Romanians are still being over-charged to send and receive funds, whether it is via bank transfer or via offline services. Through our digital platform, we are fixing that & ensuring more of migrants' hard-earned money makes it home."
London, UK (PRWEB UK) 4 November 2015
Azimo, the digital money transfer service, announced today that it has extended its reach to Romania and Moldova with a 30-minute cash pick-up service in close to 600 locations including Idea Bank, BCR, Smith & Smith branches in Romania and Victoriabank branches in Moldova. With this new service, available in both Romanian Leu and Euros, Azimo is now able to help millions of Romanians send money to loved ones at a fraction of the cost compared to offline services.
According to IFAD and World Bank data, over $5.4 billion are sent in remittances to Romania and Moldova every year, the majority of which comes from other European countries.* With 3 million Romanian migrants living in other parts of Europe primarily Italy, Spain, Germany and the UK, family support remains the number one reason money is sent back to the country.**
“There are about 1 million remittance transactions sent to Romania every month, so it is a vital lifeline for families, especially during this time of economic instability. Unfortunately, Romanians are still being over-charged to send and receive funds, whether it is via bank transfer or via a traditional offline money transfer service,” said Michael Kent, CEO and Founder of Azimo. “Through our digital mobile platform, we are fixing that and ensuring that more of Romanian and Moldovan migrants' hard-earned money makes it home.”
Azimo provides a fast, secure and low-cost alternative to legacy offline remittance services. As a leader in online and smartphone-based money transfers, the company has built the most comprehensive network of any digital player, sending money to over 190 countries in 70+ different currencies.
In addition to cash-pick up via the Idea Bank, BCR and Smith & Smith retail networks, Azimo also enables its customers to send money to any bank account in either local currency or EUR / USD and to top-up any Orange, Vodafone, Telecom Romania and Moldcell mobile phone.
The company plans to continue extending its footprint to additional Eastern European countries before the end of the year.
For further press information, please contact:
Melissa Hobson / Tim Thackray
T: +44 (0)20 3440 8930
Azimo is a London-based digital 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 over 190 countries across the world, from any internet connected device.
- IFAD and World Bank Report - Sending Money Home: European flows and markets: http://www.ifad.org/remittances/pub/money_europe.pdf
** Azimo data from January-November 2015