The UK continues to be one of the most attractive destinations for students looking to study abroad, and the proportion of those using fintechs to ease the costs is soaring, according to Revolut.
Currently, the top five universities for international students are all in London, and for the academic year 2020-2021, international students made up more than a fifth (22 per cent) of the total UK student population.
Despite the UK’s best efforts to put people off with a higher cost of living and seemingly constantly rising interest rates, significant swathes of students are still flocking here to study.
Over the past year, Revolut has seen 91 per cent growth in 18-to-24 year olds receiving money from abroad, with a 99 per cent increase in volume of money transferred.
“As the demand for accessible and cost-effective international money transfers continues to grow, Revolut remains steadfast in its pursuit of leveraging technology and innovation to empower individuals and families across the globe,” Revolut international payments head of strategy Akshat Mittal said.
“By continually adapting to the evolving landscape of the digital economy, we are dedicated to facilitating seamless cross-border financial transactions, enabling students and their families to navigate the complexities of international finance with unparalleled ease.”
Since July 2021, the number of users ages 18-to-24 years old has grown by more than 290 per cent, and the volume of money transferred increased by more than 390 per cent.
Last December the fintech, which currently has more than 30 million users, introduced Revolut Lite, offering customers a bare-bones version of the app with money transfers in more than 25 currencies.
As the academic year starts again, the company says it anticipates a “significant increase” in foreign money transfers to students in the UK, with estimates of up to £50m expected to be transferred in September alone.
