Estimates are that the value of international money transfers in the United States in 2022 was nearly 10 times higher than in the United Kingdom. This is according to a model that tried to estimate the market size of international payments, such as remittances, across various countries worldwide. The source does not add much information. For instance, it does not clarify whether this includes all cross-border payments or whether it focuses on specific aspects of this industry - such as remittances by itself, or either the B2B or B2C segments. When compared to the 2021 KNOMAD figures - the "official" figures on remittances - regarding remittance outflow for the United States, the difference with the transaction value reported here was roughly 50 billion U.S. dollars. The difference for outgoing remittances from the United Kingdom as reported by KNOMAD was also sizable. Both differences may be due to different market models and methodologies, although neither source goes into detail about this.
Leading countries in the world with the highest transaction value on processed international money transfers and remittances as of 2022, either incoming or outgoing
(in billion U.S. dollars)
transaction value; The source does not clarify whether this includes all transfers. such as B2B and/or B2C, or whether this included cash and/or digital remittances; The source also does not clarify whether these are outgoing and/or incoming payments, and/or a combination of the two
Supplementary notes
All figures provided are estimates.
The source did not provide data on other countries and/or other years, and did not clarify the year for the data provided. It is assumed that it refers to 2022 - as the source usually reports either 2022 or 2027 in its studies as of May 2023.
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Juniper Research. (May 30, 2023). Leading countries in the world with the highest transaction value on processed international money transfers and remittances as of 2022, either incoming or outgoing (in billion U.S. dollars) [Graph]. In Statista. Retrieved October 02, 2024, from https://www.statista.com/statistics/1387687/value-of-money-transfers-and-remittances-by-country/
Juniper Research. "Leading countries in the world with the highest transaction value on processed international money transfers and remittances as of 2022, either incoming or outgoing (in billion U.S. dollars)." Chart. May 30, 2023. Statista. Accessed October 02, 2024. https://www.statista.com/statistics/1387687/value-of-money-transfers-and-remittances-by-country/
Juniper Research. (2023). Leading countries in the world with the highest transaction value on processed international money transfers and remittances as of 2022, either incoming or outgoing (in billion U.S. dollars). Statista. Statista Inc.. Accessed: October 02, 2024. https://www.statista.com/statistics/1387687/value-of-money-transfers-and-remittances-by-country/
Juniper Research. "Leading Countries in The World with The Highest Transaction Value on Processed International Money Transfers and Remittances as of 2022, Either Incoming or Outgoing (in Billion U.S. Dollars)." Statista, Statista Inc., 30 May 2023, https://www.statista.com/statistics/1387687/value-of-money-transfers-and-remittances-by-country/
Juniper Research, Leading countries in the world with the highest transaction value on processed international money transfers and remittances as of 2022, either incoming or outgoing (in billion U.S. dollars) Statista, https://www.statista.com/statistics/1387687/value-of-money-transfers-and-remittances-by-country/ (last visited October 02, 2024)
Leading countries in the world with the highest transaction value on processed international money transfers and remittances as of 2022, either incoming or outgoing (in billion U.S. dollars) [Graph], Juniper Research, May 30, 2023. [Online]. Available: https://www.statista.com/statistics/1387687/value-of-money-transfers-and-remittances-by-country/
