When transferring funds overseas, should you use CurrencyFair or Azimo? The answer to this question is not as easy as you might think. However, by understanding your individual requirements and comparing the features offered, picking one of the two should be simple. Regardless of which of these companies you choose, you will be better off than approaching a bank.
Both companies specialize in international fund transfers, having served thousands of customers since they began operations. On Trustpilot, where users review online businesses, the Azimo vs. CurrencyFair comparison shows that one fares slightly better than the other. While CurrencyFair scores 9.6 out of 10, Azimo averages 9.0. This does not mean you should turn to CurrencyFair without understanding the nuances of each company.
Whether you should use Azimo or CurrencyFair requires that you address individual aspects of each. Accordingly, I have broken this comparison down into the following sections:
- Exchange Rates
- Ease of Use
- Regular Overseas Payments
Funds Transfer Service Fees
Using Azimo or CurrencyFair can lead to savings in fees, especially if you select their services over those offered by banks. Since there are no hidden fees, you know how much your transfer will cost upfront. Fees that both companies charge can vary according to the currency you wish to transfer, the destination country, your current location, and the desired transfer method.
- Whether or not your transfer finds a match affects how much you pay as fees.
- Transfers through this company, on average, attract 0.35% of transferred amount as fees.
- In case of a matching customer, the fee stands at €3 plus 0.15% of the transfer amount.
- In the absence of a matching customer, you pay €3 plus 0.4% to 0.5% of the transfer amount.
- Azimo provides different transfer methods, and the fees can vary accordingly. Those include electronic fund transfers, SWIFT transfers, transfers to cash pickup locations, and adding to prepaid mobile phone accounts.
- Azimo informs you of the fees you have to pay before you finalize your transfer.
Ease of Use
Whether you choose CurrencyFair or Azimo, submitting an online application should take no more than a few minutes. You have to wait for verification of your details before activation of your account with both companies.
- You can access the CurrencyFair website in English, French, and Polish.
- As an international customer, you can pay only via electronic bank transfer.
- If you are a resident of Ireland, you can make payments in Euros by using a debit card issued by an Irish bank.
- You can download the CurrencyFair app for iOS or Android.
- Access to the Azimo website comes in English, Spanish, French, Italian, Russian, Dutch, Portuguese, Polish, Turkish, and Romanian.
- Azimo permits you to register using your Facebook account.
- It accepts payments via bank transfers, debit cards, and credit cards. Residents of Italy and Spain can pay via Trustly. Germans and Austrians can make use of Sofort Überweisung. If you live in the Netherlands, you can pay using iDEAL.
- The company offers apps for iOS and Android.
Regular Overseas Payments
CurrencyFair lets you set up regular transfers easily. To date, you cannot make regular transfers through Azimo.
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