More than 60% prefer money transfer services to banks

More than 60% of Muslim consumers now favour using new money transfer services over traditional banking services, according to research from FXcompared Intelligence. The survey of 2,000 UK Muslims focused on payments ranging from less than £1,000 to more than £1 million. It suggests 60% of respondents see fees charged for transactions are a major consideration when picking a money transfer service. A similar number said they looked closely at the exchange rate offered when deciding how to make international transactions. Despite the trend away from traditional services and the rise of fintech services such as TransferWise, 35% of those asked said they would still use the banks regardless of the circumstances. FXcompared managing director, Daniel Webber, commented that “in recent months the currency market has been punctuated by questions related to online and peer-to-peer foreign exchange platforms, and their ability to eclipse existing retail currency services in the UK.” This data from FXcompared shows that consumers consider rates of exchange and transfer fees as important factors when transferring money.