Research from Currency Index showed that large volumes of currency were exchanged, for example by investors and those buying property overseas or transferring money to new accounts in Spain, the US, the UK and France.
But the company expect investments to pick up even more in 2012, with current calculations showing that expats can get eight per cent more for their money than they would have dnoe buying euros in July last year.
Almost a quarter of all FX transactions in 2011 (24.99 per cent) were sent to Spain, which reinforces the country's appeal as a top holiday and second home destination. However, while France took the third spot with 14.83 per cent of all transactions followed by the US in fourth place at 9.01 per cent, one of the most surprising results was the volume of transactions sent to the UK last year – with 18 per cent of all transactions made going back to Britain.
“This is most likely a result of people returning home from overseas or in a few cases sending currency to UK-based euro accounts,” said Robin Haynes, managing director of Currency Index.
"In Q4 2011, there was a 15 per cent increase in people bringing money back to the UK, probably due to the euro crisis which sparked panic and saw people moving money back to locations seen as safe havens.":Text may be subject to copyright.This blog does not claim copyright to any such text. Copyright remains with the original copyright holder.
