With the World Money Transfer Day coinciding with Mother’s Day in UK, diasporas has a window of opportunity to celebrate Mother’s Day in a unique way by being able to send money online from across the EU to over 190 countries at £0 fees on World Money Transfer Day (15 March 2015), as well as 0 per cent commission on exchange rates courtesy of Azimo.
This is part of a strategy to bring down the cost of money transfer. 85 per cent of people using money transfers would not be willing to pay more than £4 to send money abroad as what they deemed to be a ‘fair’ fee to be around 2.4 per cent. The current charge is an average 8 -10 per cent on money transfers and in some corridors over 20 per cent.
Money transfers continue to support the welfare of millions. According to The World Bank, money transfers support the welfare of an estimated 700 million people globally. Azimo data shows that family support remains the number one reason for customer sending money (over 70 per cent). Other notable reasons were Education, up from 3 per cent in January 2014 to 8 per cent in 2015 and Charitable Donations, which rose from 2 per cent to 5 per cent over the same period.
World Money Transfer Day is the brainchild of serial fintech entrepreneur Michael Kent, CEO of Azimo and former British government minister Dame Tessa Jowell MP, who has been campaigning to cut the cost to Londoners of sending money abroad.
Azimo is in the fore front of changing the way diaspora send money. Ahead of the first ever World Money Transfer Day on Sunday 15 March 2015, research from online money transfer service Azimo reveals the latest trends in how people choose to send their money abroad.
Almost one in ten 18 – 24 year olds (eight per cent) have sent money via a mobile phone or app, compared to less than one in a hundred over 55s.
Data from Azimo’s online service shows that the percentage of transactions sent from a mobile device more than doubled in the previous 12 months to January 2015.
Launched in 2012, Azimo is a London-based online money transfer service, changing the way people send money around the world. Honest, transparent and social, Azimo is the cheapest and easiest way to send money to 198 countries across the world, from your smartphone, tablet or desktop, and even through Facebook.
Tessa Jowell has pledged her support to the campaign: “Millions of people in London and across the world send money overseas to people they love, but today too many are paying too much in exorbitant fees and charges to support their families. This Mother’s Day, participating money transfer companies will operate on a ‘No fee, No margin’ basis, and people don’t have to be ripped off.”
