Azimo, a firm that claims to enable faster, cheaper global money transfers, has explained that Abono Automático (or automatic deposit) is a legal requirement that Bancolombia customers have to “enable before receiving Colombian pesos (COP) from overseas.”
After that, users may deposit COP directly into their account – “no queues and no waiting around.”
But before recipients in Colombia may enable Abono Automático, they have to “complete a consent form.” They can then enable, “i.e, turn on Abono Automático for new transfers on the Bancolombia app or website” by completing a few simple steps (shared here).
Azimo notes that there are several benefits of Abono Automático. By using it, your recipient “gives Bancolombia a heads-up about a transfer.” That way, they “can spot and approve genuine transfers smoothly, without any delays.”
You may learn more about Abono Automático here.
As mentioned in the update, you may get two fee-free transfers “when you register with Azimo today.” You can download the Azimo app on iOS or Android and “get the best overall price on transfers to Colombia,” the company explained.
As reported in November 2021, Azimo and Trustly had partnered to facilitate cross-border payments in Europe.
Azimo is a money transfer service that aims to be the best way to send money to more than 190 different countries around the world. Trustly is an open banking platform targeting the payments sector.
In October 2021, Azimo announced the launch of an instant remittance service to Turkey. The feature is being made available by a partnership with United Payment, a leading payments service provider in Turkey.
As covered in February 2021, Azimo announced the launch of a money transfer service to Pakistan in partnership with HBL, Pakistan’s largest commercial bank. The service will allow Pakistanis living in the UK, Europe and Australia to send money in minutes.
Azimo revealed last year that remittances to Pakistan have “soared” generating a record-breaking volume of global remittances in 2020, with $7.1 billion going into the country during the third quarter of the year alone.