Remittance Market Size, Share & Trends Analysis Report, 2022–2030

 The global remittance market size was estimated at USD 48.99 billion in 2021 and is projected to reach USD 107.80 billion by 2030, growing at a CAGR of 10.1% from 2022 to 2030. Cross-border remittances provide numerous economic benefits, including increased financial inclusion and economic development. Remittances are extremely important in the lives of migrants and their families.

 

Money received in migrant households in their countries of origin accounts for most of the household income, typically spent on necessities such as medicines, education, food, and housing. Sending money abroad has traditionally been time-consuming and costly, as evidenced by the never-ending chains of intermediaries, hidden fees, and manual paperwork. Fortunately, advancements in the industry over the last few years mean that individuals and even small-to-medium-sized businesses can now benefit from cheaper, faster, and value-added foreign fund transfer services.

 

Large corporations, banks, and governments have traditionally enjoyed these advantages through direct access to the institutional foreign exchange market, fueling remittance market growth. Moreover, new players penetrating the remittance market are expanding the levels of competition, using fees as a tangible differentiator to position themselves against peers, bringing more convenience and affordability to the customers, and propelling the market growth.


Incumbents leverage digital platforms' capabilities and enjoy lower fixed costs, and their modern, cleaner technological and operational platforms provide consumers with faster turnaround times. As a result, they can offer lower fees, making remittances affordable for every class of individuals. Moreover, market players are actively partnering with new-age fintech companies to expand their regional foothold.

 

Key Market Trends & Insights

  • North America dominated the remittance market in 2021 and accounted for a revenue share of more than 24.0%.
  • Asia Pacific is expected to emerge as the fastest-growing region over the forecast period.
  • Based on mode of transfer, the traditional (non-digital) segment accounted for the largest revenue share of more than 75.0% in 2021.
  • Based on type, the outward remittance segment dominated the market in 2021 and accounted for a revenue share of more than 54.0%.
  • Based on channel, the money transfer operators segment accounted for the largest revenue share of more than 50.0% in 2021.

 

Order a free sample PDF of the Remittance Market Intelligence Study, published by Grand View Research.

 

Market Size & Forecast

  • 2021 Market Size: USD 48.99 Billion
  • 2030 Projected Market Size: USD 107.80 Billion
  • CAGR (2022-2030): 10.1%
  • North America: Largest market in 2021
  • Asia Pacific: Fastest growing market



Key Companies & Market Share Insights


Prominent players are pursuing various strategies, such as research & development initiatives, product innovations, joint ventures & strategic partnerships, expansion, and mergers & acquisitions to gain a competitive edge in the market. Market players are focusing on leveraging the capabilities of newly emerged fintech companies to offer their consumers the utmost convince of remitting funds. For instance, in August 2022, Payments enabler Currencycloud collaborated with Future FinTech (FTFT) Labs to launch the remittance application, Tempo for U.S. immigrants. FTFT Labs offers its customers a multi-currency wallet with advantageous fees over the competition through this partnership.


Vendors are focusing on the expansion of their foothold in the remittance market. For instance, In December 2022, Mastercard collaborated with Credit Libanais, a Lebanese bank, to enable inward cross-border payments via direct bank deposits. The use of Mastercard's cross-border services aims to improve international payment processes for the bank's customers. Such initiatives and collaborations by key market players are driving the market's growth.


Key Players

  • Bank of America Corporation
  • ZEPZ
  • Citigroup, Inc.
  • Ria Financial Services, Inc.
  • OFX
  • Wells Fargo
  • Western Union Holdings, Inc.
  • PayPal
  • MoneyGram International, Inc.
  • Wise US, Inc.

 

Browse Horizon Databook on Global Remittance Market Size & Outlook


Conclusion

The global remittance market is poised for substantial growth, expected to more than double by 2030 due to a strong CAGR of 10.1% from 2022 onward. Remittances remain a vital financial lifeline for millions of migrant families, directly contributing to basic needs and socioeconomic development in recipient countries. While the traditional remittance process was burdened by high costs and inefficiencies, recent technological advancements have significantly improved the landscape. With more affordable, faster, and streamlined cross-border money transfer solutions now available, the remittance industry is entering a transformative era—supporting broader financial inclusion and fostering economic resilience in emerging markets.

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