Global money transfers nearly double in a decade
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Around the world, 220 million migrants sent nearly $729 billion to family members in low- and middle-income countries in 2023.
The International Fund for Agricultural Development (IFDA) reported this figure represents almost double the amount transferred ten years prior, now supporting approximately 1.1 billion people. These funds have become a primary source of household income globally, proving resilient even with economic, environmental, and geopolitical challenges.
In some nations, these transfers make up a substantial portion of the gross domestic product, exceeding both public development aid and foreign direct investment. Tajikistan, Lebanon, and Honduras each received remittances equaling more than 10% of their GDP, with Tajikistan at 58%. A third of all money sent, $233 billion, went to rural areas where access to formal employment, financial services, and infrastructure is often limited.
Five countries, India, Mexico, the Philippines, Egypt, and Pakistan, received nearly half of all transfers. The rise of mobile phones and digital banking has made sending money easier, though many transactions still occur in person. IFDA is urging governments and financial institutions to further reduce service costs, which have decreased from 7.4% in 2016 to 6.4% in 2023, and to improve access to financial services for recipient families.
