Spanish Immigration to the UK up 85%: What This Means for Payments Abroad

LONDON, September 14, 2011 -

Spanish Labour Rushes the UK Jobs Market; Currencies Direct Notices Large Increase in Registrations

The British government has confirmed a large increase in the arrival of Spanish immigrants looking for work. In the last financial year, up to April 2011, the Department for Work and Pensions noted that the number of Spanish arrivals registering for Social Security increase by 85%.

These findings make Spain the country with the biggest growth in the number of immigrants to the UK, with its figures only behind Pakistan, Sri Lanka, Lithuania and Ireland.

According to the statistics, a total of 24, 370 Spanish people entered the labour market in the period; what is more, this figure does not include the increased number of Spaniards studying in the UK, nor those in temporary work who do not pass their details to the Work and Pensions office.

Whilst Spain remains beneath countries such as Pakistan in the rankings, the latest figures show a significant and sudden leap - in previous years, Spain has not even figured in the top ten countries with the most immigrants in the UK.

Currencies Direct, experts in the field of currency exchange and international payments have noticed a 65% increase in Spanish nationals resident in the UK registering for their service. Jose Ivars-Lopez, Head of Marketing at Currencies Direct comments  ”a large percentage of these new clients are signing up for our regular transfer plan which suggests that at least some of their UK income is going back to Spain to settle expenses there. We can help them maximise the sterling they earn here when they transfer it back to Spain for mortgages or other payments. “

“We also offer some great benefits on banking through our partnership with la Caixa bank. If any of our customers open a Currencies Direct la Caixa account in Spain they can make immediate transfers to that account from the UK via Currencies Direct. No more clock watching, or cut off times. “

 UK government representatives believe this figure will only rise, in the ongoing economic crises of southern Europe; Spain has Europe’s worst unemployment rate - over 20%. It is unclear yet whether this will have a large impact on the labour force and economy in Spain, but Currencies Direct, with over 50% of its business based in Spain, is closely studying the changes in the regions surrounding its four offices and offering our free transfer service to both Spanish and British clients.

About Currencies Direct

Currencies Direct (www.currenciesdirect.com) is one of Europe’s leading non-bank providers of foreign exchange payment services. Since it’s formation in 1996 Currencies Direct has evolved and positioned from being an innovative service provider of foreign exchange for consumers and high net worth individuals into a dynamic and pioneering ‘business to business’ fully integrated treasury solution service provider.  Head quartered in the City of London (United Kingdom) with operations in Europe, Africa, Asia and the United States, Currencies Direct is part of the Azibo Group, a privately owned investment company.

Currencies Direct can typically save clients up to three per cent of the overall amount of money being transferred compared to mainstream banks. And, unlike most other exchanges, it does not charge a commission and waives its transaction fee on deals above £5,000.

Media Contact:
Name: Jose Ivars-Lopez
Direct Line: +44(0)20 7847 9470                  
Jose.I@currenciesdirect.com
Address: 51 Moorgate, London, EC2R 6BH, United Kingdom

Find out a little bit more about Jose and the team at Currencies Direct here - www.currenciesdirect.com/about-us/meet-the-team/

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