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The remittance market was $588 billion in 2015 and could reach $1 trillion by 2020, according to the World Bank. Although every country on earth receives remittances, the largest markets were India at $71 billion; China at $64 billion; Philippines at $25 billion; Mexico at $22 billion; Nigeria at $21 billion; Egypt at $17 billion; and Vietnam at $11 billion.
According to the IMF, the percentage cost for receiving $200 remittance transfers in emerging economies averages about 10 percent. But it can be much higher for certain emerging economies:
Germany to Serbia = 20.9 percent
South Africa to Mozambique = 22.4 percent
United Arab Emirates to India = 13.1 percent
United States to Colombia = 17.5 percent
According to the IMF, the percentage cost for receiving $200 remittance transfers in emerging economies averages about 10 percent. But it can be much higher for certain emerging economies:
Germany to Serbia = 20.9 percent
South Africa to Mozambique = 22.4 percent
United Arab Emirates to India = 13.1 percent
United States to Colombia = 17.5 percent