Azimo – Faster, Cheaper Global Money Transfers

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Find out why Azimo is billed as the money transfer service for hard-working people with fast and cheap global money transfers

Azimo lets users send money to over 200 countries linchpinned by a heavy reliance on mobile digitization.

With Azimo, you can currently send money from 25 countries – 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.

Azimo Profile

Facts and FeaturesAzimo Details
HQGreat Britain
Service provider usedThe Currencycloud Ltd.
Founded2011
Number of currencies97
Number of target countries203
For consumersYes
For companiesYes
Supervisory authorityFinancial Conduct Authority
HQ of the supervisory authorityGreat Britain
SSL-encrypted websiteYes
Security of deposited moneyTrust accounts at separate banks
API banking possibleNo
Integration into ERP or accounting systemsNo
2-factor authenticationNo
Required DocumentsPassport, National ID card,
Driving licence, Residence permits (from European Economic Area (EEA) and Switzerland), Proof of address
AppYes
WebsiteYes
Duration of sending money1-4 working days
Bank TransferYes
Debit cardYes
Credit cardYes
IMMEDIATELY by KlarnaYes
idealYes
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 feesFree of charge
Fixed transaction fee2.99 EUR
Percentage transaction feeNo
Premium on the real mid-market rate0.50 to 2.00%
Bank transfer feeFree of charge
Minimum amount per transaction£ 10.00
Limit per transaction£ 250,000.00
Limit increase possibleNo
Limit the number of transactionsNo
Azimo - Faster, Cheaper Global Money Transfers
START SENDING MONEY WITH AZIMO TODAYAzimo - Faster, Cheaper Global Money Transfers

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).

azimo

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 USD6,443.45 USD64,434.49 USD
GBP – EUR (Germany)1.085,39 EUR5.427,00 EUR54.269,79 EUR
GBP – CHF (Schweiz)1.160,96 CHF5.808,80 CHF56.272,99 CHF
GBP – JPY (Japan)135,894.11 JPY679,470.55 JPY6,794,705.50 JPY
GBP – CAD (Kanada)1.676,56 CAD8,382.80 CAD83,828.00 CAD
GBP – AUD (Australien)1,819.10 AUD9,095.50 AUD90,955.00 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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