To celebrate International Day of Family Remittances, we’ve been focusing on articles that are all about recognising the efforts of migrant workers & their families globally!

If you send money back home you probably know a good amount about the world of money transfer. At times, it can probably seem a bit daunting with all the rates and fees thrown at you.

What you might not know however, is that in the world of currency exchange, there are quite a few fictions out there parading around as facts. We break down some of the biggest myths about sending your money to family and friends so that your transfers can be faster and easier than ever.

 


THE FICTION

“You need to have every single detail about the bank account, plus the IBAN in order to send money.”

THE FACT

Needing all that information was true in the past when the only way to send money was at your bank, but thanks to Azimo’s latest  app you now don’t need every single detail! We have really simplified the process so if you’re sending within Europe, you can do so with just your loved ones phone number. Your friend or family member will receive an SMS with a link to download the app and claim their money. No queues, no stress. All they have to do is register their bank details once, and from then on the money will go directly into their account!

THE FICTION

“Both the speed and the customer support of sending money take forever.”

THE FACT

Waiting for days on end for a transfer to go through or being put on hold with awful music are incredibly frustrating. They are also becoming more a thing of the past. Before there were technologies like apps and computers that we have today, these were very common issues with sending money to family and friends. Now you can not only transfer funds with the tap of a button, but you can also send/receive in a short amount of time, sometimes in under just a few hours! Infact the fastest we can send is in just 6 seconds to come countries!  And thanks to the aid of wonderful social media services, customer support is better than ever as you can reach out to most companies on Twitter, Facebook and more.

THE FICTION

“0% fee really means 0% – there’s no commission charged!”

THE FACT

Be very careful when you see adverts claiming zero fees. The fees are still there. As nice as this sounds, we’re sorry to say it’s just a clever deception. Instead, banks hide the fees into the cost with their exchange rates. Hefty margins are built into these rates, and this is how they are able to sneak in the hidden charges. It has to do with something called the interbank exchange rate. These are the rates that banks use to exchange currency with each other…but unless you are a major currency company of a wolf of Wall Street, these rates are not the ones that the bank will also use with your money.

So, next time ask the bank how far away from the interbank exchange rate is their rate and make sure you’re not going to get ripped off. Or why not try sending money to your family or friends with the Azimo app today, making your transfers with less fees and less hassle? It’s free from the App Store or Google Play – prepare to be amazed – we promise.