Remittances from Indians in Singapore and advanced economies on the rise

Key Takeaways

• India received a record $129.4 billion in remittances in 2024, with over half from advanced economies.
• Singapore’s share of remittances to India rose to a record 6.6% in 2023-2024, surpassing Gulf countries.
• Digital platforms and high-skilled migration enabled larger, faster remittances from countries like the US, UK, and Singapore.

The story of Indians 🇮🇳 sending money back to their families has changed a lot in the past several years. For a long time, most of these remittances—money sent by workers abroad to their home country—came from oil-rich Gulf Cooperation Council (GCC) countries, such as the United Arab Emirates 🇦🇪 and Saudi Arabia 🇸🇦. Now, things are shifting. More and more remittances are coming from Indians 🇮🇳 working in advanced economies, like the United States 🇺🇸, the United Kingdom 🇬🇧, Singapore 🇸🇬, Canada 🇨🇦, and Australia 🇦🇺. This change says much about how migration for work is evolving and what it means for families and India 🇮🇳 as a whole.

Record Remittances Reaching India 🇮🇳

India 🇮🇳 has long been the world’s largest recipient of remittances. In 2024, the amount of money sent home by Indians 🇮🇳 working abroad reached a record $129.4 billion (source: Business Standard, VisionIAS). This was the third year in a row that India 🇮🇳 got more than $100 billion in remittances. This steady increase shows that more people are working outside the country and that they are sending more money to their families.

Advanced economies now provide more than half of all remittances to India 🇮🇳. This is quite different from the past, when GCC countries like the UAE 🇦🇪 and Saudi Arabia 🇸🇦 gave the biggest share. Today, countries like the United States 🇺🇸, the United Kingdom 🇬🇧, and Singapore 🇸🇬 have taken a much bigger share of the total remittances sent to India 🇮🇳.

How Much Do Different Countries Send? A Closer Look

Let’s look at a simple table that shows the percentage share of main remittance-sending countries in the 2023-2024 financial year:

(Source: Indian Express, Statista, VisionIAS)

While the United States 🇺🇸 remains the single largest source, Singapore’s 🇸🇬 share reached a record 6.6%—higher than ever since records started in the financial year 2017. In 2017, Singapore 🇸🇬 gave 5.5% of remittances to India 🇮🇳. That means Singapore 🇸🇬 now plays a bigger role for Indians 🇮🇳 sending money home than before.

What Explains This Change? Key Factors

More Skilled Workers Moving to Richer Countries

The kinds of jobs Indians 🇮🇳 take up overseas have changed over time. In the past, a large part of overseas Indian 🇮🇳 workers took up blue-collar jobs (meaning, jobs that require manual labor or are in construction and service sectors) in Gulf countries. These workers earned less and often sent smaller amounts back home.

Since the boom in the Indian IT sector, more skilled professionals have started working abroad. These skilled workers are moving to richer countries—like the United States 🇺🇸, the United Kingdom 🇬🇧, Canada 🇨🇦, Australia 🇦🇺, and Singapore 🇸🇬—where salaries are higher. As a result, they are able to send larger sums home.

Wage Growth and Better Job Opportunities

After the pandemic, labor markets in many developed countries became tighter. This means there were more job openings and not enough workers to fill them. Because of this, salaries for skilled jobs went up, especially for technology, engineering, and finance. Indians 🇮🇳 working in these countries benefited from these better salaries. According to the World Bank, more skilled Indians 🇮🇳 abroad now send bigger amounts home than before.

Digital Tools Making Remittances Easier

New technologies and online banking have also played a major role. Digital platforms now allow workers abroad—including those in Singapore 🇸🇬—to send money home instantly. These platforms are safer, faster, and often cheaper than using old-fashioned ways. According to worldbank.org, about two-thirds of users of these platforms plan to keep sending as much as they do now—or even more in the future.

The Story of Singapore 🇸🇬: A Growing Hub for Indian Professionals

Singapore 🇸🇬 has grown in importance as a place where skilled Indian 🇮🇳 professionals work. Many Indians 🇮🇳 in Singapore 🇸🇬 are involved in sectors like IT, finance, management, and banking. Wages in Singapore 🇸🇬 are high, costs for remitting money are relatively low, and financial regulations allow easy and legal transfer of money.

Official data from Statista and other sources report that Singapore’s share of remittances to India 🇮🇳 was 6.6% in the latest year. This is the highest since data has been tracked, showing that more Indians 🇮🇳 in Singapore 🇸🇬 are sending more money than ever before. Indians 🇮🇳 see Singapore 🇸🇬 as a stable, well-paying country, and policies make working and living there easier for white-collar workers. VisaVerge.com’s investigation reveals that the trend is set to continue, as more skilled Indians 🇮🇳 look to places like Singapore 🇸🇬 for their careers.

For those interested in learning more about migrant money transfers between Singapore 🇸🇬 and India 🇮🇳, the World Bank provides detailed information on remittance corridors that outline fees, methods, and services.

Comparison: Old Versus New Remittance Sources

To see how things are changing, here’s a quick summary of the old main sources of remittances compared to the new pattern:

This shows clearly that the biggest share of remittances now comes from richer countries, not just the old GCC hubs.

Why Does This Matter for India 🇮🇳?

The impact of these changes is felt in many ways. For families, more money coming in helps pay for things like children’s education, health care, and sometimes buying a house or starting a small business. Remittances can be lifelines, especially for families in rural or less developed parts of India 🇮🇳.

For the country as a whole, remittances help keep the economy strong. The money sent home adds to foreign exchange reserves (which is the country’s savings in other country’s money), stabilizes the value of the rupee, and supports many small and medium businesses.

As more highly-educated Indians 🇮🇳 move to developed countries for work, the money they send home strengthens not only their families, but also the entire country’s financial health. This trend is expected to continue, especially as countries like Singapore 🇸🇬 and the United States 🇺🇸 keep hiring skilled workers from India 🇮🇳.

How Digitalization Changes Remittances

Moving money across countries used to be slow and expensive. People often relied on informal channels (like giving cash to someone flying home). These informal channels could be risky, and families had to wait a long time to get their money. Now, digital platforms and mobile banking have made things much simpler.

For example:

• Apps run by banks or money transfer companies let people send money in seconds.
• Clear legal rules in places like Singapore 🇸🇬 help ensure that money reaches families safely.
• Costs for sending money from Singapore 🇸🇬 to India 🇮🇳 have gone down over the years, according to the World Bank.
• More people use official methods, so the government can keep track of the country’s income and make better economic plans.

Impact on GCC and Advanced Economies

While the share of remittances from advanced economies is growing, GCC countries are still important. Many Indians 🇮🇳 still work in the UAE 🇦🇪, Saudi Arabia 🇸🇦, Kuwait 🇰🇼, and Qatar 🇶🇦. However, the share of total remittances from these countries has gone down as more workers move to the United States 🇺🇸, the United Kingdom 🇬🇧, Canada 🇨🇦, Australia 🇦🇺, and Singapore 🇸🇬.

This shift means the profile of Indian 🇮🇳 workers abroad is changing. There are now more white-collar, high-earning professionals sending money home. While blue-collar workers are still important in the Gulf, the share of total remittances from that region is not growing as fast as from advanced economies.

Looking Ahead: The Future of Remittances

As India 🇮🇳 continues producing skilled workers in areas like IT, engineering, healthcare, and management, it is likely that even more will move to advanced economies. Countries like Singapore 🇸🇬 make it easy for skilled workers to get jobs and send money home. The rise in digital platforms will also keep transfer costs low, making it even easier for Indians 🇮🇳 abroad to keep supporting their families in India 🇮🇳.

As reported by VisaVerge.com, experts believe that Singapore’s 🇸🇬 share will keep rising, especially as more Indian 🇮🇳 students who go to Singapore 🇸🇬 for higher education choose to stay on and work there. The United States 🇺🇸 will probably remain the largest remittance source, but Singapore 🇸🇬, the United Kingdom 🇬🇧, and other advanced economies are expected to keep growing their shares.

Limitations of the Data and Things to Consider

When we look at remittance numbers, it’s important to remember a few things:

• Some people still use informal ways to send money home, so not every dollar may appear in the official statistics.
• The number for any given country may also change if the value of the Indian rupee or that country’s currency changes a lot.
• New government policies about immigration or money transfers can also affect the numbers.
• While digital platforms have made things easier, not everyone everywhere has access to these services, especially older people or those living in rural areas.

These limitations mean it’s important to keep updating the numbers and to look at many different reports to get the full picture.

What This Means for Policy and the Indian 🇮🇳 Community

For the Indian 🇮🇳 government, these shifting patterns suggest the need for policies that:

• Make it even easier and cheaper to send remittances, especially from advanced economies like Singapore 🇸🇬.
• Support community networks in major cities where Indian 🇮🇳 professionals work.
• Encourage skill development so that more Indians 🇮🇳 can take advantage of high-paying jobs abroad.
• Ensure financial services reach smaller towns and villages in India 🇮🇳, so all families can receive money safely and quickly.

For families and individuals thinking about working abroad, targeting developed countries like Singapore 🇸🇬 can lead to better wages and easier, safer remittances.

Conclusions and Takeaways

India’s 🇮🇳 remittance story is changing fast. The success of skilled Indians 🇮🇳 in places like Singapore 🇸🇬 opens new doors for families and helps keep the country’s economy strong. More money is coming from advanced economies, with Singapore 🇸🇬 playing a bigger role than ever before. Digital banking and better job opportunities have helped this trend.

While GCC countries are still important, advanced economies now send a bigger share of remittances to India 🇮🇳. Singapore 🇸🇬 is a leading example, with its share growing each year and more Indian 🇮🇳 professionals and families calling it home.

For up-to-date information or to find out more on sending money from Singapore 🇸🇬 to India 🇮🇳, you can check the World Bank’s official remittance page.

As the world of migration and remittance keeps evolving, one thing is clear: the links between India 🇮🇳 and places like Singapore 🇸🇬 will keep getting stronger, bringing benefits not just to families, but to the country as a whole.

Learn Today

Remittance → Money sent by individuals working abroad to support families or investments in their home country, significantly impacting national economies.
Gulf Cooperation Council (GCC) → A regional political and economic union of Arab states, notably UAE and Saudi Arabia, historically major sources of remittances to India.
Skilled Migration → The movement of trained or educated professionals to other countries for better job opportunities and higher earnings.
Digital Platforms → Online services or apps enabling fast, secure, and trackable money transfers internationally, replacing slower and riskier informal channels.
Foreign Exchange Reserves → A country’s holdings of foreign currencies, often strengthened by remittances, used to stabilize its own currency and support the economy.

This Article in a Nutshell

India’s remittance story has transformed, with advanced economies like Singapore, the US, and UK now accounting for over half the flows. Singapore’s share hit a historic 6.6%, reflecting more skilled Indian workers abroad. Digital platforms enable fast, secure transfers, supporting families and strengthening India’s economy and foreign reserves.
— By VisaVerge.com

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