Where the UK sends money

| Wednesday, December 7th, 2016

We handle a lot of requests for money transfers each day, and as part of our ongoing research we like to frequently analyze the patterns in those requests. This week we took a look at searches across the U.K., and broke down the requests by general region.

Below we've plotted the most popular transfer destinations within each U.K. region as compared to the United Kingdom as a whole. In South West England, for instance, our data reveals New Zealand is a much more popular transfer destination than in the rest of the country.

While E.U. countries tend to dominate most areas, the U.S. is most popular in London and the West Midlands, while Australia is the most popular destination for those in the East Midlands and North East.

Ticking clocks...

Earlier this month Indian PM Narendra Modi announced 500 and 1000 rupee notes would no longer be accepted as legal tender inside the country - and gave citizens until the end of December to exchange them for new notes.

In addition to upsetting British Indian expats who can't make an in-person trip to an Indian bank before the deadline, the transition has hit some roadblocks. There have been reports of continued protests, issues with the replacement bills, and more.

Meanwhile, searches for money transfers from India have remained high. Here's a chart of searches on FXcompared.com before and after India's announcement on Nov. 8.

The Latest in International Payments: Our favorite news and articles

Europe's tech takeoff. European chip design, virtual reality and augmented reality startups are leading the way in their industries, according to recent investment trends. Financial Times.

Locking it down. U.K. banks are preparing to introduce new security features that will match a payee's name with their account number in order to limit fraudulent transfers. Guardian.

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FXcompared.com is an fx money comparison site for international money transfer and to compare rates from currency brokers for sending money abroad. The website and the information provided is for informational purposes only and does not constitute an offer, solicitation or advice on any financial service or transaction. None of the information presented is intended to form the basis for any investment decision, and no specific recommendations are intended.  FXC Group Ltd and FX Compared Ltd does not provide any guarantees of any data from third parties listed on this website. FX compared Ltd expressly disclaims any and all responsibility for any direct or consequential loss or damage of any kind whatsoever arising directly or indirectly from (i) any error, omission or inaccuracy in any such information or (ii) any action resulting therefrom.