Cross-Border Remittances: A Deep Dive Into the Top Senders and Receivers

In 2018, an estimated 66% of remittances were received by just 20 countries worldwide.

Boston, September 4, 2019 – Cross-border remittances impact the economy of every country and territory in the world. And while all countries have the financial infrastructure to send and receive cross-border remittances, just 20 countries around the globe account for approximately 70% of remittances sent. The industry has long been dominated by incumbent players such as Western Union and MoneyGram, but the market is also crowded with regional players and fintech startups that are building out their own global money transfer networks in an effort to grab a piece of the US$689.4 billion market.   

This Impact Report, part two of a two-part series, reviews migration patterns at a country level as well as sizes the cross-border remittance market for the top remittance sending and receiving countries in the world. It is based on Aite Group’s interviews with executives at banks and money transfer organizations conducted from October 2018 to March 2019. In addition, the market sizing of migration and remittance flows is based on Aite Group’s analysis of data reported by central banks, the International Monetary Fund (IMF), the Inter-American Development Bank (IADB), the World Bank, and the United Nations.

This 50-page Impact Report contains 16 figures and 23 tables. Clients of Aite Group’s Retail Banking & Payments service can download this report, the corresponding charts, and the Executive Impact Deck.

This report mentions Azimo, BPCE Group, Bridge Community Bank, Earthport, Flywire, Green Dot, Mastercard, MoneyGram, Monzo, Pangea, PayPal, Remitly, Ria, Sendmi, Transfast, Transpay, TransferWise, Western Union, Visa, WorldRemit, and Xoom.

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