- Azimo users can save up to 90% in fees with charges starting at £1
- Availability in Poland is part of the London-based fintech’s expansion goals in the continent
- The global average for international money transfers is at 7% based on numbers from UNESCO
Azimo has officially launched its money transfer services in Poland, and Polish customers can now transfer money internationally through the brand’s platform. The leading European fintech is reportedly widening its reach across the continent. Since Azimo launched in 2012, it has always been clear about its expansion plans noting that it wants to offer its money transfer services to every continent.
Lower rates
Aside from being able to send money to 195 countries in 80 currencies, customers can take advantage of Azimo’s cheap overseas transfer rates. According to Azimo, the brand has significantly lower rates compared to other remittance firms. In fact, The Guardian says that Azimo is among the best money-saving apps around.
Azimo's low rates are a welcome development to migrants who have low-paying jobs. According to UNESCO, too much of these migrant workers' money are eaten up by transfer charges. Traditional transfers are costly. A BBC report says that the global money transfer rate average is 7%.
In an interview with the BBC, director of the Global Education Monitoring report Manos Antoninis said:
"Companies should not be allowed to continue skimming off so much of the money that migrants are sending back home". He adds that: "such transaction costs are highest for the poorest migrants". With Azimo around, migrants can send more money to loved ones, analysts say.
Fees at Azimo can vary though as they are based on where the money is coming from and where it is going to. The delivery method that senders choose can also affect fees, the Azimo website says. While this is so, Azimo representatives note that its customers can save up to 90% in fees as compared to sending money through a bank or through traditional money transfer services such as Western Union and MoneyGram. Azimo’s fees start at £1.
A growing market
Based on recent numbers, the digital money transfer firm can now be used by an estimated 5 billion people worldwide. Azimo currently has over 1 million registered customers, but this number is expected to increase in the coming years. While there is fierce competition in the fintech industry, analysts say that Azimo’s speed, ease of use, and price have kept the company growing. Azimo executives also note that their growth rate is above 100%.
The company employs a range of payout methods, including mobile wallet transfers, cash pick-up, and direct deposits, giving users more options in terms of accessing their funds.
Remittances coming from Poland
In 2017, a total of 235,626 people were given work permits in Poland and these workers send an estimated 2.3 million Euros to their home countries. Eurostat says that around 190,000 labour migrants in Poland are Ukrainian citizens.
Find out more about the international money transfer industry by following our magazine.
