Fintech companies could be helping migrant workers in the UK to transfer a combined £520m back to emerging economies abroad, according to new analysis from Paysend.
Each year, migrant workers in the UK send £8bn back home – and while the average global transaction fee is currently 7% of the money transferred, the average for fintech businesses is already below 2%.
Paysend, which has examined the fees applied to money transfers of £1000 from leading UK fintech companies, has suggested these savings mean combined migrant workers in the UK could send up to £520m more back home each year, if they moved money with lower cost fintech businesses.
Paysend CEO, Ronald Miller, said: “Moving money changes lives. Money transferred might go on education, healthcare, or give families the ability to buy a home, or start a business.
“Rather than simply acting as a ‘hand out’, research shows that money sent back home creates independence and sustainability, for the recipient and their communities.”
The analysis by Paysend has also revealed that money transfers around the globe will soon overtake foreign direct investment as the biggest inflow of capital into developing countries. The World Bank predicts that 290 million migrants will transfer $689bn back home in the coming year.
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