FinTech startup Azimo, the digital money transfer service, has launched a new instant £1 money transfer service to 15 countries across Latin America.
According to the International Organisation for Migration, 4.5 million South Americans live in Europe, while 1.25 million Europeans currently live in South America and the Caribbean.
The World bank estimated that money transfers to Latin American will total nearly $66bn in 2014, but reported hard-working migrants are being overcharged millions of dollars in exorbitant fees and poor exchange rates.
That’s something Azimo is changing by using digital technology to make it much faster, cheaper and easier to send money to the region. Compared to average fees of over £30, Azimo’s online service charges customers just £1 to send any amount along with the best exchange rates on the market. The service is available for both instant cash pick-ups at over 50,000 locations and instant pay to bank account services in 15 countries across the continent.
The full list of new countries in the Azimo network is: Brazil, Bolivia, Colombia, Costa Rica, Dominican Republic, El Salvador, Ecuador, Guatemala, Honduras, Mexico, Nicaragua, Panama, Paraguay, Peru and Uruguay.
“Europe and Latin America have a deep shared history. With more and more Southern and Central American migrants coming to Europe why should the banks and money transfer firms still be making hundreds of millions of dollars of excess profit off these hard-working people?” said Michael Kent, founder of Azimo.
“By using our new £1 service to Latin American migrants living in Europe will now all be much better off.”
In addition to Azimo’s normal low-cost services, until 31st December 2014, customers who send money using the new Azimo service will pay ZERO fees if they use code AZIMOLATAM.