Annual value of outgoing and incoming remittance flow in Italy 2021, by country
Roughly twice as many remittances left Italy in 2021 when compared to the same value that came into the country. Remittances refer to cross-border payments to family or friends and are often associated with migrant workers sending money back home to friends or relatives back in their communities of origin. It is estimated that about one in seven people worldwide are involved with remittances - substantially impacting payment behavior in, especially, Asia and Latin America. For Italy, the top five recipient countries for remittances in 2021 included Romania, France, Morocco, Nigeria, and China. Italy's five main sources for remittances were Germany, the United States, France, Switzerland, and Canada.