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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