Azimo opens new money transfer service to China
New service enables delivery to Chinese bank accounts, and cuts the cost of sending in half
Azimo logo(firmenpresse) - New service enables delivery to Chinese bank accounts, and cuts the cost of sending in half
London, March 12th - Azimo, a digital disruptor of traditional money transfer services, has launched an improved service for transfers to China. Customers will now be able to send money from 24 countries in Europe to individual bank accounts in China, delivered in local currency. With 99% coverage of bank accounts in China, low rates and fast delivery times, Azimo’s service is now superior to any other provider in the market.
With GBP4.1 billion (USD5.6 billion) transferred to China from Europe each year, Azimo's online service will cut the cost of sending money by around 50%, meaning the typical customer will save around £10 on every transfer.*
"Two million Chinese citizens currently live in Europe, transferring GBP80 million (USD110 million) home each week," said Michael Kent, CEO at Azimo. "For those living away from family and friends, being able to send money home is hugely important. Our customers have used Azimo to send millions of dollars to China already. Now their transfers will arrive directly into their recipients’ bank accounts in local currency, without wasting their money on expensive fees."
The expansion follows Azimo's recent launch of fast weekend transfers to a number of countries including Nigeria, the Philippines, Bangladesh and Colombia, allowing money transfers to reach recipients in less than an hour even at weekends.
Kent commented: "Azimo already helps people send money to more than 190 countries - and this improved service to China enables our customers to pay directly into bank accounts in local currency in this critical market.
"By 2030, China is forecast to become the world's largest economy, and so it's also vitally important that European businesses are able to make payments there easily."
For more information on sending to China, visit the Azimo site here: https://azimo.com/en/send-money-to-china
* Assumes a transfer of GBP300 sent from UK to China. Current Azimo fee is GBP10.32; current high-street bank fees are typically over GBP20.
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