Azimo: Foreign workers send extra £118m home every month

Azimo: Foreign workers send extra £118m home every month

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Azimo conducted a study on the weakened GBP. 

Migrants living in the UK and their families are losing out financially in the wake of the weakened GBP following Britain’s decision to exit the EU, according to research by Azimo, the online money transfer service (MCI Portfolio company).
Azimo 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 GBP 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.
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.

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 Krupinska, Co-Founder and GM of Azimo

Azimo launched in April  an industry-first service that will revolutionise how money is sent and received. The in-app feature has the chance to fundamentally change the money transfer market as users no longer need to input account details in order to send money.
Source: Azimo

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