Press release -
Generous Poles Send £3billion Home a Year
Polish migrants are earning up to four times as much in the UK as they would at home[1], with a large proportion of the 400,000 plus UK-based Polish community sending their hard earned cash back to Poland to cover the cost of their family’s monthly rent or mortgage, a survey has found.
Research from international money transfer service, Azimo.com, has uncovered that the average transaction sent to Poland each month totals £350 – the rent of a standard suburban three-bedroom house or apartment[2]. In total, over £3 billion was sent to Poland from the UK in the last 12 months alone.
Minimum wage families in Poland survive on as little as £145 per week compared to the equivalent of the UK, in which similar families take home approximately £543. These increased earnings lift a significant weight off the shoulders of Polish nationals, allowing them to earn enough money to support their families back home as well as covering their own UK outgoings – and more!
The ‘Polish Pound’ is increasingly being cited as a new purchasing power within the UK economy, with retailers reaping the benefits of a demographic with the tendency to participate in consumer culture, which injects a significant amount back into the UK economy.
Michael Kent, managing director and cofounder, Azimo commented on the findings: “The Polish community in the UK has steadily been on the rise since 2004. Contrary to media portrayal, approximately 90% of all Polish migrants are in full or part time employment and even run their own businesses, and our own research has uncovered that they send a significant portion of their income home each month – the equivalent of a month’s rent or mortgage repayment.
Marek Wawro, CTO and cofounder said “I’m a Polish migrant myself and know that many of us support our families back in Poland on a monthly basis. From personal experience I know that every pound saved in the UK makes a huge difference back in Poland.”
Azimo.com is a new digital money transfer service with the best rates to 125 countries around the world. Using their PC or mobile phone Polish customers can send money to Poland either direct to bank account or for cash collection at more than 8000 branches or the Polish Post Office.
To send money abroad or view the latest rates visit www.azimo.com
[1] MigrantWatchUK
[2] Numbeo.com
Topics
- Personal finance
Categories
- azimo
- money
- money transfer
Regions
- England
For more information please contact Dawn Hesketh or Martha O'Dell @ JAMpr: 0161 850 0565 or dawn@jampr.co.uk / martha@jampr.co.uk
Notes to editor
Azimo (www.azimo.com) is a new, digital, cross-border money transfer service, allowing customers to send money via the Internet or their mobile phone to 125+ destinations worldwide. The service is simple, quick and cost effective. Whether it’s for cash collection, sending funds to a bank account or topping-up the balance of a foreign mobile phone, Azimo does it, 24/7. Azimo offers much cheaper rates than high street banks and other larger competitors by cutting out middlemen and their hefty commission fees, which can be as high as 8%.
With far fewer overheads as a result of its digital presence, Azimo will always have a lower cost base than its high street competitors, and gives savings back to the customer via low transaction and commission fees (between 1-2% compared to 4-8%). A leading bank charges its customers 3.5% Foreign Exchange plus £30 to send a £300 remittance. Azimo charges a £5 fee and 1% FX, saving over £35, or more than 85%. For larger amounts the savings can be higher, but a typical customer, who sends modest amounts frequently, stands to gain the most by using Azimo and avoiding the steep fees imposed by most banks and transfer services. Azimo is taking a stand against the 1000% mark-ups imposed by banks and large traditional players.
JAMpr Ltd