Personal remittances sent from the UK grew substantially in Q3 2023 when compared to the previous year, although it was not the highest growth rate. This is according to a calculation that looks at personal money transfers and cross-country compensation of employees, on an annual basis. These two types of payments together form "personal" remittances. While technically not the same as "total" remittances, oftentimes the two types of remittances have the same figures due to a general lack of data tracking. Most of theĀ remittances leaving the UK are said to go to India, although those estimates are solely based on migrant stock.
Value of personal remittances in the United Kingdom (UK) from 1st quarter of 2000 to 4th quarter of 2023, based on remittance outflow towards any other country
Characteristic
Personal remittance outflow (in million U.S. dollar)
All figures are estimates and in current U.S. dollars; This statistic follows the BPM 6 definitions of remittances, differentiating between "personal" and "total" remittances even if the two figures are often the same. See the "Details" tab for more information.
Supplementary notes
The numbers provided have been calculated by Statista, usingĀ definitions of remittances set in BPM 6Ā - the Sixth Edition of the IMF's Balance of Payments and International Investment Position Manual. The IMF used the following remittance definitions:
Personal remittances: The sum of "personal transfers", "compensation of employees" and "capital transfers between households";
Total remittances: The sum of "1. Personal remittances" with "social benefits";
Total remittances and transfers to Non-Profit Institutions Serving Households (NPISHs): The sum of "2. Total remittances" with "current transfers to NPISHs" and "capital transfers to NPISHs"
The categories of "personal transfers", "compensation of employees", "capital transfers between households", "social benefits", "current transfers to NPISHs" and "capital transfers to NPISHs" are all found in theĀ IMF's Balance of Payments (BOP) database. Both the World BankĀ - andĀ its KNOMAD departmentĀ - adopted this IMF database in all their reportings on remittances.
Only the first two IMF categories - "personal transfers" and "compensation of employees" - are reported, though. All other categories are supplementary, meaning data is often not available or researched. This effectively means remittance data is incomplete - as it only covers (parts of)Ā 1. Personal remittances.
Due to this lack of additional information, calculations onĀ 1. Personal remittancesĀ andĀ 2. Total remittancesĀ regularly lead to the same results. However, sources tend to write "total remittances" when the figures technically refer to "personal remittances". To avoid this confusion, Statista follows the BPM 6 wording of "personal remittances", unless a country does provide additional data that would lead to different figures that would be accounted for in "total remittances".
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Statista. (July 24, 2024). Value of personal remittances in the United Kingdom (UK) from 1st quarter of 2000 to 4th quarter of 2023, based on remittance outflow towards any other country [Graph]. In Statista. Retrieved December 23, 2024, from https://www.statista.com/statistics/1483904/remittances-sent-from-the-united-kingdom-by-quarter/
Statista. "Value of personal remittances in the United Kingdom (UK) from 1st quarter of 2000 to 4th quarter of 2023, based on remittance outflow towards any other country." Chart. July 24, 2024. Statista. Accessed December 23, 2024. https://www.statista.com/statistics/1483904/remittances-sent-from-the-united-kingdom-by-quarter/
Statista. (2024). Value of personal remittances in the United Kingdom (UK) from 1st quarter of 2000 to 4th quarter of 2023, based on remittance outflow towards any other country. Statista. Statista Inc.. Accessed: December 23, 2024. https://www.statista.com/statistics/1483904/remittances-sent-from-the-united-kingdom-by-quarter/
Statista. "Value of Personal Remittances in The United Kingdom (Uk) from 1st Quarter of 2000 to 4th Quarter of 2023, Based on Remittance Outflow towards Any Other Country." Statista, Statista Inc., 24 Jul 2024, https://www.statista.com/statistics/1483904/remittances-sent-from-the-united-kingdom-by-quarter/
Statista, Value of personal remittances in the United Kingdom (UK) from 1st quarter of 2000 to 4th quarter of 2023, based on remittance outflow towards any other country Statista, https://www.statista.com/statistics/1483904/remittances-sent-from-the-united-kingdom-by-quarter/ (last visited December 23, 2024)
Value of personal remittances in the United Kingdom (UK) from 1st quarter of 2000 to 4th quarter of 2023, based on remittance outflow towards any other country [Graph], Statista, July 24, 2024. [Online]. Available: https://www.statista.com/statistics/1483904/remittances-sent-from-the-united-kingdom-by-quarter/