• More than half of us have close friends living abroad
• Australia and America more common destinations than Europe
• One in five Brits has sent money abroad from the UK in the last five years

It’s a small world! New research from payyourway.org.uk, the education campaign for payments, has revealed more than half of us (51%) have ‘close’ friends living abroad, with many in touch with overseas extended families too. 22.9 million Brits are in touch with family members who live abroad.

This globalised network of friends and family means it is perhaps unsurprising that one in five of us (19%) have sent money overseas from the UK in the last five years. Yet 56% of people who would consider sending money abroad admit to being completely unfamiliar with the options and only six per cent of them claim to be ‘very familiar’ with how to send money overseas.

New guide to international payments
To help people find the best way to make a payment abroad, payyourway.org.uk has put together an easy to use guide on choosing the best way to send money abroad from the UK, covering everything from the cost of an electronic bank transfer to the security of sending cash in the post:
• Click here for Guide to international payments
• Click here for International payments comparison table

Where in the world…?
The most common country to have relatives in is Australia; with 31% of those with family abroad saying they have a relative there. Australia is also high on the list of places where we have friends (31%), although the USA topped the poll at 32%.

Where in the world…?

Friends Family
USA (32%) Australia (31%)
Australia (31%) USA (25%)
Canada (18%) Canada (14%)
Spain (14%) France (9%)
France (14%) New Zealand (9%)

 

Those who do have loved ones abroad have an average of five friends and five relatives living in countries from Austria to Australia. Londoners are the most globally connected, with 63% having family and 71% having friends abroad. People in Wales are the least likely to have family abroad; 68% say they don’t have any relatives in foreign countries.

A quarter (24%) of men and 16% of women say they’re likely to consider moving away from the UK within the next five years. Londoners are the most inclined towards international living, with more than one in four (28%) saying they are likely to consider moving abroad, and one in ten (11%) describing it as “very likely”.

Sending money in the global village
For those experienced in sending money abroad, the two most important considerations are security that the money will reach its destination (60%), and the security of financial details (40%). Cost of sending (38%), speed of the money arriving (23%), and the cost to the person receiving the money (16%) were also factors in which method we use to send money to our nearest and dearest abroad.

Electronic bank transfers are by far the most popular way of sending money abroad, with 46% of those who have done so recently using this method. Online payments providers such as PayPal were the second choice at 29% followed by international money transfer services (22%) and even sending cash in the post (14%).

Commenting for Pay Your Way, Adrian Kamellard, Chief Executive of the Payments Council, said:

“Millions of us have friends and family living abroad, so it’s no surprise that millions of pounds are sent overseas every year too – yet the options can be confusing. If you need to make an international payment, the new payyourway.org.uk guide has impartial advice on speed, security and cost whether you’re paying for a holiday home across the pond or sending money down under for Christmas.”

Follow the campaign at twitter.com/payyourwayUK