Money transfer and remittance statistics 2024

Where does the UK send its money?

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By

Kate Steere

&

Sophie Barber

Updated

Fact checked

Working in the UK and sending money back home is common practice among many expats. Expats send money home to support their family or just to send a gift to a friend. We tried to quantify this more precisely and found that the UK consistently sends over $20 billion abroad every year through international money transfers.

Using the most recently available data from the World Bank, along with findings from our own surveys, we’ve tried to get an idea of where this money is going and what it’s being sent for.

Money transfer statistics: Highlights

  • $10.92 billion in remittances was sent abroad from the UK in 2022.
  • The UK remittance market is estimated to be worth $55.61 billion in 2023 and is projected to grow to $74.74 billion by 2028.
  • An estimated 770,000 people use money transfer apps in the UK in 2024.
  • Revolut is the most popular app for money transfers, accounting for almost half of users (46%).

Money transfers from the UK

Since 20 years ago, the value of money transfers from the UK has increased significantly. Remittance outflows are up 82% between 2002 and 2022, going from $5.37 billion in 2002 to $10.92 billion in 2022.

The value of money transfers also increased year-on-year between 2021 and 2022, up 6% from $10.27 billion in 2021. The peak of money transfers was in 2007, however, when the value of $11.6 billion was sent abroad from the UK. This is closely followed by 2014, when $11.57 billion was sent in money transfers.

Year Remittance outflows (US$)
2022 $10.92 billion
2021 $10.27 billion
2020 $9.38 billion
2019 $10.36 billion
2018 $10.41 billion
2017 $9.8 billion
2016 $10.19 billion
2015 $10.71 billion
2014 $11.57 billion
2013 $10.53 billion
2012 $10.08 billion
2011 $9.93 billion
2010 $9.57 billion
2009 $9.27 billion
2008 $11.21 billion
2007 $11.6 billion
2006 $10.65 billion
2005 $9.64 billion
2004 $8.93 billion
2003 $6.99 billion
2002 $6 billion

How much is the UK remittance market worth?

The UK’s remittance market is estimated to be worth $55.61 billion in 2023. It is projected to grow at a rate of 6.1% over the next 5 years and be worth $74.74 billion by 2028.

Revolut accounts for almost half (46%) of the UK digital remittances market, as of 2022. Wise makes up a fifth (19%), followed by Remitly with 13% and WorldRemit with 6%. These are the top apps for money transfers, but other digital platforms make up the remaining 16%.

Response Percentage
Revolut 46%
Wise 19%
Remitly 13%
WorldRemit 6%
Other 16%

Money transfers by age group

Money transfers were most common among those aged 25 to 34 years as of 2021, accounting for 32% of users, followed by those aged 35 to 44, accounting for 27% of users. Together, these age groups make up almost three-fifths (59%) of users.

Age group Percentage
18-24 years 16.90%
25-34 years 31.60%
35-44 years 27.30%
45-54 years 13.90%
55-64 years 10.40%

How many Brits send money transfers online?

According to recent statistics, there are estimated to be 770,000 users of money transfer apps and digital platforms in the UK in 2024. This number has increased from 400,000 in 2019, up 92.5% in 5 years.

Globally, India was the top receiver of money transfers by a long way in 2023, with $125 million in remittances sent here. This total is almost double the amount received by the next country, Mexico, which had $67 million worth of money transfers in 2023.

China is next up, receiving $49.5 million in remittances in 2023, followed by the Philippines ($40 million), Egypt ($24.2 million) and Pakistan ($24 million).

Year Remittance outflows (US$)
2022 $10.92 billion
2021 $10.27 billion
2020 $9.38 billion
2019 $10.36 billion
2018 $10.41 billion
2017 $9.8 billion
2016 $10.19 billion
2015 $10.71 billion
2014 $11.57 billion
2013 $10.53 billion
2012 $10.08 billion
2011 $9.93 billion
2010 $9.57 billion
2009 $9.27 billion
2008 $11.21 billion
2007 $11.6 billion
2006 $10.65 billion
2005 $9.64 billion
2004 $8.93 billion
2003 $6.99 billion
2002 $6 billion

Why do people send money abroad?

Our survey of over 2,000 UK adults revealed the main reasons people transfer money abroad. The top reason was family support (41.2%), followed closely by transferring money as a gift (37.8%).

Reason %
To support their family 41.20%
As a gift 37.80%
For a holiday 23.70%
An emergency 20.30%
Wedding 9.50%
Business 13.50%

Click here for more research. For all media enquiries, please contact

Matt Mckenna
Head of UK communications
T: +44 20 8191 8806
matt.mckenna@finder.com@MichHutchison/in/matthewmckenna2

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