We chart the top countries by money received from abroad, in current U.S. dollars, based on 2000-2023 data from Knomad.Specifically, these transfer totals shown represent personal remittances, or money sent between residents and non-residents, including personal transfers and compensation for work done abroad. It does not include, and is separate from, foreign investment.
related posts
26 sats \ 0 replies \ @Undisciplined 17 Jun
I totally brain-farted on the word "remittances" a few days ago. You just restored part of my brain.
reply
10 sats \ 0 replies \ @SatsMate 18 Jun
All of these countries are ripe for Strike/Bitcoin lightning adoption. After seeing this with El Salvador play out well, I see one of the biggest use cases for Bitcoin remittances.
I think Guatamela would be the next best candidate, especially as they are located right next to El Salvador, and already have some bitcoin communities such as Lago De Bitcoin!
reply
32 sats \ 10 replies \ @carlosfandango 17 Jun
Really interesting - the Philippines based all their GDP on remittances initially I thought..
It’s one of the UNs Sustainable Development Goals (10 I think) to reduce remittance costs… wonder if they thought about bitcoin lol
reply
10 sats \ 9 replies \ @0xbitcoiner OP 17 Jun
The Philippines' GDP is roughly 10 times larger than remittances.
They have probably heard about bitcoin, but they might not be aware that using LN can make sending remittances almost free.
reply
121 sats \ 8 replies \ @carlosfandango 17 Jun
The Philippines have a couple of shitcoin options designed for remittances and sold as sending money abroad cheaper. Ultimately Western Union type operations are the winners though. It doesn’t matter if you have a BTC-savvy US worker if his family can’t receive BTC and translate that into dollars or local currency…. Strike needs to happen and be promoted.
Bongbong Marcos is very keen on exporting labour and is pushing hard on an already important remittance structure. Unaccounted / unaccountable remittance in the form of ‘balikbayan’ boxes is also significant in supporting families. Wonder if there is an advantage for him in looking to BTC rails.
reply
30 sats \ 6 replies \ @gmd 17 Jun
Are you filipino? My cousins there were pretty clueless about Bitcoin. I was hoping to pay them in BTC to try to avoid transaction fees...
reply
148 sats \ 5 replies \ @carlosfandango 17 Jun
I am not unfortunately - just know a couple of people from there and I listen to their struggles.
The problem in transferring in BTC is getting it back out again when they need fiat
(Assuming they need the cash)
reply
140 sats \ 1 reply \ @gmd 17 Jun
It's sad some people work really hard jobs in the Philippines only to make $6-10 per day. I think they could actually do nearly as well posting here if they worked at it.
reply
99 sats \ 0 replies \ @carlosfandango 17 Jun
And write a few guides or how-to to help others in a similar situations if not necessarily the same country
reply
119 sats \ 2 replies \ @cryotosensei 18 Jun
You have friends from all over the world
reply
99 sats \ 1 reply \ @carlosfandango 18 Jun
I do know a lot of people, thats true… keeps you grounded if you know people from lots of different backgrounds
reply
33 sats \ 0 replies \ @anon 18 Jun
lol
reply on another page
10 sats \ 0 replies \ @0xbitcoiner OP 17 Jun
I would prefer if adoption happened on the merchant's side through LN, but in the meantime I think Strike is bringing adoption, it's undeniable.
reply
16 sats \ 0 replies \ @zuspotirko 17 Jun
How do they count ESOPs then? Is that compensation or investment? In US and european laws their treated like something inbetween.
reply
27 sats \ 1 reply \ @OT 17 Jun
Interesting to see France in that list.
reply
0 sats \ 0 replies \ @riberet19 17 Jun
Germany and UK too
reply
11 sats \ 0 replies \ @TheBTCManual 17 Jun
Indian developers and doctors are keeping treasury purchases alive
reply
21 sats \ 0 replies \ @kristapsk 17 Jun
Surprised about France being so high.
reply
11 sats \ 0 replies \ @Coinsreporter 18 Jun
Why isn't China on the list? May be they don't publish data for personal remittance.
Nice to see India making it to the top. This is definitely one thing out of many that's leading the higher growth rate of India.
reply
0 sats \ 0 replies \ @IamSINGLE 18 Jun
Wow! India is topping the list! That too by a fair margin!
reply
0 sats \ 0 replies \ @Satosora 18 Jun
Why is china on that list?
I thought their economy was world class? Lol
reply