Azimo is a new digital cross-border money transfer service, which allows customers to send money via the internet or their mobile phone to 125 destinations worldwide.
“With no high street presence, we operate virtually, resulting in fewer overheads,” the firm tells us. “We really do pass these savings on to the customer by offering the lowest transaction fee on the market. A leading bank charges its customers 3.5 per cent foreign exchange plus £30 to send a £300 remittance. We charge a £5 fee and one per cent FX, saving over £35, more than 85 per cent. For larger amounts the savings can be higher.”
Annoyingly for consumers, Azimo is correct about the currently lethargic market, making Azimo’s service cheaper and more convenient. International payments is a huge, lucrative trade. We’ll be watching with interest just how much pain this London start-up can inflict on the established names.