Azimo, a digital money transfer service, has 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.
The new service will allow Azimo customers living in the UK, Europe, Canada, and Australia to send money to Turkey in a matter of seconds. Azimo states that weekday transfers sent before 3 pm GMT will be delivered instantly. Weekend or evening transfers will be delivered on the next working day.
According to Azimo, Turkey received $1 billion in global remittances in 2020, with half of the total coming from Germany. Azimo adds that the average charge for these transfers (according to the World Bank) is 7% while their fee is around 2%.
Dora Ziambra, Azimo COO, says that with a diaspora of nearly 7 million people, Turkey is a fantastic market for remittance providers.
“It is therefore stunning that Turkish remittances have remained slow and expensive for so long. Azimo is making instant transfers the standard for the cross-border payments industry – and this service is the latest step on that journey.”
İlker Sözdinler, United Payment CEO, says they have taken another big step into becoming one of the most extensive cross-border payments service providers:
“Supporting the cross-border payment solutions with our infrastructure, we provide speed as a brand promise. Thanks to this partnership, people will have a quick alternative for cross-border transactions to Turkey rather than the old conventional methods.”