The aim of this Azimo analysis is to demonstrate the pros and cons of using the business for your next money transfer. We review and discuss the fees, exchange rates, the efficiency of the trading platform, and the general level of service offered.
Azimo is a convenient and straightforward service provider for online money transfer services. It is powered by a mondern website and mobile apps that are intuitively built to give its customers the freedom to ship to more than 200 countries around the world. Its transfers are fast and low-cost, particularly when sending money to South Africa, Nigeria and other African countries.
It was lauded by customers who used Azimo for the versatility of payment options, from credit cards to debit cards to bank transfers. Also, the fact that you are able to send as little as $1 through the app makes it easier for customers sending small sums of money daily to help their families back home. Azimo also allows users to send talk time to their families and friends apart from online money transfer services.
Customer service is an essential ingredient in making a foreign money transfer. The lack of phone support on Azimo and the restricted availability of online customer service (Monday-Friday 9:00-18:00 UK time) therefore makes it a little more difficult for customers to get assistance when they need it most.
Azimo exchange rates and fees
Given the target market, by modelling various fee structures and exchange rate margins depending on the countries to which customers are exchanging money, Azimo has been trying to control the cost of its transfers.
- Transfer Fees- On its transactions, Azimo charges variable or fixed fees. The transfer payment process, compensation process and the countries involved are the main determinants of how much you can pay. The price settles typically at about £1-10. Exchange Rates-Azimo charges a margin over mid-market rates or interbank rates, like most money transfer providers.
- Its margin is between 1-3% everywhere. Azimo’s rate is bank-beating relative to what banks charge, on average, 5 per cent. For the duration of the transfer, they allow their clients to lock in the rate so that you know exactly how much the recipient will receive. Other Fees-Azimo usually has no hidden fees. Credit card fees are the only fees that you need to be careful about.
- Per transaction, they can go up to 2.99 per cent. However, there shouldn’t be any costs if you use a nearby bank to pay and collect transactions. Although providers such as TransferWise and CurrencyFair do not charge their exchange rates at the margin, they are moving the needle on their transfer fees.
Azimo also has a firm handle on Africa’s remittance corridors, a network coverage disbursement that not many businesses have. We’ve prepared a simple guide to help you find the fastest ways to send money abroad if you’re just getting started with online money transfers.
Top destinations for using Azimo
Azimo is protected by an extensive sending network. Some routes are busier than others. Nigeria, Poland, the Philippines, Bangladesh, and Thailand are the frequently used routes for users of Azimo money transfer services.
If you pay for a bank transfer, shipping to these countries from the UK takes anywhere from 1 to 2 days. However, due to inspections and other unexpected incidents, there may be delays on specific routes.
The UK, France, Spain, and Germany are the most popular shipping countries with the new Azimo Business product. On the other hand, Pakistan, South Africa, Poland, Hong Kong, China and Singapore are the common receiving countries for the service.
With a team of 130 people, you can be confident that you will get the help you need to make your transition, regardless of the remittance corridor you fall into.
Azimo ‘s versatility has endeared the business to a broader consumer base. Azimo scores highly on many fronts, along with the low fees and competitive prices.
Pros and Cons of Azimo
Here’s what we believe makes Azimo a great business.
The simplicity of Azimo has endeared the company to a broader customer base. Coupled with the lower costs and decent rates, Azimo scores highly on many fronts. Here is the reason why we think makes Azimo a great company.
- No minimum amount — You can send $1 even with Azimo. How much you should submit has no lower limit.
- High coverage- For more than 200 countries and territories, a wide sending and disbursing network coverage of catering
- Low fees and favourable prices- The fixed cost and variable pricing models favour large and small quantity remitters
- Quick and interactive platform- As long as you have all the information you need and the funds to move, sending money does not take hours.
- Multi-lingual support: 8 languages are provided on the website: Russian, English, Polish, French, Italian, Romanian, Portuguese, Spanish. This makes it available for a wide variety of clients.
- Delayed refunds- The reimbursement process can take a few days until it is reflected in your account in case of payment failure or cancellation due to duplication.
- No telephone support- Online email support is available from 9:00 to 18:00 UK time on Monday-Friday. With no telephone backup, this restricted assistance delays response time, contributing to piling up case resolutions.
- Verification delays- Often verifications are delayed, especially if the documents are not transparent or have to be counter-checked against some other sources.
Azimo transfer types you can make.
Five types of transfers are permitted by Azimo:
Transfers from banks
Azimo can deposit transfers directly into the bank accounts of recipients through collaborations with central banks across the globe. For example, Azimo has partnered with Diamond Bank, FirstBank, UBA and Zenith Bank in Nigeria. ING, Bank Zachodni WBK, mBank and Millennium Bank have collaborated in Poland. You can also use SWIFT to transfer GBP, USD, to EUR directly to the bank.
Pickups for Cash
Worldwide, Azimo has 200,000 + cash pickup sites. It has entered into different agreements with local partners and banks that enable them, on their behalf, to provide cash pickup services.
Mobile Deposits for Wallets
Azimo has partnered with Mpesa in Kenya as its mobile payout channel for money. With many mobile e-wallets linking up with Azimo in other countries to tap into its extensive network coverage.
Top-up for Mobile Airtime
You can also send an airtime top-up to a prepaid mobile number via the platform, in addition to mobile money deposits.
Azimo ensures home delivery of cash within 24 hours in the Philippines. It is a safe and effective way of sending small quantities of money.
Azimo money transfer times
Azimo states on its website that delivery of transfers could take a day or two. Occasional delays, however, can be caused by a variety of factors, such as the country to which you deliver, the payment method and the payment method of transfer.
If you pay in countries outside the UK for a bank transfer, it can also take up to 3 days for your cash to get to Azimo. Also, the time it takes for the supplier to move your money and send it to the receiver can often take a little longer.
Pay with a debit or credit card and then select cash pickup for quicker delivery times. The money should be collected by the receiver on the same day. You can monitor your transfer using the Azimo app to find out where it is at any moment.
Compared to other providers such as TransferWise that give the inherent delays to banks, it fares very well. At delivery times, Azimo is blazing fast.
Accepted payment methods with Azimo
Azimo has flexible payment options for transactions. This offers you a wide variety of options and guarantees that you do not get locked out. The following are the appropriate methods of payment.
- Credit Card Card
- Debit Card Card
- Bank transfer
Direct online payment, such as SOFORT Überweisung -It should be noted that SOFORT is only accessible if it is sent from Austria or Germany. That sum does not exceed EUR 999.
Reasons to use Azimo money transfers
For personal and business situations, this money transfer provider can be used. Azimo Busines was introduced for business to enable small and medium-sized companies in the United Kingdom and Europe to send money to 189 + countries and at rates that undercut banks by 50%.
- Pay different suppliers around the world
- Pay contractors and overseas employees on the go
- Pay local employee salaries
- Pay utility bills
- Receive payments from different customers
- Send money to your family and friends
- Move money to your home country
- Pay mortgages
- Pay your school fees
If you have companies in China, some of the lowest transfer fees can be offered by using the direct to payout form. However, we’ve built a list of the top 10 money transfer companies to help you find the best money transfer company if Azimo doesn’t suit your needs.
Can I trust Azimo?
Azimo is a private limited liability company incorporated on 3 January 2012 in the United Kingdom. The companies phone number is 07895399, and its official address is 9th Floor 107 Cheapside, London, UK, EC2V 6DN. Of the original four members, Ricky Knox, Michael Kent, Marek Wawro, and Marta Krupinska, only Michael and Ricky are left to pursue other interests.
The business was initially known as Ping Mobile Services Ltd. before changing its name to Azimo Ltd in 2012. According to its latest annual report, with the sixth one (Azimo B.V) coming in 2019, Azimo Ltd has five wholly-owned subsidiaries.
- Azimo Inc. USA
- Azimo Canada Inc.
- Azimo Money Transfer Ltd -Ireland
- Azimo Hong Kong Ltd
- Azimo Singapore PTE. Ltd
In the United Kingdom, Azimo is allowed to operate by the Financial Conduct Authority ( FCA) under the Electronic Money Regulations 2011. Also, the provider was approved by HMRC and served as a Money Services Corporation. Azimo operates in the Netherlands as Azimo B.V., approved by De Nederlandsche Bank.
The regulations ensure that Azimo complies with the rules and policies laid down in relation to the operation of the business. One of the main operating principles is to isolate the assets of clients from the finances of the company and position them in a low-risk institution.
Azimo is a company backed by venture capital that has so far received investment from 19 investors who have contributed over USD 45 million.
- GR Capital
- Silicon Valley Bank
- Infinity Ventures
- Rakuten Capital
- Quona Capital
- Frog Capital
- MCI Capital SA
- Future Fifty
For the millions of consumers that use Azimo daily, the amount of confidence investors have in the business means a lot. The business accounts were audited by KPMG LLP, a prestigious auditing company of the Big Four. As of March 2018, over 1 million customers on the platform were linked to the company.
Azimo systems have built-in 24/7 security features that search the forum continuously for any suspicious activities. The system has been checked by Visa and MasterCard, which ensures that only legitimate transactions are processed. The “TUV Rheinland Group” has inspected the Azimo platform and certified it as safe for data handling and transmission.
The 90 + workers the organisation has on its payroll, on Glassdoor, score it 4.5/5. Some of the employee reviews demonstrate how Azimo has built a creative place to realise its potential for employees.
User feedback about Azimo
Azimo was found to have 151 favourable social media mentions against just six negative mentions, using customer satisfaction algorithms that capture feedback, ratings and comments. The provider has 30,917 ratings on Trustpilot, 91 per cent of which fall into the ‘Excellent’ and ‘Great’ categories, while 4 per cent fall into the ‘Poor’ and ‘Bad’ categories.
The following interactions were widely cited by those who rated the firm:
- Transferring funds quickly and effectively
- Low transfer fees and high rates of exchange
- Reliability and deserving of faith
The following reasons were given by those who graded the business as ‘Poor’ or ‘Evil.’
- Slow service for customers
- Occasional transitions delays
Azimo is generally a very easy-to-use app, even for non-customers, with email support. The FAQ section and the help centre are filled with lots of transfer service detail.
Send and receive cash from Azimo.
It is quick and straightforward to get started on Azimo. It is easy to follow the steps and can be translated into 8 languages. How to get started is given below.
How to Use Azimo to Submit Money?
Step 1: Register for an account-Creating an account on Azimo takes a few minutes. You can use your app, website, Facebook or your Google account to sign up.
Step 2: Verification of Identity- You will need two papers, one proving your identity and the other verifying your address. Your passport or a driver’s licence and utility bill can be issued. You are ready to initiate the transfer once confirmed.
Step 3: Add the recipient -You can see a minimal GUI when you log in, where you can add your recipient quickly.
Step 4: Select the destination, currency, and method of delivery. Depending on the nation you’ve selected, the payout system can differ.
Step 5: By specifying the amount you are sending or the amount you want the receiver to receive, formalise the exchange rate.
Step 6: Pay for your transfer once you have checked the information, and submit it. Note that the switch can always be monitored via the website or the Azimo app.
How to Receive Money Using Azimo?
If a direct bank deposit or mobile e-wallet deposit is the distribution method chosen, the receiver does not have to do anything. However, you’ll need the following details or documentation for home deliveries or cash pickups.
- Transaction ID- This code will be supplied to you by the sender.
- The name shown on the ID must match that provided by the sender. Your government-issued ID
- The sender and the reason for the transfer may also be requested to identify you. Ensure this material is prepared for you
Does Azimo have a mobile app?
Yeah, Azimo has a free downloadable smartphone app available on both Google Play and the Apple Store. The mobile application has so much you can do, such as:
- Opening an Azimo transfer account
- Sending money to bank accounts, cash pickup locations, mobile wallets, or mobile phone top-ups
- Tracking your money transfer
- Checking different exchange rates and transfer costs
- Adding and remove recipients
- Viewing your transaction history
- The app has reached the download mark of 500,000 on Android. 15,000 + users have tested it, earning it an average rating of 4.5. The app can be downloaded by anybody; it has no country constraints.
Can I cancel my Azimo transfer?
If you need to cancel your transfer for whatever reason, get in contact with customer service immediately. It may not be possible to cancel or recall transfers that are listed as completed. The best defence is always to be vigilant and ensure that before you hit the ‘Submit’ tab, you have the right information.