International Organization for Migration (IOM) ranks India first in global remittance inflows

Key facts

• The International Organization for Migration (IOM) reported that India received the highest remittances globally in 2024 with inflows of $137.67 billion, becoming the first nation to cross the $100 billion mark.
• India's annual remittance inflows increased from $83.15 billion in 2020 to $137.67 billion in 2024.
• The top five remittance-receiving countries in 2024 were India, Mexico, the Philippines, France, and Pakistan.
• The United States was the largest source of remittances in 2024 with over $100 billion, followed by Saudi Arabia (over $46 billion), Switzerland (around $40 billion), and Germany (nearly $24 billion).
• Under Sustainable Development Goal (SDG) 10.C, the target is to reduce remittance transaction charges to below 3 per cent for sending $200, while South Asia recorded the lowest average cost at around 5 per cent.