Remittance Market Report 2026

The remittance market size has grown strongly in recent years. It will grow from $828.46 billion in 2025 to $879.24 billion in 2026 at a compound annual growth rate (CAGR) of 6.1%. The growth in the historic period can be attributed to growth in international labor migration, expansion of global remittance corridors, rising reliance on remittances for household income, development of money transfer operator networks, increasing financial inclusion initiatives.

The remittance market size is expected to see strong growth in the next few years. It will grow to $1.14 trillion in 2030 at a compound annual growth rate (CAGR) of 6.9%. The growth in the forecast period can be attributed to increasing adoption of blockchain-based transfers, rising demand for instant settlement solutions, expansion of digital-only remittance providers, growing regulatory harmonization across regions, increasing use of ai-driven transaction monitoring. Major trends in the forecast period include increasing adoption of digital remittance platforms, rising use of mobile wallet-based transfers, growing demand for real-time cross-border payments, expansion of low-cost remittance corridors, enhanced focus on compliance and fraud prevention.

The rise in overseas migration is significantly contributing to the growth of the remittance market going forward. Overseas migration refers to the procedure through which people cross borders to live and work in another country. Overseas migration results in remittance transactions as migrant workers send money back to their home countries to support their families or make payments. For instance, in 2024, according to the United Nations Department of Economic and Social Affairs (UN DESA), a US-based intergovernmental organization, global international migrants reached 304 million, up from around 284.5 million in 2022. Therefore, the rise in overseas migration is driving the growth of the remittance market.

Major companies operating in the remittance market are focusing on advanced remittance service offerings such as remittance software solution to gain a competitive advantage. A remittance software solution streamlines the process of sending and receiving money across borders, enhancing efficiency and accuracy while providing users with tools for tracking transactions and managing currency exchange. For instance, in December 2023, BASIC Bank, Bangladesh-based Small Industries and Commerce Bank, launched Remittance Software ‘REMIT365’, a comprehensive remittance software solution designed to facilitate cross-border money transfers for financial institutions and remittance service providers. It offers a wide range of features, including real-time transaction tracking, compliance management, and integration with various payment channels and networks. The software aims to enhance user experience and streamline operations by automating processes related to money transfer, customer verification, and reporting. With its cloud-based architecture, REMIT365 enables users to access services from anywhere, ensuring flexibility and scalability in managing remittance operations.

In January 2023, Remitly Global Inc., a US-based digital financial services provider for immigrants, acquired Rewire for an undisclosed amount. The acquisition expanded Remitly’s footprint in the Middle East remittance market and strengthened its portfolio of offerings to include a remittance platform. Rewire is an Israel-based remittance platform and financial services provider.

Major companies operating in the remittance market are Western Union Holdings Inc., MoneyGram International Inc., Ria Financial Services Ltd., UAE Exchange, Remitly Inc., Wise Ltd., WorldRemit Ltd, Instarem, XE Money Transfer, OFX, CurrencyFair Limited, Azimo Limited, TransferGo, Skrill, ZEPZ, JPMorgan Chase & Co., Citigroup Inc., Bank of America Corporation, Wells Fargo & Company, U.S. Bancorp, Banco Bradesco S.A., Absa Group Limited, PayPal Inc., Payoneer Inc, Zelle, Popmoney, Wallex.

North America was the largest region in the remittance market in 2025. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the remittance market report are Asia-Pacific, South East Asia, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the remittance market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Taiwan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The remittance market consists of revenues earned by entities by providing remittance services such as remittance compliance services and remittance tracking services. The market value includes the value of related goods sold by the service provider or included within the service offering. The remittance market also includes sales instruments for mail transfer (MT), telegraphic transfer (TT), and draft transfer, which are used in providing remittance services. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

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