In 2023, Mexico received nearly 66.2 billion U.S. dollars worth of remittances, making it the Latin American country with the highest value of international deposits received that year. Guatemala ranked second, with remittances amounting to nearly 20 billion dollars. In total, the value of remittances in Latin America and the Caribbean exceeded 152 billion U.S. dollars in 2023.
Largest recipients of inflow remittances in Latin America in 2023, by estimated value of remittances received from anywhere in the world
(in million U.S. dollars)
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Largest recipients of inflow remittances in Latin America in 2023, by estimated value of remittances received from anywhere in the world
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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, usingdefinitions of remittances set in BPM 6- 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 theIMF's Balance of Payments (BOP) database. Both the World Bank- andits KNOMAD department- 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) 1. Personal remittances.
Due to this lack of additional information, calculations on1. Personal remittancesand2. Total remittancesregularly 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). Largest recipients of inflow remittances in Latin America in 2023, by estimated value of remittances received from anywhere in the world (in million U.S. dollars) [Graph]. In Statista. Retrieved January 20, 2025, from https://www.statista.com/statistics/439126/value-of-remittances-received-latin-america-by-country/
Statista. "Largest recipients of inflow remittances in Latin America in 2023, by estimated value of remittances received from anywhere in the world (in million U.S. dollars)." Chart. July 24, 2024. Statista. Accessed January 20, 2025. https://www.statista.com/statistics/439126/value-of-remittances-received-latin-america-by-country/
Statista. (2024). Largest recipients of inflow remittances in Latin America in 2023, by estimated value of remittances received from anywhere in the world (in million U.S. dollars). Statista. Statista Inc.. Accessed: January 20, 2025. https://www.statista.com/statistics/439126/value-of-remittances-received-latin-america-by-country/
Statista. "Largest Recipients of Inflow Remittances in Latin America in 2023, by Estimated Value of Remittances Received from Anywhere in The World (in Million U.S. Dollars)." Statista, Statista Inc., 24 Jul 2024, https://www.statista.com/statistics/439126/value-of-remittances-received-latin-america-by-country/
Statista, Largest recipients of inflow remittances in Latin America in 2023, by estimated value of remittances received from anywhere in the world (in million U.S. dollars) Statista, https://www.statista.com/statistics/439126/value-of-remittances-received-latin-america-by-country/ (last visited January 20, 2025)
Largest recipients of inflow remittances in Latin America in 2023, by estimated value of remittances received from anywhere in the world (in million U.S. dollars) [Graph], Statista, July 24, 2024. [Online]. Available: https://www.statista.com/statistics/439126/value-of-remittances-received-latin-america-by-country/
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