Cross-border remittances at all-time high for third consecutive year

Workers from South and East Asia, Pacific drive increase, World Bank says

20231225REMITTANCE WORLD BANK

A Filipino at a remittance center in the Metro Manila city of Makati receives pesos sent by a relative working abroad. © Reuters

SHIGERU SENO, Nikkei senior staff writer

TOKYO -- International remittances increased by an estimated 3% over the previous year to about $860 billion in 2023, an all-time high for the third year in a row, according to the World Bank.

The latest Migration and Development Brief said remittances to South Asian countries, including India and Bangladesh, from the United States and European countries are estimated to be especially solid.

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