Overseas Payments Increase as More Brits Escape Abroad

The number of overseas payments is set to rise as more Brits move abroad.

Foreign currency, overseas payments and exchange rates could become priorities for millions of Brits according to a recent report. A new survey suggests that up to 11 million of us could flee the British economy to work abroad. Out of the 2,000 people interviewed a staggering 23% said they were contemplating a job abroad within the next two years.

Overseas Payments – Moving Money Abroad

It’s thought the recession may be playing a part in this trend, although the credit crunch has had a global impact on affluent countries including American and Australia. Nevertheless, Australia remains the most popular country workers want to emigrate to. And statistics suggest the Australian government is still looking for 115,000 skilled migrants – a far more hopeful picture than the millions of unemployed in the UK. With more British workers moving abroad, more overseas payments will be made – from sending money to new bank accounts, to relatives wiring money over to loved ones. Brits are being urged to seek out the best foreign currency exchange rates and cheap overseas payment options using a foreign currency broker. The higher the overseas payments, the more expensive financial transactions abroad can be. Using a foreign currency broker can save substantial sums of money.

Regular Payments Abroad

A fifth of those questioned said Australia was their number one destination of choice. America, New Zealand and Canada were also popular choices. As well as emigrating abroad, retiring abroad is also a popular dream for many Brits not only sick of the gloomy economy, but of the dreary weather. For those who need to pay regular overseas payments – to send funds to cover mortgage payments abroad or to transfer their pension into a foreign currency - it pays to have a standing order with a specialist foreign currency broker, to ensure you get the best rates.

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It isn’t surprising so many people are hoping to leave the UK as unemployment continues to rise. Compared to the British economy, Australia has fared the recession well. And as quality of life in the UK drops with the prospect of growing unemployment, Britain could experience a major exodus of skilled workers seeking a better lifestyle abroad. More people it seems are voting with their feet. Foreign currency exchange brokers have reported a significant rise in demand for overseas payments and transferring funds (up to a 37% increase) as more Brits seek a sunnier life abroad.

Looking to make Overseas Payments? Speak to Currency UK