UK consumers pay unnecessary fees for cross-border money transfers, research reveals

The research reveals that 41% of UK-based consumers would still use their bank to transfer or wire money to people overseas, incurring transfer and commission fees in the process. In contrast, 14% of US consumers would use their bank to send money internationally.

Other key findings:

• 29% of people in the UK currently use an international money transfer service or a P2P mobile app designed for sending money;

• 19% would find a way to send cash cross-border, and 6% would pay by cheque;

• 3% would send a payment abroad using cryptocurrency.

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