Small transfers, large totals
The World Bank estimated that officially recorded remittances to low- and middle-income countries would reach $685 billion in 2024. Its December 2024 series put the comparable 2017 total at $465 billion.
The chart has one visible interruption: a small fall in 2020. Growth resumed in 2021. These totals describe recorded cross-border flows; informal transfers are not fully captured.
Receiving more is not the whole story
Transfer costs affect how much money reaches a recipient. In its separate Remittance Prices Worldwide survey, the World Bank measured an average cost of 6.65% to send $200 in the second quarter of 2024. On that example transfer, the arithmetic is $13.30.
The survey's digital-service average was lower, at 5.29%, compared with 7.23% for non-digital services. Those are averages across surveyed services, not a quote for any individual transfer. The actual cost depends on the route, provider, payment method and exchange rate.
Keep the data vintage visible
The 2024 endpoint is an estimate made near the end of that year. It should not be presented as a newly measured 2026 total. The series is in nominal US dollars, so it does not isolate changes in purchasing power.
