Moneybookers reveals movement of money by migrants working in the UK
London, 29th April 2008 – Moneybookers, one of Europe’s largest online payment systems, is today revealing the movement of money out of the country by migrants working in the UK. Foreign workers living in the UK are typically sending £200 per month to their friends and relatives back home, although this figure rises to £550 for French migrants.
As the debate about the costs and benefits of immigration continues to intensify as a key political battleground, the study by Moneybookers provides an interesting insight into the flow of money out of the country. Moneybookers has almost 5 million customers and is extremely popular with migrant workers as it is quick and easy to set up an account while providing extremely competitive rates for secure international money transfer services – only 1% or €0.5, whichever is less.
In fact, around half of Moneybookers’ account holders use the money transfer service to make payments back to their homeland. While the top recipient country is Poland, followed by India and Russia, in terms of the amount sent per head the French are in the lead with £550 per month compared to £330 per month by Indian migrants and £290 by Polish migrants. Russian migrants are between them with transfers of £310 per month.
“Whether you want to support your family or give something back to your homeland, our service provides instant, secure and low cost money transfers which are particularly appealing to migrant workers,“ explains Martin Ott, Managing Director at Moneybookers – the convenient money transfer service on the Internet.
While Moneybookers offers low fees, other providers often charge exorbitant prices for sending money. Furthermore Moneybookers offers a transparent price structure and the most competitive overall rates for its users. Registration, account management and receiving money are all free. Moneybookers only charges fees to the sender of the payment.
Moneybookers’ comprehensive international payment network combines borderless money transfer with the choice of domestic bank account as well as the option of deposit and payout in 40 countries.