Revealed: UK migrants send £21billion to families in their home nations with Nigerians sending £3.27bn last year
- Migrants in the UK are sending home £21billion to their families back home
- Makes UK fourth largest source of remittances after US, Saudi Arabia and UAE
- Nigeria was the top receiver of cash from the UK, with £3.27bn sent in 2017
07:25 EST, 18 December 2018
12:30 EST, 18 December 2018
Migrants in the UK are sending home £21billion to their families back home, a study has revealed.
This makes the UK the fourth largest source of remittances after the US, Saudi Arabia and the United Arab Emirates, with a global total of some £483bn in 2017, according to the World Bank.
Nigeria was the top receiver of cash from the UK, with £3.27bn sent in 2017.
This map shows the five largest recipients of the cash from the UK, with Nigeria topping the list at £3.27bn
India received £3.13bn, £1.4bn was sent to France, Pakistan received £1.34bn while Germany received £1bn.
While migrants in the UK were sending large amounts of cash back home, Australia was the largest sender of remittances to the United Kingdom, with US$1.08bn being received from there.
The US, Canada, Spain and South Africa were the next biggest senders.
India is the largest receiver of remittances in the world, receiving a total of US$68,968bn.
China is the second largest receiver of remittances, after India, receiving a total of US$63,860bn.
The US is home to the largest number of migrants from developing countries and is the largest sender of remittances in the world.
While migrants in the UK were sending large amounts of cash back home, Australia was the largest sender of remittances to the United Kingdom, with US$1.08bn being received from there
The biggest benefactor of remittance from the UK (pictured, pedestrians in London) is Nigeria, figures revealed
The biggest recipients of US remittances in 2017 were Mexico (US$30,019bn), China (US$16,141bn), India (US$11,715bn), Philippines (US$11,09bn) and Vietnam (US$7,735bn).
TOP FIVE COUNTRIES UK SENDS MONEY TO
NIGERIA – £3.24bn ($4.1bn)
INDIA – £3.08bn ($3.9bn)
FRANCE – £1.42bn ($1.8bn)
PAKISTAN – £1.34bn ($1.7bn)
GERMANY – £1.03bn ($1.3bn)
These estimates are made by the World Bank using data from formal channels such as banks and other businesses that transfer money.
Co-founder and CEO at digital cross-border money transfer company InstaReM, Prajit Nanu, said: ‘These international money transfers by migrants are, for many, the only source of income for families globally which help them to get basic necessities, thus elevating overall quality of life.
‘Migrants typically transfer a substantial part of their earnings to their home countries, contributing to their overall income.
‘These days it is not rare to see even people from developed nations migrating to other countries as part of their professional careers.
‘As well as a huge number of people travelling overseas for business and education reasons.’