Apr 142014

By Mohammed Waseem

Sending money has become very easy today, thanks to the continuous innovations in the money transfer industry. Companies dealing in foreign exchange, most of them offer international money transfers as well. On such company is RationalFX, a UK-based exchange house, which operates Xendpay, the online money transfer service with offices in the UK and France.

Xendpay is among the most reputed money transfer services of UK, which has transferred over $2 billion worldwide and is among the fasted growing privately owned financial services businesses. They operate in approximately 90 countries worldwide. They guarantee better rates and lower fees along with 0% commission charged. Senders can send anything from £20 and pay by bank transfer, credit or debit cards and iDeal (applicable only for EUR transactions). In addition, they provide a “No Surprise Guarantee” which means that if any of the intermediary banks makes a deduction for some reason, they will refund that deduction in full to the sender.

Xendpay Money TransferIn order to send money, the sender has to create an account on Xendpay website, view the live quote, provide remittance details and then make the payment. The fee depends on the amount and the destination country, but the general fee for payments in GBP are £3.99. The exact fees and limits can be known by visiting this link. They guarantee best exchange rate and fees in comparison to some of the leading money transfer operators including Western Union and PayPal. Delivery times depend on payout currency and the destination country; it may be anywhere between same day delivery to 2-3 working days.

Referring a friend can earn users Amazon vouchers worth £10, €12 or $15. The limitation, however, is that their transaction amount should be more that £300 or equivalent.

Most users are happy with their service and recommend others to send money through them for better exchange rates, better fees and an overall good service.

Feb 012014

By Mohammed Waseem

Money transfer from Europe has rapidly increased in the last year. This made money transfer companies eye for growth and expansion. UK’s money transfer company, Azimo announced expansion to other parts of Europe including Germany, Austria and Ireland. They are also planning to expand to France, Spain and Netherlands. This would add to the number of countries where users can send money from. They already support over 190 destination countries around the globe.

Azimo was launched in 2012 and is already doing great in terms of customer service and satisfaction. Customers are satisfied with the service and have suggestions for improvements, which includes making the terms clear.

Send Money With AzimoAzimo offers various ways to send and receive money. Online money transfers can be made from any internet enabled device such as a computer, a mobile phone or a tablet. Money can be sent directly to a bank account, to mobile wallets, to mobile phones as airtime and also for cash collection at one of 150,000+ locations worldwide.

Transfers can be done using a UK debit card, by telephone banking and by depositing the money into Azimo’s UK bank account. What is unique about Azimo is their integration with Facebook. Facebook users can now send money to their friends using Facebook’s Azimo app. The user sends a message to a friend who receives an invite from Azimo app to sign up and specify the method to receive the money, after which, the usual process continues. Azimo conducts analysis of individual Facebook profiles before commencing any transaction to verify that they are genuine.

They generally charge between 1% and 2% of the transaction amount for each transfer as their fee. When I checked their website, minimum transfer amount was £50 and maximum was £2500 with a transfer fee starting at £2.99 which went up to £15 which is even less than 1% of the amount. They provide very good rates, which are better than that offered by high street banks.

The process of sending money is very easy. The user has to register and create an account with Azimo using their mobile app or online. Once registration is complete, the user has to provide the details of the recipient and the method of transfer and then pay in one of the accepted ways, including debit card and deposit into the bank account.

Transfer time depend on the recipient’s location. The standard time is 24 hours, but according to a few customers, they had their money transferred in 15 minutes. However, many customers said that the timing to receive the money at agent locations was inconvenient and largely miscommunicated. They suggested that this should be taken care of so that no customer has complaints about it and the process runs smoothly.

Azimo is gaining popularity as a fast, cheap and safe money transfer service which is innovative and convenient for both the sender as well as the receiver. They began in the UK, expanded to other countries in Europe and have plans for further expansions. They compare themselves directly with the likes of Western Union, MoneyGram and PayPal.