– the UK, the Eurozone, Sweden, Norway, Denmark, Switzerland and Poland.
The 3 tenets of the Azimo product are:
Instant or one-hour transfers to over 80+ countries
Extremely low rates compared to banks and traditional money transfer providers
A trusted product regulated in the UK and the EU
In the following
Azimo Review
, we’ll show what Azimo is, its advantages and who the intended or target audience is.
Quick Navigation
Azimo Profile
Who is the Azimo money transfer service intended for?
Where does the Azimo come from?
What is the Azimo Ltd company profile?
How does Azimo work?
How much money can you send abroad with Azimo?
How secure is it to send money with Azimo?
Frequently Asked Questions: General Azimo information
Frequently Asked Questions: Sending money with Azimo
Frequently Asked Questions: Azimo Business Account
Azimo Summary
Azimo Profile
Facts and Features
Azimo Details
HQ
Great Britain
Service provider used
The Currencycloud Ltd.
Founded
2011
Number of currencies
97
Number of target countries
203
For consumers
Yes
For companies
Yes
Supervisory authority
Financial Conduct Authority
HQ of the supervisory authority
Great Britain
SSL-encrypted website
Yes
Security of deposited money
Trust accounts at separate banks
API banking possible
No
Integration into ERP or accounting systems
No
2-factor authentication
No
Required Documents
Passport, National ID card,
Driving licence, Residence permits (from European Economic Area (EEA) and Switzerland), Proof of address
App
Yes
Website
Yes
Duration of sending money
1-4 working days
Bank Transfer
Yes
Debit card
Yes
Credit card
Yes
IMMEDIATELY by Klarna
Yes
ideal
Yes
Transfer to cell phone / mobile wallet?
Yes
Can you collect cash?
Yes
Home delivery of cash?
Yes
Can I send cash?
No
Standing order possible?
No
Registration fees
Free of charge
Fixed transaction fee
2.99 EUR
Percentage transaction fee
No
Premium on the real mid-market rate
0.50 to 2.00%
Bank transfer fee
Free of charge
Minimum amount per transaction
£ 10.00
Limit per transaction
£ 250,000.00
Limit increase possible
No
Limit the number of transactions
No
START SENDING MONEY WITH AZIMO TODAY
Who is the Azimo money transfer service intended for?
Azimo is marketed as a “completely new money transfer service”.
Transfers are no longer made via the current account. This will especially please those users who were previously not satisfied with the corresponding conditions for transfers, especially abroad.
Azimo promises to cut money transfer costs by up to 90%.
Azimo offers interested parties a web portal on which “[…] a whole new kind of money can be sent to family and friends all over the world […]”.
Azimo has no branches or agents; the team works exclusively online.
Where does the Azimo come from?
Azimo comes from the Swahili language – a Bantu language, one of the most widely used lingua franca in East Africa. The meaning behind the term is “help”. First and foremost, help for those who want to transfer or send money worldwide, regardless of whether for professional or private reasons.
What is the Azimo Ltd company profile?
The company consists of an international team.
Azimo operates through a website in England and an app for cell phones.
With a web portal and an app, users have the opportunity to “[…] send money to loved ones all over the world faster, easier, safer and cheaper than before.”
How does Azimo work?
1. Register an Azimo account
Registration via E-Mail
To send money globally via Azimo, all you need to do is register with your personal email address and access a computer or smartphone.
Your details will be saved by Azimo. This is how users avoid having to enter their data multiple times. Azimo points out in its FAQ’s that the information is safe with the company and cannot be viewed by third parties.
Registration via Facebook
The social platform Facebook offers another option for registration. Privacy advocates will make the ears prick up, but it shows once again the great ease of use of the British idea.
2. Enter recipient data and amount to send
Each country has money regulation and the process of sending money with Azimo might differ slightly.
Pay securely via Visa, Mastercard, Maestro and bank transfers
Processing of the transfer (money is sent from the account of the local Azimo partner to the bank or cash collection point)
The money arrives
For example, this is how you would
send money to Poland with Azimo
:
a.
What do I need to send money to Poland?
You need the following to make a bank deposit to Poland quickly and easily:
1.
Enter recipient’s details
First name
Last name
Account number (26 digits)
Recipient’s name must match the name on their bank account/ID.
2.
Pay for your transfer
You can easily pay for your transfer with the following:
Debit or credit card
(maximum amount 12,000 GBP/13,500 EUR)
Bank transfer
by logging into your online banking
SOFORT
payments when sending from Austria, Belgium, Germany, Italy and The Netherlands
iDEAL
when sending from The Netherlands
Please be aware that:
You can only use your own card to pay
If using online banking to pay for your transfer, always send money from an account in your name and
include the reference number
b.
Are there transfer limits when I send money to Poland with Azimo?
No.
Minimum amount:
10 GBP
Maximum amount:
No limit
However, you should find out whether the recipient bank in Poland has limits set on how much they can receive.
Azimo might also request additional documentation if you need to send higher amounts to Poland.
c.
When does the money get delivered in Poland?
You payment is immediately processed as soon as it is received by Azimo.
Transfers sent before 3PM GMT are delivered on the same day. If you send money after 3PM, the transfer will be available the next day.
Transfers to mBank are instant.
Some Azimo transfers might take a few hours to appear in your recipient bank account.
Cheapest way to transfer moneys with Azimo
d.
Which Polish banks does Azimo support?
You can send money with Azimo to the following Polish banks:
Sygma Banque Societe Anonyme (SA) Oddział w Polsce
Powszechna Kasa Oszczędności Bank Polski SA
INVEST – BANK SA
ING Bank Śląski SA
Société Générale SA Oddział w Polsce
Allianz Bank SA
Bank Polska Kasa Opieki SA
Bank BPH SA
Volkswagen Bank Polska SA
Bank Gospodarstwa Krajowego
Rabobank Polska SA
Bank Millennium SA
Raiffeisen Bank Polska SA
HSBC Bank Polska SA
Bank Współpracy Europejskiej SA
GE Money Bank SA
Bank Inicjatyw Społeczno – Ekonomicznych SA
GMAC Bank Polska SA
Bank Rozwoju Cukrownictwa SA
Kredyt Bank SA
NOBLE Bank SA (formerly Wschodni Bank Cukrownictwa SA)
Euro Bank SA
Getin Bank SA
Bank Ochrony Środowiska SA
Bank Pocztowy SA
DaimlerChrysler Bank Polska SA
FORTIS BANK POLSKA SA
Mazowiecki Bank Regionalny SA
ABN AMRO Bank (Polska) SA
Narodowy Bank Polski
DOMINET BANK SA
Bank Handlowy w Warszawie SA (part of Citigroup)
DZ BANK Polska SA
Alior Bank SA
Calyon Bank Polska SA
mBank SA
BNP Paribas Bank Polska SA
WestLB Bank Polska SA
Toyota Bank Polska SA
BPH Bank Hipoteczny SA
Deutsche Bank PBC SA
Skandinaviska Enskilda Banken AB (SA) – Oddział w Polsce
LUKAS Bank SA
Bank Zachodni WBK SA
AIG Bank Polska SA
Gospodarczy Bank Wielkopolski SA
Bank Gospodarki Żywnościowej SA
BANK POLSKIEJ SPÓŁDZIELCZOŚCI SA
FCE Bank Polska SA
Santander Consumer Bank SA, subsidiary of Banco Santander
Polbank EFG
Fiat Bank Polska SA
BRE Bank Hipoteczny SA
NORDEA BANK POLSKA SA
Śląski Bank Hipoteczny SA
Bank DnB NORD Polska SA
Banque PSA Finance SA Oddział w Polsce
Cetelem Bank SA
Deutsche Bank Polska SA
Svenska Handelsbanken AB SA Oddział w Polsce
RCI Bank Polska SA
Bank Rozwoju Budownictwa Mieszkaniowego SA
Jyske Bank A/S SA Oddział w Polsce
Nykredit Realkredit A/S SA – Oddział w Polsce
ABN AMRO Bank N.V.SA Oddział w Polsce
Dresdner Bank AG SA Oddział w Polsce
Bank of Tokyo-Mitsubishi UFJ (Polska) SA
Calyon SA Oddział w Polsce
EFG Eurobank Ergasias S.A. SA Oddział w Polsce
BNP PARIBAS SA Odd
e.
Can you transfer money with Azimo to a Polish company?
You can send money to a company account in Poland.
f. How long does the Azimo transfer take to reach the recipient?
A transfer usually takes one working day. However, Azimo advises users to
check the individual country pages
for information on transfer times. However, you should check the individual country pages to see whether other transfer times are given there.
The duration of the
money transfer
can be affected by:
Regional time differences
The current market situation in the recipient country
Security control measures
The money transfer can take anywhere from a few minutes to a few days (1-4 working days).
How much money can you send abroad with Azimo?
To give you an idea, the table below calculates for you how much money would ultimately arrive if you were to send £1,000.00, £5,000.00 and £50,000.00. It takes into account the exchange rates of six different currencies
on the 20th of October 2020.
£
1.000,00
£
5.000,00
£
50.000,00
GBP – USD (USA)
1,288.68 USD
6,443.45 USD
64,434.49 USD
GBP – EUR (Germany)
1.085,39 EUR
5.427,00 EUR
54.269,79 EUR
GBP – CHF (Schweiz)
1.160,96 CHF
5.808,80 CHF
56.272,99 CHF
GBP – JPY (Japan)
135,894.11 JPY
679,470.55 JPY
6,794,705.50 JPY
GBP – CAD (Kanada)
1.676,56 CAD
8,382.80 CAD
83,828.00 CAD
GBP – AUD (Australien)
1,819.10 AUD
9,095.50 AUD
90,955.00 AUD
Source: Azimo.com, 10.20.2020
How secure is it to send money with Azimo?
Azimo prides itself in their ability to securely transfer your money without compromising your bank details and other personal data.
Azimo is authorised to issue electronic money has invested in secure technology to protect your account and transfers.
Azimo is FCA regulated
Azimo is authorised and regulated by the Financial Conduct Authority as an Electronic Money Institution.
Azimo is HMRC registered
Azimo is registered with Her Majesty’s Revenue and Customs as a Money Transmitter to help prevent money laundering.
Azimo uses 3D Secure
Azimo uses 3D Secure authentication to give your card payments an extra layer of security.
Azimo money transfers are protected by Fraud detection
Azimo employs a technology that detects and monitors unusual activity to protect you from fraud.
Azimo promises to protect your data
Azimo is certified by the German TÜV for data protection and IT security.
Azimo uses encryption
Azimo uses encrypted communication on their website and apps to protect your account against unauthorised access.
Frequently Asked Questions: General Azimo information
Can I have multiple Azimo accounts?
Unfortunately you can only have one Azimo account per person. Please note that creating multiple accounts might result in all your accounts being deactivated.
Why did Azimo block my account?
If you have signed up for more than one account, Azimo will likely delete one of your accounts because you can only have one account.
How do I close my Azimo account?
You cannot. Due to the current regulatory requirements, Azimo can only delete your account permanently if it has been inactive for 5 years. You can only have Azimo delete your account.
Frequently Asked Questions: Sending money with Azimo
How much can I send with Azimo?
Azimo have limits on the amount you can send via their service. The minimum amount for sending via SWIFT transfer is 200 GBP, while the maximum amount you can send is: 250,000 GBP. However, some banks impose their own limits so you may need to ask your recipient to check their own bank’s policy, too.
Is Azimo safe to use?
Your money is always safe with Azimo. We are regulated by the FCA in the UK and DNB in the Netherlands. All transfers are protected by the latest anti-fraud and encryption technology.
Is Azimo available for US senders?
You won’t be able to send money with Azimo
from the US
. You can only send money
to the US.
How do I track my Azimo transfer?
You can check the status of your transfer by logging into the Azimo website or app. You will see the status on the home screen after you log in. You will also receive an email when the transfer has been paid out to your recipient, and a push notification if you have them enabled.
How do I cancel my Azimo transfer?
Navigate to your transfer status via the Activity tab. Tap the question mark in the top right corner of the transfer status. Tap the “Request cancellation” button and follow the on-screen instructions.
How does Azimo money transfer work?
How does it work? Our revolutionary service is so simple. Azimo users pick a contact from their phone book to send money to and enter the amount they want to send. The recipient then gets an SMS with a link to download the Azimo app, fill in their bank details and claim the money.
Does Azimo accept prepaid cards?
Currently we accept Visa, Mastercard and Maestro. At the moment we don’t accept prepaid cards, PayPal, American Express or corporate cards for your personal account.
How long does Azimo transfer take?
On average, a transfer with Azimo takes just one working day. The delivery time of your transfer may vary depending on the country you are sending to, the delivery method you choose and how you pay for the transfer.
Frequently Asked Questions: Azimo Business Account
What documents do I need to provide to verify my business with Azimo?
In order to create a business account with Azimo, you will need the following:
o Proof of Personal Address for the Company Representative
o Proof of ID for the Company Representative
o Company bank statement
o Company registration documents
o Shareholder registration documents
Does my business Azimo account support multiple users?
Unfortunately, Azimo does not allow multiple users under a single account.
Which countries can I send to using my Azimo business account?
Azimo Business supports sending money to over 180 countries through Direct to bank and SWIFT transfers.
How much does it cost to use my business card?
There are no charges from Azimo for using either debit or credit cards to pay for your transfers.
What are the minimum and maximum amounts for my Azimo business transfers?
The minimum amount for transferring is 10 GBP, while the maximum amount depends on your delivery method:
o Card payments have a maximum amount is 12,000 GBP
o SWIFT transfers have a maximum amount of 250,000 GBP
Direct to bank transfers might also have limits depending on both your bank and your recipient’s bank. A good rule of thumb is to check with these banks before sending money to see if there are any maximum amounts.
As a Business customer, do I receive a special exchange rate?
We always strive to offer all of our customers the best rates and lowest fees possible, both personal and business, so everyone receives the same rate.
Azimo Summary
Fees:
Our example clearly shows that Azimo has low fees for transfers. However, it sometimes offers a worse exchange rate for its users. With Azimo, users have to pay attention to the transfer option. The fixed transaction fees start at 2.99 euros. There is no percentage transaction fee but 0.50 to 2.00% is added to the mean exchange rate.
Usability:
Azimo has an extremely user-friendly interface. It’s very easy to register by email or using a Facebook account. You will get a transparent view of the costs and fees. Payment options to the Azimo account are just as diverse as the choice of destination countries.
Freebies:
For new customers, the first two transfers to over 200 countries and almost 100 currencies are free. That was a nice treat!
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“”KEVIN MOSERI