Foreign workers send extra £118m home every month due to weakened pound
Migrants living in the UK and their families are losing out financially in the wake of the weakened pound following Britain’s decision to exit the EU, according to research by Azimo, the online money transfer service.
As we approach the anniversary of last year’s Brexit vote, Azimo’s study has found that over half of migrants living in the UK are having to increase the amount of money they transfer home in order to meet their families’ needs.
With the value of the pound decreasing, an overwhelming 2 in 5 are sending up to £100 more per month than they had done previously, with 37 per cent seeing their outgoing payments reach up to £50 more every month.
Migrant workers say they must go without so that they can maintain their financial support of loved ones abroad with over 85 per cent revealing that Brexit has significantly affected their life in the UK.
A quarter of those surveyed said they have less money to spend on food, while shockingly 1 in 5 have had to move house as they can’t afford their rent, as well as not being able to afford to travel home to visit their family.
Marta Krupinska, Co-Founder and GM of Azimo, said, “A huge majority of our customers are migrants – people living or working abroad who regularly send money home to their families. Our data clearly shows the overwhelming dedication from UK migrants to continue to support their loved ones despite the change in the economic climate in the last year.”
“At Azimo we are proud to be supporting our customers and continuously offering the lowest fees and a much-needed reliable money transfer service in these uncertain times,” Marta concludes.