The global remittance market size was significantly robust in 2020 and is expected to register a steady revenue CAGR during the forecast period. Increasing international migrant population, and rising adoption of banking and financial services are key factors boosting global market revenue growth.
Remittance is transfer of money by migrants to their home countries and also by individuals from rural areas who have migrated to urban areas in search of employment or work. Remittance is also used by parents to send money to their children studying overseas. Remittance is also widely used to make donations to religious and charitable institutions abroad, towards grants and donations to other governments established charitable institutions, and to contribute/donate to international institutes and institutions established by governments. Making remittance is relatively easy and can be done using a debit or credit card, or an e-wallet to transfer money to a remittance service provider, which will then be converted into the currency of the receiving country and paid out to the beneficiary.
Major players in the market include
Western Union Holdings Inc., Bank of America, Citigroup Inc., Euronet Worldwide Inc., JPMorgan Chase Co., MoneyGram International Inc., Societe Generale, RIA Financial Services Ltd., The Kroger Co., TransferWise Ltd., UAE Exchange, Wells Fargo, Scotiabank, ABSA, and XOOM are some major players operating in the global remittance market.
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Type Outlook (Revenue, USD Billion; 2018 – 2028)
- Inward Remittance
- Outward Remittance
Channel Outlook (Revenue, USD Billion; 2018 – 2028)
- Bank
- Money Transfer Operators
- Others
Application Outlook (Revenue, USD Billion; 2018 – 2028)
- Consumption
- Savings
- Investments Others
End-Use Outlook (Revenue, USD Billion; 2018 – 2028)
- Business
- Personal
Region Outlook (Revenue, USD Billion; 2018 – 2028)
North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Benelux
Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
Rest of Asia Pacific
- Latin America
- Brazil
Rest of Latin America
- Middle East and Africa
- Saudi Arabia
- UAE
- South Africa
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