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

Remittances leaving Spain were over twice as high as the value of remittances sent to the European country in 2021. This is according to a country ranking that investigates the flow of such money transfers between individual countries. 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 Spain, the top five recipient countries for remittances in 2021 included France, Morocco, Romania, Ecuador, and Colombia. Spain's five main sources for remittances were France, Germany, the United Kingdom, the United States, and Argentina.