Annual value of outgoing and incoming remittance flow in Iceland 2021, by country
Remittances from Iceland largely went towards countries in Europe and Southeast Asia in 2021, according to a ranking looking to identify 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 Iceland, the top five recipient countries for remittances in 2021 included Poland, Sweden, Denmark, France, and the Philippines. Iceland's five main sources for remittances were Denmark, the United States, Norway, Sweden, and Spain.