Venezuela, Argentina, Chile, and Brazil accounted for more than half of the total remittance outflow in Latin America in 2021. Remittances from these four countries ranged from 2.4 billion U.S. dollars to 3.6 billion U.S. dollars. 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. Europe's outgoing payment flow largely does not go to these regions but goes towards Central and Eastern Europe.
Top remittance sending countries and territories in Latin America and the Caribbean, outflow by receiving region in 2021
(in million U.S. dollars)
Sending territory
Total
Share of total outflow in Latin America and the Caribbean (%)
Antigua & Barbuda, Argentina, Bahamas, Barbados, Bermuda, Bolivia, Brazil, Belize, Chile, Colombia, Costa Rica, Cuba, Dominica, Dominican Republic, Ecuador, El Salvador, Grenada, Guatemala, Guyana, Haiti, Honduras, Jamaica, Mexico, Curaçao, Sint Maarten, Nicaragua, Panama, Paraguay, Peru, Puerto Rico, St. Kitts & Nevis, St. Lucia, St. Vincent & Grenadines, Suriname, Trinidad & Tobago, U.S. Virgin Islands, Uruguay, Venezuela
Survey time period
December 2022
Special properties
Remittance figures have a publication delay. Numbers cover 2021, but were reported in late 2022. As of November 2024, it is unclear when numbers will update - as the KNOMAD program also has been discontinued; All numbers are in current (nominal) U.S. dollars; See the "Details" tab for more information on the source methodology.
Supplementary notes
Regional figures were collected and calculated by Statista.
The source adds the following information:
No numbers are available for Venezuela with regards to incoming remittances;
Due to political and economic situations, the flows between certain countries was considered to be 0 (zero). These countries included: India and Pakistan (and vice versa), Lebanon and Israel (and vice versa), and Azerbaijan and Armenia (and vice versa);
The source emphasizes several times that the numbers provided are estimates, as the data suffers from several issues. These relate to, for example, the frequency of migrant data updating per country, the lack of data on informal money transfers or the possibility of retirees moving abroad but then withdrawing savings from their country of origin.
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Statista. (December 17, 2022). Top remittance sending countries and territories in Latin America and the Caribbean, outflow by receiving region in 2021 (in million U.S. dollars) [Graph]. In Statista. Retrieved December 08, 2024, from https://www.statista.com/statistics/1388119/top-remittance-outflow-countries-in-latin-america/
Statista. "Top remittance sending countries and territories in Latin America and the Caribbean, outflow by receiving region in 2021 (in million U.S. dollars)." Chart. December 17, 2022. Statista. Accessed December 08, 2024. https://www.statista.com/statistics/1388119/top-remittance-outflow-countries-in-latin-america/
Statista. (2022). Top remittance sending countries and territories in Latin America and the Caribbean, outflow by receiving region in 2021 (in million U.S. dollars). Statista. Statista Inc.. Accessed: December 08, 2024. https://www.statista.com/statistics/1388119/top-remittance-outflow-countries-in-latin-america/
Statista. "Top Remittance Sending Countries and Territories in Latin America and The Caribbean, Outflow by Receiving Region in 2021 (in Million U.S. Dollars)." Statista, Statista Inc., 17 Dec 2022, https://www.statista.com/statistics/1388119/top-remittance-outflow-countries-in-latin-america/
Statista, Top remittance sending countries and territories in Latin America and the Caribbean, outflow by receiving region in 2021 (in million U.S. dollars) Statista, https://www.statista.com/statistics/1388119/top-remittance-outflow-countries-in-latin-america/ (last visited December 08, 2024)
Top remittance sending countries and territories in Latin America and the Caribbean, outflow by receiving region in 2021 (in million U.S. dollars) [Graph], Statista, December 17, 2022. [Online]. Available: https://www.statista.com/statistics/1388119/top-remittance-outflow-countries-in-latin-america/