Global remittance flows hit $1.1 trillion as Asia challenges Europe’s dominance
Remittance flows across the globe have witnessed significant growth and shifts in recent years. Europe remains the leading sender, while the top receiver has seen a change in dominance. Meanwhile, governments in the Asia & Pacific region are exploring new payment systems to challenge Europe's position.
Remittance flows have more than doubled since 2010, from around $420 billion to a projected $1.1 trillion in 2025. Europe has maintained its lead as the top sender, with intra-European remittances boosted by the euro and payment systems like SEPA. However, the top receiver has switched between Asia & Pacific and Europe, with Europe reclaiming the top spot in 2025.
Historical links and recent market developments have driven large and growing remittance flows between major European countries and their partner nations. In the UK, remittance flows to India and Romania have been notable, with Romania entering the UK's top 5 corridors since 2021. The US and Canada also play significant roles in the Americas' high remittance volumes.
In response to this growth, governments in the Asia & Pacific region are exploring the creation of international payment systems to compete with Europe as the top remittance receiver. Increased digitisation and financial inclusion may also lessen dependence on established remittance relationships in the long term.
Remittance flows continue to grow and evolve, with Europe remaining the leading sender and the top receiver shifting between regions. As remittances become an increasingly important aspect of global finance, governments and financial institutions are exploring new ways to facilitate these flows and capture their benefits.
