LONDON—The U.K. ranks second for the most remittances sent in 2023, a new report from Visa reveals.
The Visa report, titled Money Travels: 2024 Digital Remittances Adoption, surveyed 45,000 remittance senders and receivers across twenty countries. In the U.K., it found that 13% of users sent money for general humanitarian assistance and almost a third (29%) cited an ‘unexpected need’ to send money abroad, Fintech Times said.
The report also found digital applications are the preferred ways to move money globally for more than two-thirds of remittance users.
The Findings
Among the findings, according to Fintech Times:
- 43% said they experience no issues when sending or receiving digital remittances.
- 77% have experienced issues when sending or receiving physical remittances including cash, checks, and money orders
- The global average for sending remittances is 39%, but the figure is 55% in the U.K., second globally to the U.A.E. (59%).
- 32% of the U.K. respondents expected to send money overseas over the next year, which is higher than the global average of 23%. In fact, 43% plan to send more the same amount of money in 2024 as last year, Fintech Times noted.
- When asked why they sent money abroad, 65% said that supporting the lives of people in crisis was important to them.