Azimo, an online UK financial services company headquartered in London, was founded in 2012 with the purpose of providing cheap, fast, and convenient money transfer services to its customers. Its highly rated website and mobile app are currently being used by over 1 million people across the world to send money to over 200 countries and in 60 different currencies. Its flexible method of allowing users to utilize credit, debit, and wire transfers have gained it widespread popularity, and its transparency in its methods of operation are a refreshing respite from the many financial debacles that plague many other financial service companies throughout the world today.
Comparison: Best Money Transfer Services
First Transfer Free!
- Transferwise is a very good provider for overseas transfers. The transfers are easy, convenient and secure. The most important thing is that the transfers are also much cheaper than with the bank.
Five Transfers Free!
- A world-class customer service, very good exchange rates and permanently favorable transfers abroad and to Germany convince. Only downside is the small selection of countries.
Send money very fast!
- Save up to 90% compared to banks. No hidden costs. Large selection of countries.
First Transfer Free!
- Azimo is a very competent partner for the international transfer. Azimo has a large selection of countries and the transfers are safe and cheap.
What is Azimo?
In its most basic sense, Azimo allows customers to send money throughout the world, utilizing the necessary currency and transfer method needed. Customers can sign-up for Azimo by visiting its website or by downloading the Azimo app onto a mobile device. The Azimo application can be used by all iOS and Android mobile devices, as well as PC’s and Mac’s alike. Customers must then upload their government-issued ID into their account, and then provide authentication information for subsequent transactions. Most of the time, customers are simply required to provide their name, address, and date of birth for each transaction, but this can vary depending on the regulatory guidelines of the specific country involved in the transaction. Azimo does charge different fees including transfer fees and exchange rate fees. Transfer fees vary based on the transfer/payout process used and the countries involved in the transaction. These fees general range from 1 to 10 pounds. Exchange rate fees range from 1% to 3%, lower than the 5% rate that most regular banks will charge on average. Also, while Azimo has no hidden fees, credit card transactions can sometimes result in additional fees being charged. Azimo processes transactions very quickly, often needing only 24 hours to compete a transaction.
What can you do with Azimo?
Unlike many other mobile-based financial institutions, all of Azimo’s functions boil down to several different types of money transfers. Because customers in different countries have financial needs that vary drastically, a financial services company that seeks to have an international presence must have significant flexibility in the services it offers. Azimo’s greatest strength is in its flexibility by offering five different types of money transfers/transactions: bank transfers, cash pickups, mobile wallet deposits, mobile airtime top-up, and home delivery. It is important to note that all five of these money transfer transactions are available for both business and personal use through the Azimo application.
By teaming up with multiple major banks throughout the world, Azimo allows customers to receive payments directly into their bank account. Azimo has also partnered with SWIFT (Society for Worldwide Interbank Financial Telecommunication) to allow customers to deposit money more efficiently into a bank specifically in dollars, pounds, or euros.
Azimo has more than 300,000 cash pickup locations throughout the world. It has entered into separate agreements with various local banks and financial institutions to provide these locations.
Mobile Wallet Deposits
Azimo also utilizes mobile wallet applications to better serve its customers throughout the world. Mobile wallets, otherwise known as e-wallets, are applications that allow customers to manage money for certain online transactions, particularly transactions involving items such as airline tickets or streaming subscriptions. Azimo’s recent partnering with M-Pesa, the Kenya-based mobile wallet application, has greatly enhanced the money transfer process capabilities in that country.
Mobile Airtime Top-Up
Mobile airtime top-up, a process where a specific mobile device user must purchase credit to access a specific network, can also be purchased through the Azimo application. Perhaps the best example of using Azimo for Airtime top-up would be purchasing credit for a prepaid phone.
Is Azimo Safe?
With such a massive presence throughout the world and several different money transfer options to customers, it is imperative for Azimo to offer its customers a safe and secure application. Azimo is officially authorized by the Financial Conduct Authority (FCA), a UK regulatory body that requires all financial service providers to keep their accounts separate from their customer’s accounts. Azimo also monitors its accounts 24 hours a day, 7 days a week, in an added level of safety and security aimed at catching any fraudulent activity as soon as it occurs. If any suspicious activity is detected on a particular transaction, the transaction is stopped immediately, and the customers involved in the transaction are contacted. Every single transaction is vouched for by Visa and MasterCard, ensuring that all transactions are legitimate. Finally, one of the best indications of the safety and reliability of Azimo is that it is backed by several venture capitalist companies, including 19 different investors that have contributed over 45 million dollars to the company.
Azimo excels at offering a variety of money transfer services to customers across the world. Despite such a comprehensive cliental, Azimo can process transactions in as little as 24 hours, with even the lengthier transactions taking only up to 3 business days. Azimo is a very safe, reliable company, being authorized by the Financial Conduct Authority and monitored by an in-depth 24/7 security service. Azimo is also verified by Visa and MasterCard and trusted by several different venture capitalist companies. By offering safe, reliable, efficient, and flexible money transfer services to over 200 countries throughout the world, Azimo has established itself as a great financial services company.