UK money transfer service Azimo enters Romanian market

Azimo, a UK based money transfer service that targets migrant workers, has expanded its service to Romania. Azimo’s customers can now send money direct to a personal or business bank account in Romanian lei (RON) or send money for Cash Pickup in either US dollars or Euros. Azimo is an online service and relies on low transfer fees to attract migrant workers who want to send money to their families back home. About three million Romanians are estimated to be living abroad. Many have travelled to find work in European countries such as Spain and Italy, although there are also growing communities in the USA, Canada, Hungary, Germany and the UK. “Azimo is a business founded by migrants for migrants, so we understand the problems that high fees and poor customer service bring. The benefit of the service being online is that it’s easy, low cost, fast and secure. All transfers are protected by a 100% Money Back Guarantee,” said Michael Kent, CEO of Azimo. Data from Azimo shows that up to 76% of the migrant’s money transfers are being sent to support family and loved ones back home. Its service allows customers to not only send money straight to a personal bank account, but also to a business bank account to pay bills directly from abroad. The World Bank estimates that Romanian migrants sent USD 3.6 billion home in 2013. The market for money transfers if fragmented. Some of the bigger players are traditional money transfer companies such as Western Union and Money Gram. Local company Capital Financial Services has the PioriPay money transfer service, in partnership with the Romanian Post, and mobile carrier Vodafone has its own money wire service called M-Pesa. Some Romanian banks, such as Banca Transilvania, have opened branches abroad to help Romanians send money at home. However, many Romanian migrants still send money at home in cash, via family members or friends. Andrei Chirileasa, andrei@romania-insider.com