Remittances from Spain to Morocco nearly double in a decade, becoming second second-largest recipient

Money transfers from Spain to Morocco have almost doubled in the past decade, making Morocco the second-largest recipient of remittances from Spain, according to the latest data from the Bank of Spain, as reported by the Spanish outlet The Objective.

These remittances, which have been steadily rising over the years, are now close to overtaking those sent to Colombia, the country that has traditionally ranked first.

The same source mentioned that Morocco received 13.1% of all remittances sent from Spain in 2023, totaling approximately €1.375 billion, which accounts for 0.09% of Spain’s GDP.

A decade earlier, it said that transfers to Morocco accounted for just 7.4% of total remittances and 0.04% of Spain’s economic output.

The Objective argues that “this increase coincides with the steady growth of the Moroccan community in Spain, which has now exceeded one million people, making it the largest foreign population in the country,” citing Spain’s National Institute of Statistics (INE).

It pointed out that 200,000 Moroccans have arrived in Spain in just two years, further driving the rise in remittances sent back home.

Remittances from immigrant groups namely Ecuadorians, Bolivians, and Romanians exceeded those from Moroccans in 2023.

Colombians, the largest foreign community after Moroccans, have consistently led in total remittances, a trend that dates back to 2013. Even before the pandemic in 2019, Ecuadorians were sending more money than Moroccans, according to the same source.

It highlighted that Colombia continues to be the top recipient, receiving 14.7% of all remittances, with €1.5 billion sent in 2023.

Honduras has seen its share of total remittances more than double to 4.9%, with real figures tripling to €520 million. Pakistan’s share has risen from 2% to 4.4%.

Earlier this month, Morocco’s Foreign Exchange Office revealed that remittances from Moroccan expatriates reached over MAD9.45 billion by the end of January 2025, up from MAD9.4 billion a year earlier.

These remittances recorded a 0.5% increase, representing a rise of MAD44 million, compared to the end of January 2024.