Azimo Currency Review
Company Name: Azimo Money Transfer
Company Description: Azimo are a money transfer specialist, enabling customers to send money overseas at bank-beating exchange rates.
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Who is Azimo?
Azimo has been quick to establish itself as a key player in the currency transfer world. A newcomer to the scene, since 2012 it has built a solid online reputation as a quick and reliable money transfer service. The online-only approach mirrors other businesses in the field, and allows the brand to focus solely on this service. That said, Azimo is offering some unique benefits to using its services. As well as bank to bank transfers, customers can also benefit from a cash pickup service. Though this is limited to certain countries.
As is so often the case, part of Azimo’s ease of use stems from one of the co-founder’s personal experiences. Marta Krupinska is an ex-pat who regularly found that sending money home to Poland was a hassle, not to mention expensive. She, along with Michael Kent, built Azimo to change that. Stand-out innovations include being able to sign up in flash, via your Facebook login. You can also transfer under £900 a month without needing to send Azimo further paperwork.
Is Azimo reliable?
Azimo’s dropping some big names into the mix to foster trust with its customers. And so far, it’s working. 1,000,000 users worldwide are transferring millions of pounds every day with the brand. Partnering with some of the largest payment companies in the world, Azimo has also saved its customers £200 million in fees. Verified by Mastercard and Visa, Azimo uses the same tech the world’s banks use to keep customer’s money safe and secure.
How much does Azimo charge?
Your first Azimo transfer will be free. After that the charges very much depend on a few factors. Fees start at £1 and increase from there, depending on where you’re transferring money to, and how you’re sending it. Azimo claims the average fee is £1.99 and FX costs vary between 0.1% and 2.25%.
How easy is Azimo to use?
Azimo’s website claims you can transfer money in just three easy steps. On the face of it, most transactions will be smooth, simple and fast. Do remember though, some countries have very specific laws and regulations when it comes to transferring money. You may need to provide extra documents – which may delay the process.
That aside, Azimo partners with over 195 countries and holds funds in most currencies around the world. This allows them to instantly send money to over 60 countries. Impressive stats.
What do the Azimo reviews say?
Azimo are doing a sterling job keeping their customers happy. Over 10,000 reviews have been placed on Trustpilot, with the brand achieving a respectable and solid average score. Digging a little deeper into the 1 star reviews, it seems the complaints often refer to incidents out of Azimo’s control. Angry reviews frequently refer to payments not arriving in their chosen bank account. When Azimo replies, it becomes clear that the money was indeed transferred as promised, but the receiving bank didn’t process the transaction in a timely fashion. Azimo is quick to address Trustpilot complaints in depth and offer further help and guidance.
On TrustPilot, Azimo has an average score of 4/5, with customer quotes including:
‘It is very easy and fast way to transfer money abroad. If the exchange rate was bit [more] competitive with others, it would be great.’
‘I want to see a reduced processing time. Feedbacks on status of transaction is reassuring. E-mails are sent during and after each successful transaction. That’s very good. Since I have not experienced failed transaction(I don’t wish to), I have no comments on refunds and such things like recovery from failures.’
‘It is very difficult to use the app at times, as the app keeps saying you are not connected to the internet. Whereas I am connected.’
Has Azimo won any awards?
Azimo’s trophy cabinet may not be in danger of looking overstocked at the moment, but the brand has racked up a few wins during its time in the business. Most recently, the brand won the Innovation in Money Transfer/FX award in 2016. Awarded by the FinTech Innovation Awards, these prizes are given to trailblazers of technological innovation in the financial sector. Other notable nods include Azimo pipping 100 other applicants to the post in the 2015 IAMTN Digital Money Transfer Awards, and a gong from Germany’s largest daily newspaper, Süddeutsche Zeitung, who named Azimo their 2016 Finance Founder.
Anything else to know about Azimo?
Azimo has an award-winning app to back up its online service. Download it and you’ll get your first transfer fee free. With in-built biometric security and in-app customer support, it’s a great solution for transferring money when you’re away from your desk or computer.
Business customers can use Azimo too. Offering a fast and flexible transfer service, business customers stand to save substantial amounts using Azimo. There’s a couple of handy online tools to either compare Azimo with your local bank or see Azimo’s current currency rates too.