Blackburn named money transfer capital of UK
Global money transfer experts Xpress Money analysed transactions from thousands of UK customers over one month in 2016. Over double the amount of money was transferred from Blackburn as from Birmingham (number 2) in the same period. From an inbound perspective Southall in London topped the list of receiving destinations.
From sending money to extended family to scheduled bill payments and pension transfers, the UK is now a huge market in a global industry worth an estimated £400bn annually, the research said.
Pakistan was the most popular destination for outgoing transfers followed by Nigeria and India.
The highest volume of inbound transfers came from the United Arab Emirates which currently homes an estimated 250,000 Britons living and working in the country. The main localities where British nationals are based includes Dubai, Abu Dhabi and Sharjah.
Sudhesh Giriyan, chief operating officer at Xpress Money said: “The UK has a vibrant and varied population and is arguably, one of the most connected countries on the globe. For this reason, we are seeing a huge growth in this market and our UK customers are the first to adopt new mobile and transfer technologies.”
Mondays are by far the most popular day of the week for transferring funds abroad, dropping down to Sundays, when fewer than 3% of total transactions take place. September is the most popular month for money transfers from the UK, followed by July and June.
For the purposes of the ranking, London was broken down into constituent boroughs or regions.
|Total number of
|Volume of inbound
Data from Xpress Money Services Limited [Feb-Mar 2016]