Azimo.com Review 2020 – Pros & Cons Of Sending Money With Azimo
- Cross-border money transfers
- Very low rates
- No hidden fees
- FCA-regulated service
- Fast transactions
- Easy to use
- Very user-friendly app
- Credit/Debit Card required for deposit
- Sign Up only for Europeans
Azimo is a FinTech company providing a safer and faster way to transfer funds across borders.
The company was founded in January 2012 in London, UK, with a goal to achieve a better way to send money to other people all over the world. Since its beginnings, the company significantly grew, launching an iOS app, and expanding across all continents. Today, the company employs top industry engineers and designers, ensuring continuous growth and expansion to new territories.
Azimo Licensing And Regulations
Azimo is a fully FCA regulated financial institution authorized by the Financial Conduct Authority under the Electronic Money Regulations. What is more, the company uses world-class advanced technology and multiple checkpoints to ensure safe and correct transactions. Every registered customer is subject to a KYC/AML check, and the whole system is being continuously scanned for unusual, suspicious transactions.
For UK customers, the company operates under the laws of the United Kingdom, within the limits of its license. For customers located in the EEA and Switzerland, the company is incorporated and licensed under the laws of the Netherlands, regulated by De Nederlandsche Bank. Furthermore, because the money transfer offered by Azimo is based on credit and debit cards, the website is operating under MasterCard SecureCode and Verified by Visa systems.
Services And Products Offered By Azimo
Azimo focuses on providing only one product: simple, fast, and reliable money transfers to over 200 territories and countries. All operations are based either on a website or award-winning app that is available both on iOS and Android devices. Depending on the chosen country, you will be able to send US Dollars, Euro, or local currency at a reasonable exchange rate. Money can be received via a bank deposit, Swift transfer, or a local pick-up. Keep in mind that Azimo offers only payment card-based transfer services, without the ability to deposit any funds on your online account.
For Whom Are The Services Offered By Azimo?
With the average deposit time being less than 24 hours, the services offered by Azimo are dedicated to people who want to cheaply and securely send money across borders.
What makes Azimo unique is the ability to pay in your local currency, which will be exchanged with no additional fees – all you have to pay is a transaction fee.
Additionally, your two first transfers are fee-free. The service offered by this company will be perfect for people who want to send some money back to their family abroad or friends located in different countries, primarily outside the European Union and the United States of America.
In order to be able to send money via Azimo, you need to be a resident of one of 25 supported countries across the Euro zone, as well as Switzerland or Norway. Unfortunately, the company doesn’t accept customers that reside outside Europe. The registration process is fast and straightforward, requiring to submit only minimum information. At the beginning of the registration process, you will be required to pick one of the supported countries you want to send money form, as well as submit your e-mail, create a password and enter your first and last name. After submitting the form, you will also need to provide your address and phone number.
Submitting the above information is sufficient to send your first transfer, but please keep in mind that Azimo might occasionally ask you to go through full KYC process, by submitting:
- Proof of funds
- Proof of ID
- Proof of address
- Extra information
Depending on the requested information, you will have to be able to present a valid ID (Passport or National ID with a photo), documents showing the source of money, and documents proving your current address (such as bank statements, etc.). Keep in mind that to successfully register an account, you have to be at least 18 years old.
Can You Send money Without Having A Bank Account?
Azimo enables you to send money without having a bank account, but with limited options. Every time you send funds, the company will request you to submit details of your debit or credit card, which in most cases, can only be obtained if you have a bank account. If you don’t want to use a bank but still want to send money via Azimo, you will have to use other services such as PayPal or Western Union. Such companies are not banks, but they can issue you a prepaid debit MasterCard which can be used to transfer funds via Azimo.
Or, it can be a debit card from one of the numerous virtual banks we are introducing to you on this platform – you can check them out here: Best virtual Banks. You don’t need a bank account in order to get a virtual bank account with them. Such virtual bank account work exactly like “real” bank account, and they come with a bank card for digital payments and ATM withdrawals. In some cases the virtual bank might even already be able to send money to your recipient, depending on his or her country.
Using the above method enables you to send an international money transfer to any of the supported countries as long as you are located within the European Union, United Kingdom, Switzerland, and Norway. What is more, even if your prepaid debit MasterCard supports the only local currency, Azimo will automatically exchange it, enabling you to send US Dollars, Euro, or (depending on the destination) local currency. Please keep in mind that the transfer minimum depends on the method used.
If you decide to go for a direct deposit and use a bank card, it’s usually 10 GBP/EUR. On the other hand, making a Swift transfer requires you to send at least 200 GBP. or equivalent.
Money Sending Interface:
At sing up you get directly walked-through your first money transfer. You will be asked from where you send and in which currency. The next step will be to choose the recipient’s country and currency. It depends on the destination what types of transfer you will be offered. In the case of the Philippines it’s a lot, such as bank deposit, cash-pick-up, Swift transfer, Mobile wallet transfer or even home delivers. In other cases, it is often way less options, e.g. in the case of Congo you can only make a SWIFT bank transfer or choose Cash-Pickup. To Cambodia there is even no other money sending option than Mobile top up. So you need to make sure that your recipient has the possibility to receive money through the given options.
Send Money to Philippines – Transfer Options:
Send Money to Congo – Transfer Options:
Send Money to Cambodia – Transfer Options:
Azimo Mobile Apps For iOS And Android
As a customer, you will be able to download an award-winning mobile app for both iOS and Android platforms. The app itself has over 30,000 5-star reviews across both systems. and offers the same, great functionality as the traditional PC based website: fast and straightforward money transfers to over 200 countries and territories. Keep in mind that to use Azimo mobile app, you need to be located in one of the supported countries.
Same as with mobile browsers or PC based websites, the Azimo app offers only the ability to send money across borders. You will be able to use the same account login and password and benefit from the two first transfers that are fee-free.
Do You Get Any Debit Or Credit Card Or Membership From Azimo?
At the moment, the FinTech company offers only debit and credit card based money transfers. Customers are not able to directly deposit funds to their Azimo account as well as request any debit or prepaid card. When it comes to memberships, Azimo offers a referral program that allows you to invite your friends and family. Everyone who registers an account using your referral code will receive a one-time money bonus, and the amount is based on the country of residence. As a person who shared the link, you will also get the same one-time bonus for every registered new customer.
Azimo Transfer Fees: All You Need To Know
Azimo services are not based on one, stable fee. In fact, the exact cost will depend on your location, to which country you are sending the money, as well as the chosen delivery method. Depending on your currency, you also need to take into consideration the currency conversion fee, which can reach 2.25%. The exact cost will depend on your currency pair as well as the time of conversion. Please keep in mind that the exchange rate, as well as the transfer fee, will always be listed before you submit the request. Additionally, the bank you are sending funds to might charge a fee for each deposit.
Can Azimo Be Used By Travelers Or Digital Nomads?
Azimo business model makes the service attractive to any group of people searching for a fast and straightforward way to send money abroad. If you travel a lot or work online you still will be able to open an account, as long as you are a permanent resident in one of the supported countries. Although while registering a new account, the company will not ask you for any proof of residency, you might be subject to a KYC throughout using the platform. If it happens, Azimo will request proof of residency as well as supporting documents.
Azimo Customer Service: How To Contact The Company
Azimo offers excellent customer support that is available Monday through Friday from 9.00 to 18:00 UTC. Real-time chat support is provided not only in English but in seven other languages: German, French, Spanish, Portuguese, Polish, Russian, and Italian. Every customer can also send an email, call by phone or use a support center, which lists all the most frequently asked questions. New customers are strongly encouraged to use FAQ, as it’s a great source of information, allowing to quickly learn how to set up a transfer or how long it will take for the money to arrive.
Opinions On Services Offered By Azimo
Azimo has a lot of positive feedback for thousands of its customers. On Trustpilot alone, the company has over 31,000 reviews, with the majority of them being good or very good. People are mostly satisfied with fast transfers, low fees, and excellent availability. For some, the Azimo is good enough to be used as an online currency exchange platform, which is a great achievement for the company. As for the issues, a tiny percentage of the customers report on the issues with transfers to certain online banking services.