Remittance flow in Colombia - statistics & facts
Remittance flow in Colombia focuses almost exclusively on inflow, as the country receives over 22 times more remittances than it sends out. Over half of all cross-border money transfers towards Colombia came from either the United States or Venezuela in 2021. The inflow from the United States was almost the size of the number three country of origin, Spain, and the number four, Ecuador, combined. That said, Colombia was not the most likely destination of U.S. remittances in Latin America - with less than one third of all remittances received in the country coming from the United States. Colombia also did not rank among Latin America's top receiving countries of personal remittances: it found itself in position 17 out of a ranking of 24 territories across Central and South America in 2022.
Remittances typically refer to money sent from migrant workers back home to family and friends. As of 2024, it is a topic with many data gaps. Little is known on the role of banks, money transfer organizations (MTOs), or digital sources (blockchain, etc.). Regardless, which brands are common for remittances going to Colombia? And how much of them are conducted digitally?
Remittances typically refer to money sent from migrant workers back home to family and friends. As of 2024, it is a topic with many data gaps. Little is known on the role of banks, money transfer organizations (MTOs), or digital sources (blockchain, etc.). Regardless, which brands are common for remittances going to Colombia? And how much of them are conducted digitally?
