Personal money transfers: Which EU country sends the most out of the bloc and where does our country rank?
The amount of money people send outside the European Union is growing rapidly. Since 2018, it has jumped by 20 billion euros, reaching a record figure of 50 billion euros in 2023, Eurostat says.
This differs significantly from the money received by residents in the EU, which amounted to "only" €14 billion last year and remained stable since 2018.
All the countries with a positive balance, meaning they received more money than they sent, were in Eastern Europe, where almost half were candidate members of the EU.
Serbia tops the list, followed by Romania, Croatia, Bosnia and Herzegovina, Bulgaria, Kosovo and Albania.
Balance of payments of personal money transfers
(million €)
France has the most negative balance of payments, -15.7 billion euros, followed by Spain (-8 billion euros) and Germany (-7.4 billion euros).
Worldwide, the US is the largest source country for migrant remittances.
The World Bank has defined them as an "essential source" of money, especially for low- and middle-income countries.
In 2023, Latin America and the Caribbean was the region with the highest growth in remittance flows (7.7%).
South Asian amounts also rose sharply (+5.2%), "primarily driven by strong flows to India, while the East Asia and Pacific region experienced a 1.8% increase, supported by remittances to the Philippines".
On the other hand, remittances to sub-Saharan Africa fell by 0.3%. However, these flows continue to fuel countries facing food insecurity and debt issues, the organization says.
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