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Annual value of outgoing and incoming remittance flow in South Korea 2021, by country
The value of remittances to South Korea was nearly the same as the value that left the country, according to a ranking that maps 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 South Korea, the top five recipient countries for remittances in 2021 included China, Thailand, Vietnam, the Philippines, and Mongolia. South Korea's main sources for remittances were the United States, Japan, China, Canada, and Australia.