Remittances are transferred among different countries all around the world in huge numbers. These formally and informally transferred funds play a vital role in the economy. The funds transferred by foreign workers to their home countries contribute to the GDP of the country. Asian countries receive a significant amount of remittances. Migrant workers from the Asia-pacific region sent about USD 256 to their families last year. Most of the largest remittances receiving countries are developing Asian nations of the world.
India received about $69 billion as remittances in 2017 and owns the position of greatest remittance receiving country. India is one of the third world countries scoring highest position among the fastest growing economies in the world. Many reports say that about 320 million families benefit from remittances and most of them belong to rural areas.
The second highest amount of remittance receiving country is China. China received about $64 billion in the year 2017 following the Philippines that received about $33 billion. It is expected that the remittance flow will increase in future by 4.1% to reach around $485 billion in 2018. Other regions like Mexico, Nigeria, and Egypt are also counted as the largest remittance receiving countries in the world.
The long-term remittance growth can be threatened by stricter immigration policies and increased regulation of money transfers and both are important to reduce financial crime.