. Statista. Accessed November 21, 2024. https://www.statista.com/statistics/1382682/bilateral-remittances-iceland/
Statista. (2022). Value of remittances sent from/to Iceland to/from other countries or territories worldwide in 2021 (in million U.S. dollars). Statista. Statista Inc.. Accessed: November 21, 2024. https://www.statista.com/statistics/1382682/bilateral-remittances-iceland/
Statista. "Value of Remittances Sent From/to Iceland To/from Other Countries or Territories Worldwide in 2021 (in Million U.S. Dollars)." Statista, Statista Inc., 18 Dec 2022, https://www.statista.com/statistics/1382682/bilateral-remittances-iceland/
Statista, Value of remittances sent from/to Iceland to/from other countries or territories worldwide in 2021 (in million U.S. dollars) Statista, https://www.statista.com/statistics/1382682/bilateral-remittances-iceland/ (last visited November 21, 2024)
Value of remittances sent from/to Iceland to/from other countries or territories worldwide in 2021 (in million U.S. dollars) [Graph], Statista, December 18, 2022. [Online]. Available: https://www.statista.com/statistics/1382682/bilateral-remittances-iceland/
