A lot of people wonder how we are constantly able to give our customers super-low fees for all their transactions.
There’s a few reasons for this, but put simply in one word: digital.
Think about the digital age we live in. For example, Airbnb is the largest hotel company in the world, yet owns no hotels. Uber is the biggest taxi service, yet owns no taxis. Here at Azimo we have the largest digital network that allows us to deliver money to 5 billion people, yet we don’t own a single branch. We work with the best banking and payout partners in the world who give us the best deals. Deals that we then pass on to our customers.
We want to make transferring funds easy and possible for everyone – so we try and reach places that otherwise might not be able to send money with other services.
The introduction of new technologies has vastly changed the world that we live in today, with how we send money included. So, how does doing things digitally allow us to give you the best rates?
A digital network means we receive the best rates
…which we can then make sure our customers receive as well. Because we have over a million users around the world, we can get the best deal from the globe’s top banks and payout providers.
The cost of a money transfer consists of the fee and what’s called the “spread”, which is the percentage of difference between the rate the currency is bought for and the rate it’s sold for to the customers. The traditional players charge up to 10% costs hidden in fees and spread, while we charge between 0.5% and 2%. Plus, we always show you the rate that you’ll receive upfront, so we are fully transparent with you and the deal you are getting.
Digital means low overhead costs
The oldest traditional money transfer companies have millions of employees and hundreds of thousands of branches worldwide. In the past, your transfer could go through the hands of 7-8 people before being paid out.
When companies have large numbers of workers and locations, the whole network will need to be paid, as well as the overhead costs like the rent and electricity for their multiple offices.
Here at Azimo, we’re all digital – meaning we only have 2 small offices with about 110 tech-savvy employees, and most of the processes are automated. We use the smartest technology to help ensure that your transfers are fast and secure. With this, we can take out the middlemen of the process and make the value chain smarter.
With digital, there’s no paperwork
Traditionally, processes like checking through documents would cost countless hours of employee’s time and millions of dollars.
Now we have state of the art software – so we can check things like proof of ID or address in as fast as just a few minutes to make sure that your money is safe with us.
A digital start means a digital future
The key difference lies in the fact that we started as an online transfer company: our infrastructure is purely digital. Although banks and offline money transfer services are now enabling online payments, their core is still reliant on inefficient, traditional infrastructure. Therefore, their ability to automate and streamline is much lower.
BONUS – digital also means convenience
Just because our transfer processes are automated doesn’t mean our customer service is. In this digital age, we’ve still got the human touch of being here whenever you have a question.
One of the most important things is that our customers are happy. With our support e-mail and fast response team across all of our socials, you’re never out of touch. No more queueing at banks or being put on hold with awful music for ages.
Without happy customers, a product wouldn’t exist. Therefore we continually offer you low fees to keep you happy, which makes us happy too.
So now you know how we are able to give such low rates, now why not give us a try?
Sign-up to Azimo today and start saving while you send – your first transfer is on us.