The value of remittances to Romania in 2021 reached EUR 316 million, an increase of 79% compared to 2020, as shown by Revolut data.
At the same time, the number of remittances generated by Revolut customers to Romania increased by 84% in 2021 compared to 2020.
Even more, the number of customers using the Revolut app to send money to their families increased by 70%.
In 2021, the average annual value of remittances to the home economy, via Revolut, was 3,258 EUR per Romanian user.
The profile of Revolut customer remitting money to the family, in 2021
The Revolut customer remitting money to Romania is 25-34 years old (41% of users), living and working in the United Kingdom (70% of Romanian registered users).
They have remitted to the family or the loved ones, on average, 495 EUR/ transaction, in 2021.
The biggest inflow of money through Revolut was generated by Romanian residents in Great Britain (66%) of total volume, followed by the ones in Germany (6%), Netherlands (5%), Ireland (4%), France (3%).
As for the age breakdown of the users remitting money to Romania, customers aged 25-34 came in the first place (41%), followed by 35-44 y.o (34%), 45-54 y.o. (13%) and 18-24 (9%).
According to data provided by Eurostat, in 2019 Romania benefited from a money inflow from the diaspora through remittances amounting to EUR 7.3 billion.
In 2020, total remittances fell to almost EUR 6.7 billion, of which EUR 5 billion from the EU countries.
Romania is one of the EU Member States for which the contribution of remittances to GDP is important, representing about 3.1% of gross domestic product by 2020.