Personal remittance inflow towards Latin America as a whole 1970-2022
The value of personal remittances sent to Latin America increased by nearly 26 percent between 2020 and 2021, the largest increase since 2006. This is according to estimates made by the World Bank on data from the IMF that tracked the balance of payments between countries. All figures provided here have been summed from this individual country's data. The source adds that "personal remittances" consist of both personal transfers between resident and nonresident individuals, as well as the compensation of employees. By definition, then, the numbers shown here focus on migrant workers. In the case of Latin America, this could include transfers sent from migrant workers working in the United States to their homes in El Salvador. Note that consumers with a second home abroad but who receive pensions from their country of origin - for example, U.S. citizens living in Costa Rica - can sometimes also be counted as remittances.
