Annual value of outgoing and incoming remittance flow in Malaysia 2021, by country
In 2021, Malaysia sent more than five times the value of remittances towards other countries than it received from money transfers from abroad. This is according to a ranking that attempts to map out 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 Malaysia, the top five recipient countries for remittances in 2021 included Indonesia, Nepal, Bangladesh, India, and the Philippines. Malaysia's main sources for remittances were Singapore, Bangladesh, Australia, the United States, and the United Kingdom.
