International money transfers to UK on the rise

International money transfers to the UK are on the rise, according to recent reports.

Figures from HiFX show that there has been a 175 per cent increase in the number of euro to sterling international money transfers over the past six months compared to same period a year ago.

A 120 per cent increase in US dollar to sterling transactions was recorded over the same period.

Mark Bodega from the currency specialist told the Telegraph: "The overseas property market really took off about 20 years ago when the first tranche of Brits started looking for their dream home in the sun, particularly in France and Spain.

"These people are either downsizing to smaller properties, or selling their holiday homes now that their families have grown up, and are sending the money home."

Indeed, around three-quarters of those sending money back from France to the UK are over 55, along with two-thirds of those sending money from Spain.

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Posted by Chris Smith