Mar 012014

By Mohammed Waseem

UK has been home to many start-up money transfer companies with innovative offerings and strong global reach. There is one company which is aiming at redefining convenience in speed, security and innovation. Launched in 2004, the company has operations in over 95 countries and a strong network base of over 60000 payment points.

Speed Remit is a global money transfer service which enables expatriates to send money back home. They are registered in the UK and have their marketing base in the UAE, which helps the company grow and reach out easily to the world, due to the country’s strategic position on the map.

Speed RemitSpeed Remit offers a wide range of options to transfer money which include bank to bank, door to door, over the counter and card to bank. Money sent to bank accounts is usually available in 24-48 hours.

Bank to bank transfers are done through the correspondent banks in the recipient’s country or from a correspondent in another country if the recipient’s country does not have a bank representing Speed Remit. On demand payments are also offered by the company, apart from door to door delivery service and advice & pay, in which, the agent informing the recipient about the receipt of money.

In India, both Real Time Gross Settlement (RTGS) and National Electronic Fund Transfer (NEFT) services are supported for convenience of the customers and this means that the recipients have access to over 100000 bank branches across India. Instant transfers are supported in India, Bangladesh, Pakistan, Sri Lanka, Nepal and inside the UAE. In Philippines, mobile transfer is supported through text messaging. They also have an e-transfer service for pre-registered users.

In order to send money, the sender has to visit a Speed Remit agent and fill the ‘send’ form and hand it over to the agent along with the money intended to be sent. After the transaction has been processed a reference number is generated, which has to be communicated with the recipient. The money can be collected within 10 minutes after the generation of the reference number.

Speed Remit is a good option for transferring money, but I found that their website lacks important information such as the list of countries supported, exchange rate and fee details, etc. which they must include, in order to provide clarity and attract customers.

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.