New survey reveals uncertainty about sending money abroad
More than half of UK consumers are unsure about the ways in which they can conduct international money transfer transactions, a new survey reveals.
According to research from Pay Your Way, an education campaign for payments, 56 per cent of people who would consider sending money abroad said that they are completely unfamiliar with the options open to them.
Less than one in ten respondents (six per cent) said that they are "very familiar" with how to send money abroad.
The survey revealed that despite so few people being familiar with using overseas money transfer companies, one in five people (19 per cent) have sent money overseas from the UK within the last five years, as friends increasingly move abroad.
More than half (51 per cent) of people said they have close friends living in a foreign country, with many respondents saying they keep in touch with members of their extended families living overseas.
The most common destination for people to have friends in is the US, with a third (32 per cent) of respondents maintaining ties to people living stateside.
Meanwhile, Australia was the most common place for people to have members of their family resident in.
The survey found that people living in London are the most globally connected, with 63 per cent maintaining ties to family members abroad and 71 per cent having friends living overseas.
Adrian Kamellard, chief executive of the Payments Council, said: "Millions of us have friends and family living abroad, so it's no surprise that millions of pounds are sent overseas every year too - yet the options can be confusing."