Annual value of outgoing and incoming remittance flow in Colombia 2021, by country
The U.S. was Colombia's main country of origin for remittances in 2021 but not its main destination, according to a country ranking on the flow of such money transfers. Remittances refer to cross-border payments to family or friends and are often associated with migrant workers sending money back home to friends or relatives back in their communities of origin. It is estimated that about one in seven people worldwide are involved with remittances - substantially impacting payment behavior in, especially, Asia and Latin America. For Colombia, the top five recipient countries for remittances in 2021 included Spain, Ecuador, the United States, France, and Mexico. Colombia's five main sources for remittances were - by a large margin - the United States and Venezuela, followed by Spain, Ecuador, and Chile.