The Dominican Republic is one of the main countries that receives remittances from Spain

Madrid, Spain—According to an article published Wednesday by the Bank of Spain, remittances sent from Spain to Latin America reached 6.2 billion euros in 2023, with Colombia, Ecuador, and the Dominican Republic leading the way.

Remittance payments from Spain to Latin America, historically the main destination of Spanish remittances and representing approximately 60% of the total, have increased significantly in the last decade, although the report concludes that after the pandemic, the average remittance, once adjusted for inflation, has been reduced.

Within Latin America, South America was the main destination, with 42 % of total remittances sent from Spain in 2023. This is in line with the larger population of South American immigrants in the country, although their share has declined from the 49 % they accounted for in 2013.

Remittances to Central America and the Dominican Republic increased from 11% in 2013 to 15% in the post-pandemic years.

Among the top ten destination countries for remittances sent from Spain, seven are Latin American, with Colombia prominently featured. In the last decade, it has become the main recipient. In 2023, it accounted for 25% of remittances to Latin America, reaching 1.5 billion.

Ecuador ranked as the second destination in the region in terms of the volume of remittances received from Spain, in line with its status as the second foreign nationality in the country. Ecuador accounted for 15% of remittances from Spain to Latin America, for a value exceeding 900 million euros.

So far in March, the dollar has been bought at RD$62.32 and sold at RD$62.69.
Remittances reached US$1,852.6 million, up 8.3% year-on-year.
Read also
Third place went to the Dominican Republic, with 11% of remittances and a volume of payments close to 700 million.

For their part, Peru -with annual growth of nearly 20 % in 2022 and 2023- and Honduras -whose remittances have tripled in recent years- received remittances from Spain worth 520 million euros in 2023.

Total Spanish remittances abroad exceeded 10.7 billion euros in 2023, representing 0.7% of the gross domestic product (GDP) and an increase of 0.5 percentage points compared to 2020.