Germany: Migrant remittances reach record 8.5 billion euros

Migrants in Germany sent more than 8.5 billion euros to their home countries last year, marking a significant increase in remittance volumes. According to data from the Deutsche Bundesbank, these payments have more than doubled over the last decade, rising from approximately 3.5 billion euros annually ten years ago.

Key drivers for this increase include the 2015/2016 migration crisis and the influx of refugees from Ukraine following the 2022 war. While Turkey remains a top recipient, there has been a rapid rise in transfers to Asian countries, including India, Afghanistan, and Yemen. Within Europe, a large portion of the recent increase is attributed to payments sent to Ukraine.

Approximately 61 percent of the total volume was sent to non-EU countries. The data suggests that a significant portion of these funds stems from earned income in Germany, particularly from labor migrants and students, as evidenced by high transfer volumes to countries like India.