Research conducted by digital cross-border payment provider InstaReM reveals that 44% of UK migrants are now sending less money ‘home’ as a result of Brexit chaos and a drop in value of sterling. This announcement comes after InstaReM took to the streets to speak with migrants in the UK about Brexit and the impact it’s having on their finances.
This is having a direct impact on the families they support, with almost half (48%) of the money they send home being used to fund basic necessities like food and healthcare. The findings also revealed that 45% of all money UK migrants send ‘home’ goes towards supporting their parents and elderly members of their family.
InstaReM’s research indicates that the Brexit decision has a significant negative impact on the spending power of UK migrants, of whom 36% now sacrifice a greater proportion of their income to continue to provide the same level of support they did for their families before the Brexit decision.
That’s why InstaReM is standing up for migrants in the UK and their families. The digital money provider will help protect migrants against the implementation of Article 50 with its Brexit50 offer which gives users a transfer bonus of £50 when remitting money from the UK to families abroad. This good-will gesture comes at a time where migrants in the UK are feeling frustrated with 33% of respondents stating they were ‘unsure’ about their ‘future in the UK’.
Hardik Shah, non-UK national, Pre-Sales Solution Architect:
“When I first heard the EU referendum result I knew it would have a big impact on the money I send home to my parents in India, who rely on me to buy the basics they need. Since the EU referendum decision, I’ve had to send more money home, which is putting a real strain on my household budget – and regardless of what Brexit deal the UK gets, there’s seems to be no sign of this strain stopping any time soon.”
Roya Rahnejat, Director at London fintech startup, Yobota:
“I don’t agree with Brexit, just from a business point of view. If you look at it economically, the decision just doesn’t make sense. In a way I feel like I’m being punished by a referendum that didn’t need to take place. My remittance values are being affected and this is making me think twice about sending money abroad, where previously I’ve never had an issue in doing so.”
Luke Santos, Teaching Assistant in South London:
“I regularly send money back to family members in South America for various occasions across the year and if the UK government leaves the EU, it would leave me no choice but to stop remitting as often, and maybe full stop.”
Prajit Nanu, CEO and Co-Founder of InstaReM said:
“Our research has shown that the effect of the Brexit decision goes much further than UK shores. Hardworking migrants in the UK are suffering and so are their families over an uncontrollable situation. That’s why InstaReM wants to stand with migrants in the UK and their families around the world and help them take control of their overseas money transfers.”