The Korea Herald

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[Graphic News] Inbound remittance surpasses outbound transfers

By Korea Herald

Published : July 14, 2015 - 16:49

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Foreign remittance sent to Korea surpassed money going abroad, data showed Tuesday.

According to data from KB Financial Group and World Bank, the amount of money wired from abroad to Korea in 2014 was $6.48 billion, eclipsing the $5.8 billion wired out of the country.

By country, the most money was wired to Korea from the United States with $2.96 billion, followed by Japan with $1.71 billion. The two countries made up 71.3 percent of all money being wired to Korea.

The next three countries in terms of amounts sent were China ($537 million), Canada ($337 million) and Australia ($226 million).

Meanwhile, the country that Korea wired the most money to was China with $4.14 billion, taking up 71.5 percent of all money wired out of Korea.

Experts speculate this is due to Korean-Chinese workers in Korea sending most of their money back home.

Following China was Vietnam ($522 million), the Philippines ($214 million), Thailand ($187 million) and the United States ($156 million).