Summary of the REMITTANCES market Worldwide and key players

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)

  1. India $46B (from US, Dubai and Saudi Arabia), 3% of GDP
  2. Mexico $38B (from US primarily), making up 3% of GDP
  3. China $24B (<1% of GDP)
  4. Pakistan $11B (8% of GDP)
  5. Philippines $20B (10% of GDP)
  6. Guatemala $10B
  7. Vietnam $12B
  8. Bangladesh $15B
  9. Ukraine $11B
  10. Egypt $9B
  11. Nigeria $8B

The market was largely owned by Western Union, but now a host of startups are in the space including:

  1. Transfer Wise
  2. Xoom
  3. Remitly
  4. Money Gram
  5. Ria