New research from Sainsbury’s Bank reveals that almost eight million UK adults have sent an average of £5,236 abroad in the last two years.
The findings are to support the Bank’s launch of a new online international money transfer service enabling customers to transfer larger amounts of money abroad.
The international money transfer service, provided by moneycorp, is now available online at www.sainsburysbank.co.uk. It will allow customers to send money overseas as a one-off or recurring payment, either online or over the telephone. Customers can transact up to the value of £100,000 online, larger payments are initiated over the telephone. The service is fee-free with Nectar card holders receiving preferential exchange rates in addition.
The research revealed that one in six (15 per cent) UK adults has sent an international payment in the last two years, rising to 21 per cent for those aged 18-24. With around 1.2million2 people born in the UK now living in other EU countries, it’s no surprise that sending money to family members living abroad came out as the main reason - 43 per cent of those that have transferred funds since 2015 did it for this reason.
The other main reasons for sending money abroad are group holidays (17 per cent), studying overseas (10 per cent), a transaction for their business (nine per cent) and to buy a property abroad (eight per cent).
The research reveals six per cent of people who have transferred money abroad over the past two years did so to make overseas wedding payments. Roughly the same number of people (six per cent) did this to pay for hen and stag dos.
Simon Taylor, Head of Travel Money at Sainsbury’s Bank, said: “The new service, which is available online, will offer special rates for Nectar card holders. Customers will also be able to lock in currency rates and transfer money abroad at a later date without incurring a fee.”
The top country for sending money to in the past two years is Spain as 15 per cent of people who have sent money abroad from the UK have made transfers there followed by France (14 per cent), USA (14 per cent), Australia (seven per cent), Italy (six per cent) and Germany (six per cent).