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Migrant remittances tend to be more stable, unlike other sources of external financing, making remittances a reliable source for developing countries. Thus, despite the upward trend in remittances, stock markets in developing countries are generally characterized by high volatility. This study seeks to determine the relationship between remittances and stock markets in developing countries. This estimate covers the period 1996-2018 using the Panel-Var model. This estimate shows the existence of a positive and significant relationship between remittances and stock markets as well as a bi-causal relationship. Also, remittances have been found to be counter-cyclical and follow the theory of pure altruism.