India, the biggest recipient of overseas money, received $100 billion in remittances in 2022

TerraPay, a London-based mobile payments provider has suggested that India is the biggest recipient of money from overseas, with money flowing from Qatar, Saudi Arabia, Australia, and the US. In 2022, India hit a record $100 billion in remittances. This was a 12% rise year on year.

The rise in remittances in 2022 is due to the reopen of the countries after the pandemic as the gulf countries that has a large number of Indian popualation increased the vaccination pace. Another important reason was the resumption of travel which let the migrant workers to go for worker. Similarly high-skilled Indian migrants from countries like UK, US and Australia also were sending money. As per World Bank the depreciation of rupee against dollar also helped in increasing the remittance value to India

World Bank estimated that lower and middle income families across the world received about $630 billion in 2022. This was roughly same as the foreign direct investment in those countries.

As per TerraPay, Phillipines is also one of the ten biggest receivers of foreign money. TerraPay observed that the popularity of digital payment is one of the important reasons of the rise in overseas money.

As per Bloomberg, TerraPay suspended payments through Russia in 2022 and is relatively new to Latin America and China, so these areas are likely underrepresented in this data.