Remittances account for a significant fraction of the capital flows for many developing nations. We develop a quantitative spatial model that jointly accounts for migration and remittances flows for 172 countries. Remittances are a quantitatively important force for migration decisions and we estimate that migrating to remit accounts for 24.3% of overall migration flows. We estimate that moving to a regime with costless remittance flows would increase migration by 25.7% and the GDP of the largest beneficiaries by 16.1%.