Azimo money transfer: are they any good?

Always best to use a Visa Credit card when using any payment system due to the chargeback system offered by Visa and, more importantly (for amounts £100+) the Consumer Credit Act.

Hi
I do know what you mean, but in order to pay with your credit card, you will need to be charged extra 2.5-3% on top of your bill (paypal and rest add that bill into weaker FX rate), and most of the credit card companies treat money transfer as cash pickup, so in case you will forget to pay off your card the rates are higher than for regular purchases.

However AFAIK VISA Debit Card is under chargeback scheme too, but I would recommend to check that directly with your bank.

That is a point of course. If it is treated as cash withdrawal then using a credit card would mean you pay interest straight away. Not sure what would happen if you pre-loaded a credit card beforehand and many credit companies frown upon pre-loading anyway.

Visa debit cards do have the same chargeback scheme as Visa credit cards. Mastercard may also have a chargeback system, but I am not so sure on that as I only have Visa credit and debit cards.

But as I said, not many transfer companies are interested in using credit cards, due high cost of maintenance, and lack of same security level offered by debit cards. If they do then they offset costs on customer.

Regards prepaid cards I am not sure, it thats a really good solution, as not every one of them offers chargebacks schemes.
But most of the cards has at least of extra charges like:

- application fees (usually up to £10)
- monthly fees (eg £5)
- top-up fees
- transaction fees (eg 3% of the value of each purchase)
- UK and overseas ATM withdrawal fees (typically up to £3).

From my understanding of Prepaid card idea, they where made for people with poor credit score who needs use card online.

Alternatively FSA and Financial Ombudsman are other options to have assist if something goes wrong.

I note that you act as a FSA REGISTERED agent for an FSA AUTHORISED payment institution.

As I understand it, FSA authorised payment institutions have to ring fence any monies sent, but you, as an agent, are not FSA authorised (only FSA registered) does this mean our monies are not ring-fenced until that point at which you submit the monies to the payment institution for payment?

The FSA does not offer a compensation scheme for payment institutions that fail. Of course, we could still complain to the FOS in the hope our monies would be returned.

I also note that you do offer your own guarantee to refund monies should the receiver not receive their money.

I am very impressed with your knowledge and fast reply!

I have noted that your website apparently does accept credit cards - there are many references to credit cards on your website.

I was not talking if using a pre-paid credit card. but pre-loading a standard credit card with sufficient funds to cover the amount to be remitted (in the hope of avoiding any interest charges)

Thank you for pointing that out! We need change to copy, it is quite funny as commonly words "credit card" refers to all of those "embossed" one you can pay online. We are changing a copy right now!

Regards actual knowledge - thank you that what we have to do.

Yes, thats right, FSA won't compensate but they can definitely de-regulate or blacklist our company if we don't follow strict rules. Generally it is not an easy task to comply with all rules. Apart of FSA we also have to follow AML rules from HMRC and on top of that we have to match high standards expected with PCI Compliance, which apart of knowledge, time and experience requires extra expensive kit to match expectations.

I personally had to fill nearly 40pages questionnaire asking various questions about myself and my past
And personally I am responsible for quality and security of transactions, in worst case scenario I can face jail So it is in my business to make sure all goes well

Regards refunds, at azimo.com we do refund every non paid out transaction, depends on stage of the transaction we reserve right to charge transaction fee (if money went overseas). But ultimately everything goes within 24h timeframe, so there is no time for complain , we haven't got many refunds done over time, but usually they were triggered by human error where they send 1050 instead of 10.50

But if something goes wrong, or longer than should we do take personal actions to find out the reasons of the problem.

So far from the the strangest transaction delays reasons where noted:
- transactions to brazil where slowed down due bank sector strike
- transactions to nigeria where suspended for couple of days as one of their banks HQ where flooded
- one of our agents in americas is jewish and he didn't work on jewish new year so transaction where delayed by one day
- one of beneficiary in Dominican Republic where deaf, and in order receive bank deposits there we have to call beneficiary to validate that transaction

But the most "funniest" one are around time difference and bank holidays in other countries. And from our payment calendar it indicates that nearly every week there are some bank holidays around the world

A very interesting thread! So, is there anyone apart from Kuya who has used Azimo up to now?

I have to send some money to Hanna by the end of November and I am wondering how to do it.

Al.

Hi,

I can't obviously say anything in details, but we have noticed usage of vouchercode given for that site, however not always to PHL But I would be also happy to hear some feedback from you guys

Hi Al,

I had some changes to make with NatWest, my bank, and found out that a few weeks ago they set-up an "On-Line" facility to make payments to an overseas account under "Payments and transfers".
Previously it was necessary to visit a branch. The cost is £20 + "All fee's" = Total £32.50.



The people I used before charged £6.50 per transaction. http://www.suremoney.swift-cash.com/products.php

As I expect to send largersums I will use my bank as I will have only one step and that will be much simpler. IMO

Tom

Singers, please note w charge only 5 GBP bellow 500 and with special code british-filipino it is only 3 GBP (for any amount). Unfortunetly suremoney isn't showing exchange rate for GBP/PHP which from top of my head was always less atractive than azimo. Which is the same with Nat West.

Please make sure when you do compare other solutions have a look on following factors:
- cost of sending (Fee)
- Exchange rate
- time of delivery

Thank's.

I will do that.


Tom

Or am I nitpicking...??? Yes.

But one has to check all IMO when entrusting "cash" to anyone.

Belt AND braces is my Motto in this regard.

Or am I being pedantic.?

Tom

My quote to-day was for a £9,000 remittance with the two companies. To compare.

The result was I am better off with SureMoney by a whacking £70 = PHP 4,699 after deduction of Fee.!

Tom

Thanks for that info Tom. I am about to take the bull by the horns and send the money to my wife using Azimo.

Watch this space.

Al.

OK I will.

Ta Al,

Tom