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Brexit is hitting UK migrant remittance payments, argues payment fintech

Prajit Nanu, CEO and Co-Founder of InstaReM

New research has revealed that 44% of UK migrants are now sending less money back to their country of origin as a result of Brexit chaos and a drop in value of sterling. The research was conducted by digital cross-border payment provider and fintech InstaReM which spoke to migrants in the UK about Brexit and the impact it’s having on their finances.
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 decision.
To help relieve the burden of Brexit and guard against the impact of Article 50, InstaReM is launching Brexit50 which offers UK migrants a transfer bonus of £50 when remitting money from the UK to families abroad.
“I don’t agree with Brexit, just from a business point of view,” said one of those questioned, Roya Rahnejat, Director at London fintech startup Yobota. “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.”
“Our research has shown that the effect of the Brexit decision goes much further than UK shores,” said Prajit Nanu, CEO and Co-Founder of InstaReM. “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.”

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