Money travels between countries for a variety of reasons. For example, an expat might move money abroad to buy a home or workers might send money they've earned back to family at home. But which countries in Europe send and receive the most? We've analysed data from the World Bank to find out.
Top Remittance Flows Into, Out of and Within Europe
The largest single country-to-country European remittance flow was money being sent from the UK to Nigeria. In 2017, USD4.1 billion was remitted along this route alone. The UK also remitted more than USD3.9 billion to India. Routes out of Russia, France and Spain were also significant, as you can see in the table below.
|Sending Country||Receiving Country||USD (millions)|
Which European Countries Send the Most Money Abroad?
More money left the UK in 2017 than any other country in Europe: USD26.8 billion. Germany was not far behind, with USD24.7 of remittance leaving the country, followed by France, Spain and Italy.
|European Countries Sending the Most Remittance||USD (millions)|
Which European Countries Receive the Most Money?
The European country receiving the most in remittance was France, with USD 25.4 billion of funds arriving in 2017. Germany was second but received 34% less than France, or USD16.8 billion. The European country receiving the third largest amount in remittance was Spain.
|European Countries Receiving the Most Remittance|
To learn about popular ways in which money is transferred internationally, please see our study on Top Money Transfer Apps in Europe: Which Are Most Popular with Consumers?