18+ Revealing UK Remittance Statistics

The above figure places the UK at the 14th spot on the list of biggest remittance senders worldwide. In comparison, the USA is the country with the largest remittance outflow globally, and its average for that period is about six times larger, at $60.969 billion.

Saudi Arabia, with $34.230 billion, and the UAE, with $32.636 billion, are the second and third largest remittance senders in the world.

Remittance from the UK is considerably smaller and can be compared to the outflows of Italy, which averages at $10.540 billion, and Malaysia, at $9.890 billion, in the same 10-year period.

Historical data suggests that the outward remittance flow from the UK reached a new high in 2022, compared to the previous five years. Namely, in the previous year, 2021, remittances sent from the UK were slightly lower, at $10.274 billion, while in the pandemic-ridden 2020, they reached a low of $9.382 billion.

Furthermore, remittance statistics show that, before COVID-19, the amount of money remitted from the UK was much closer to what it is today, at $10.360 billion in 2019 and $10.410 billion in 2018.

Finally, the $10.768 billion sent as remittances in 2022 are equivalent to 0.4% of the UK’s GDP for the same year.

Between 2023 and 2027, the above figure is projected to grow at a CAGR of 4.21%, adding up to $4.01 billion in 2027, while the number of users is expected to reach 0.9 million in the same year.

UK remittance statistics further reveal that the average transaction value per digital remittance user in the UK is estimated at $4,820 in 2023.

As one of the leading global economies, the UK doesn’t rely on foreign remittance like some of the other countries we will discuss below, which explains why its outflow is so much bigger than its inflow.

The last time the UK remittance inflow went past the $4 billion mark was in 2019, when received remittances totaled $4.215 billion. Since then, the UK has received $3.248 billion in remittances in 2020, $3.460 billion in 2021, and $3.877 billion in 2022.

According to a recent study on remittance in the UK, people who moved to the UK from a country that is not a member of the EU are twice as likely to send remittances than those born in EU countries.

Data reveals that only 14% of migrants from EU countries have remitted at least once in the above time period. British nationals, on the other hand, are the least likely to send remittances, as only 8% of them remitted between 2015 and 2016.

Remittance statistics also show that supporting friends and/or family is the main reason, cited by the largest percentage of remitters, across all three groups.

While more than a fourth of migrants who moved to the UK from a non-EU country send money back home for this reason, this is also why 12.4% of the migrants from EU countries transfer money. In addition, 6.1% of British nationals also cite supporting friends and/or family as their reason for remitting as well.

Data further reveals that 3.6% of non-EU-born migrants rely on remittance services to send money to their home country and support their local communities, while the percentage drops to 1.5% when it comes to migrants from EU countries.

The average cost of remitting $200 from the UK is less expensive than the global average, which is currently at 6.2%.

However, when it comes to sending $500, the average UK remittance cost at 4.27% is slightly more expensive than the global average, which is currently at 4.21%.

Expressed as a percentage of the total remittances received, Ireland was the UK’s largest recipient that year, as more than half of the remittances received by the country went to Ireland. In absolute values, however, Ireland received only £243 million and isn’t even among the top 20 recipients.

Statistics point to several examples where relatively low amounts of remittance from the UK account for large shares of the total remittance received by various countries in 2018.

Namely, Malta received £62 million in remittances from the UK, but they accounted for 30.6% of the country’s total remittance inflow. Mauritius received £39 million, which accounted for 20.8%, Oman received £6 million, which accounted for 20%, and St. Lucia received only £4 million, which accounted for 14.9% of all the remittances received by the country that year.

Jamaica received £205 million in remittances from the UK in 2018, which is not a big enough figure to place it among the top 20 recipients of UK remittances in absolute value. However, remittances sent out from the UK evidently have the biggest effect on Jamaica’s economy.

Interestingly, the total amount of remittances sent from the UK to the Gambia was only £20 million, but it accounted for 1.61% of the country’s GDP that year.

UK remittance statistics show that the country that had the third highest percentage of GDP in UK remittances was Zimbabwe, with 1.19%. Zimbabwe is also the country that received the 20th largest sum of UK remittances, with £278 million.

Latvia and Nepal round up the top five countries where UK remittances comprise the largest shares of GDP, with 1.05% and 1%, respectively. In absolute values, Latvia received £272 million, while Nepal received £218 million in remittances originating from the UK in 2018.

It should come as no surprise that India was the number one recipient of remittances from the UK that year, as the country has traditionally been among the highest recipients of remittances from all over the world.

Although the largest share of remittances from the UK were sent to India, they only accounted for 5% of the total remittances the country received that year, further illustrating how large expatriation is for Indian people.

However, in the broader economic context, sending money from the UK to India only accounted for 0.15% of India’s GDP, highlighting the diverse sources that contribute to the country's economic foundation.

Nigeria is another country that is traditionally among the top 10 countries with the largest remittance inflows, and remittances from the UK have a large contribution to the total money remitted to the country.

Namely, while the UK remittances to Nigeria are similar to the total remittance to India from the UK in absolute value, in terms of percentage of the total Nigeria remittance inflow, remittances from the UK accounted for a substantial share of 15.9%. Similarly, the effect on the country’s GDP is also much more considerable, with UK remittances being equal to 0.97% of it.

Contrastingly, France is the third largest recipient of UK remittances, just below India and Nigeria, with an inflow of £1.588, but these remittances only account for 0.08% of its GDP.

Remittance to Pakistan from the UK accounts for 9% of the total remittance inflow the country received that year, equivalent to 0.6% of Pakistan’s GDP. On the list of countries that received the most UK remittances in absolute values, Pakistan is number four.

China was one spot below, having received £1.117 billion, and Poland was next in line with a total of £1.106 billion in UK remittances. Interestingly, more than a fifth, or 20.9%, of all remittances sent to Poland that year originated from the UK.

Additionally, remittance statistics show that along with France, Nigeria, and India, these were the only six countries that received more than £1 billion in remittances from the UK in 2018.

Better known as a sender of remittances, Germany is traditionally among the top ten countries with the largest remittance outflows globally.

However, having received almost £1 billion in remittances from the UK, Germany was also among the top ten recipients of UK remittances that year. Similarly, Spain received £887 million and found itself on the list.

Furthermore, the total remittance to the Philippines from the UK in 2018 was £578 million, enough to put the country in the number nine spot. Although these remittances had a significant effect on the Philippines’ GDP, and comprised 0.23% of it, they only accounted for 2.3% of the total Philippines remittance inflow, illustrating how much the country’s economy relies on expats.

Finally, Kenya is the last country in the top ten, having received £551 million in remittances originating from the UK that year. These remittances had a massive effect on both the country’s GDP and total remittance inflow, accounting for 0.84% and 27% of each, respectively.

Data suggests that bank transfers were the least expensive option for remitting money from the UK to a country abroad, while credit or debit card payments were the slightly more expensive alternative, with an average cost of 6.71%.

Sending remittances using cash was by far the most expensive option, with an average cost of 9.54% at the time.

Stats reveal that the cost of remittance from the UK to India was one of the least expensive compared to the costs of remittance to other countries. One of the main reasons why the average is so low is because bank transfers from the UK to India were very inexpensive at 2.14%.

On the other hand, debit and credit card remittances, as well as cash remittances from the UK to India, were slightly above the average cost, at 5.73% and 5.78%, respectively.

Although a bit more expensive than remitting to India, the average cost of remittance to Pakistan from the UK was still relatively cheap. As a matter of fact, the average cost of remitting £120 through all three methods of payment was less expensive than the average cost of remitting the same amount to any country worldwide.

Sending £120 from the UK to Pakistan through a bank transfer had an average cost of 3.5%, credit and debit card remittances had an average cost of 5.1%, while the average cost of cash remittances was 5.34%.

Interestingly, when it comes to remittance to the Philippines from the UK, sending money through a debit, or a credit card, was the least expensive option, with an average cost of 3.12% for remitting £120.

Bank account transfers were the second-least expensive option, with an average cost of 3.43%, while cash remittances were fairly expensive at an above-average of 6.59%.

Even though the remittance outflow from the UK to Nigeria was almost £3 billion and the second-largest that year, the remittance costs were quite considerable.

To send a remittance of £120 through a bank transfer, Nigerian migrants in the UK had to pay an average cost of 5.62%, while for credit card and debit card remittances, the average cost was even higher at 8.13%.

The average cost of cash remittances was even higher at a whopping 11.38%, equaling to about £13.66 of extra fees for the sending of £120.