- Research by Sainsbury’s bank shows that almost eight million UK adults have sent an average of £5,236 abroad in the last two years, a spokesperson said on Dec. 20.
- The result: Sainsbury’s bank has teamed up with Moneycorp. to launch a new international money transfer service focusing on larger amounts sent abroad.
The new service, which is available online, will offer special rates for Nectar card (loyalty card) holders. Customers will also be able to lock in currency rates and transfer money abroad at a later date without incurring a fee, the spokesperson explained.
Sainsbury found that the country to which UK consumers sent the most money in the past two years is Spain, as 15 per cent of people who have sent money abroad from the UK have made transfers there. Spain is followed by France (14 per cent), USA (14 per cent), Australia (seven per cent), Italy (six per cent) and Germany (six per cent).
The research revealed that one in six (15 per cent) of UK adults has sent an international payment in the last two years, rising to 21 per cent for those aged 18-24.
“With around 1.2 million people born in the UK now living in other EU countries, it’s no surprise that sending money to family members living abroad came out as the main driver behind this transfer activity - 43 per cent of those that have transferred funds since 2015 did it for this reason,” the spokesperson continued.
The international money transfer service is now available online at www.sainsburysbank.co.uk. It will allow customers to send money overseas as a one-off or recurring payment, either online or over the telephone. Customers can transact up to the value of £100,000 online, larger payments are initiated over the telephone. The service is fee-free with Nectar card holders receiving preferential exchange rates in addition.
