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India is the world's top receiver of remittances, claiming more than 12% of the world's remittances in 2015. [1] [2] Remittances to India stood at US$125 billion in 2023, up from US$69 billion in 2017. Remittances from India to other countries totalled US$5.710 billion in 2017, for a net inflow of US$63.258 billion in 2017. [3] [4] [5]
Oaxacans not only send money back to their communities, but they also travel back and forth extensively. [38] After the Great Recession, remittances from the United States to Latin America have been on the decline. While there were US$69.2 billion worth of remittances sent in 2008, that figure has fallen to $58.9 billion for 2011.
A formal remittance channel is an authorized and legal method of sending money across borders and is usually facilitated by a financial institution at either end of the transaction. Common types of formal transactions include the use of credit cards , cash transfers , account-to-account transfers, and prepaid funds. [ 6 ]
To save the cost borne by Indians living abroad when sending money back home, NPCI is planning to move 32 million expatriate population from SWIFT to UPI. [137] The 2022 Russian invasion of Ukraine and removal of Russian banks from SWIFT made development of an alternative all the more important for Indian policy makers. [138] [139] [140]
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