International money transfer hits new heights
Post Office International Money reckons today (December 16) is going to be the busiest day of the year for international payment transactions - as people rush to send last minute gifts abroad.
This comes as research from Post Office International Payments division reveals that almost 21 million UK adults have a relative living abroad, and last year, on average £2,231 was sent abroad. Gifts accounted for more than half (57%) of the transfers.
More than three million people in the UK have more than five relatives living out of the country, which has doubled in the last five years and three quarters of a million people (754,000) sent more than £10,000 to relatives in the last 12 months.
Figures from the company also revealed that we live in a world of multi-country families (MCFs) with 41 per cent of UK adults, or 20.7 million people, currently have at least one relative living abroad.
The study highlights the internationalisation of British families where parents, siblings and even partners live in different countries.
Post Office International Payments is an easy and secure way to transfer money from UK to overseas bank accounts. People can cost effectively transfer any amount from £50 upwards, with fee free transfers over £250. For more information please visit: http://www.postoffice.co.uk/international-payments