Hungarian economic migrants send more cash home

While a typical migrant sends home $1,700 a year, the average Hungarian living abroad transfers $5,500 each year back to his or her country of origin, the highest amount per capita in the EU, online news portal napi.hu reported yesterday. 

According to the World Bank, 20 million Central European-born individuals were living outside of their home countries but within the EU in 2013. In 2014, $28.5 bln was transferred back to their native countries, about 10% more than in 2013 and roughly 31% more than in 2012.

While Poland and Romania receive the most funds, remittances from abroad have made an increasing contribution to Hungary’s GDP due to the growing number of Hungarians leaving the country and to their remittances being among the highest per immigrant from Central Europe, the report said.

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Foreign Affairs