Azimo provides a convenient platform and mobile application for fast international money transfers. In this article we would review the benefits of Azimo.
This platform is highly ranked among its users. As seen on Trustpilot, it has an excellent score of 4.6 (out of 5). Users enjoy its quick and efficient transfers, reasonable rates and professional customer support. Since it was established in the UK, this platform is especially beneficial for transfers from and to the UK, though it is widely used for global payments.
Pros
- Mid-market conversion rates
- Multiple currencies
- Quick transfers
- Reasonable fees
Cons
- Customers can have difficulties in sending money to certain countries in Africa, South America and Asia
- No telephone support
Azimo has all necessary features of a digital bank that are so important in our era of online services. While travelling is mostly restricted and people have problems with visiting their families, international money transfer is at high demand these days. Customers are looking for services that would offer effective, safe and convenient solutions for sending money locally and abroad.
Azimo is one of these platforms that enable money transfers to over 200 countries. With the simple and intuitive user interface, customers can check conversion rates before making a transaction.
Key Features:
Account opening: Online
Paying methods:
Debit or credit card, bank transfer, SOFORT payments from Austria, Belgium, Germany, Italy and the Netherlands, iDeal from the Netherlands
Delivery Methods: Direct to bank, cash pick-up, SWIFT, mobile wallet, mobile top-up
Delivery Time:
Within the UK – 1 business day
From or to the EU – 1-2 business days
Other countries – from 1 business day
Supported Countries: 200+
Account Types: Personal and business accounts
Supported Languages: English, German, Spanish, French, Italian, Polish, Russia
Transfer Fees: From 1 GBP, first five transfers are fee-free
Personal Accounts
This platform is widely used by people who need to send money to their home countries. Azimo states that the popular countries are Nigeria, Poland, Philippines, Bangladesh, Thailand. It is largely popular due to low conversion rates and compatible processing fees. Since first five transfers are fee-free, new customers can try this service without any difficulties.
In the meantime, it is also widely used by business for making international money transfers.
Business Accounts
Opening a business account is simple. New customers are required to fill in company information without necessity to upload corporate documents. Corporate documents are required to be uploaded only in a few cases. For example, if a new customer performs high risk activities or makes high transfers. Business uses Azimo for paying suppliers, paying staff, exchanging money and paying bills. With business account, customers can send up to £250,000 or equivalent.
Legal Compliance
Azimo is duly licensed by the Financial Conduct Authority under the Electronic Money Regulations 2011 (FRN 900220) for the issuing of electronic money. It is regulated by HMRC as a Money Services Business having the license number 12676497.
Further, it is fully compliant with KYC and AML regulations. For instance, it monitors customers’ transactions and may require supporting documentation in case of any unusual activities.
Covid-19 Impact
As we mentioned above, customers have difficulties with sending money to certain countries in Asia, South America and Africa. Azimo explains that this is connected to legal restrictions in a recipient’s countries. However, since there is no telephone support in Azimo, customers can feel nervous without getting a quick feedback on the status of their transaction. Azimo resolves this issue by assigning a Transfer ID to each transaction, so that customers can track each transaction.
Azimo sends Covid-19 updates notifying its clients of a longer processing time in certain countries. Azimo is largely used for sending money to families so that they could use a cash pick-up services. However, some pick-up locations are limited or closed. Customers leave complains on longer processing time which can be resulted from the common Covid-19 situation in the world.
Nevertheless, it does not apply to European countries where customers say that they benefit from Azimo quick transfers and low fees.
