The WSJ has a piece today about the worldwide remittances market. It is roughly $554 Billion worldwide with the top recipient countries (no particular order)
- India $46B (from US, Dubai and Saudi Arabia), 3% of GDP
- Mexico $38B (from US primarily), making up 3% of GDP
- China $24B (<1% of GDP)
- Pakistan $11B (8% of GDP)
- Philippines $20B (10% of GDP)
- Guatemala $10B
- Vietnam $12B
- Bangladesh $15B
- Ukraine $11B
- Egypt $9B
- Nigeria $8B
The market was largely owned by Western Union, but now a host of startups are in the space including:
- Transfer Wise
- Xoom
- Remitly
- Money Gram
- Ria
