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Pound Pain Hits Remittances as UK Workers Wire Home Less Money

  • Average daily value slumped in last two weeks of September
  • Cost of living, energy crises cloud outlook for remittances

Workers in the UK are cutting back on the money they send to family and friends abroad amid worsening woes for the pound this year.

The average amount per transaction fell to $454 in September from $551 in July, about 18%, according to data from digital-payments infrastructure provider TerraPay Holdings Ltd. Cash sent to mobile wallets, popular in African countries, dropped 15%.