Revolut reports that it has seen a large increase in the number of 18 to 24 year old users receiving money from abroad.
According to the company, this demographic has seen a 91% surge in growth over the past 12 months, accompanied by a 99% increase in the volume of money transferred. Since July 2021, Revolut student remittances found that the number of users aged 18 to 24 has surged by more than 290%, with the corresponding volume of money transferred increasing by over 390%.
The digital bank anticipates that it will see a significant increase in foreign money transfers to young people studying in Britain. In a press release on the data, Akshat Mittal, head of strategy for Revolut International Payments stated that estimates suggest up to £50 million could be transferred to these students during September 2023 alone.
Mittal said: “The surge in international money transfers highlights the pivotal role of Revolut in enhancing the financial capabilities of international students and their families. We recognize the significance of these financial traditions, and our commitment to providing seamless and cost-effective international money transfer solutions is evident through our competitive exchange rates and minimal fees. In fact, the average cost of sending $100 for specific corridors stands at an average cost of just $0.23, underscoring our dedication to amplifying the impact of our customers’ hard-earned money.”
The top 10 countries 18 - 24 year old students in the UK are receiving money from include: