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Azimo vs. TransferWise
Compare these providers side by side to see which is best for you.
Both Azimo and TransferWise want to make international money transfers cheap, fast and easy. But which does it better?
At the time of writing, Azimo only lets you send money from the UK or Europe, making TransferWise the clear winner for US senders. The fees and rates used in this comparison are accurate as of April 22, 2019.
Must read: Azimo is not available in the US
Unfortunately, Azimo currently only lets you send from the UK or Europe.
Disclaimer: Exchange rates change often. Confirm the total cost with the provider before transferring money.
Which has lower fees?
Azimo
Fees with Azimo will vary depending on how much you’re sending and where you’re sending money to and from. According to its site, the average fee is about £1.99, but less common destinations will typically have higher fees.
TransferWise
TransferWise’s fees also vary depending on how much of which currency you’re transferring where. Its fees are similar to Azimo’s but will trend significantly higher for larger transfers because the fees are percentage-based.
Winner: Tie
Both services have fees in similar ranges. You’ll have to compare the fees for your transfer to see which is cheaper for you.
Let’s crunch the numbers: Sending €1,000 and €10,000 from Austria to the US
The table below shows how much it costs to send money from Austria to the United States with each service, so you can see how the costs will vary for each provider once you factor in the fees and the exchange rates.
Sending €1,000 from Austria to the US
| Azimo | TransferWise | |
|---|---|---|
| Transfer fee | €2.99 | €4.23 |
| Exchange rate | 1 EUR = 1.098 USD | 1 EUR = 1.1257 USD |
| Transfer speed | 1-2 days | 1-2 days |
| Total US dollars received | US$1,094.70 | US$1,120.95 |
| Receiver gets | US$26.25 less | US$26.25 more |
Sending €10,000 from Austria to the US
| Azimo | TransferWise | |
|---|---|---|
| Transfer fee | €2.99 | €34.72 |
| Exchange rate | 1 EUR = 1.098 USD | 1 EUR = 1.1257 USD |
| Transfer speed | 1-2 days | 1-2 days |
| Total US dollars received | US$10,976.70 | US$11,217.90 |
| Receiver gets | US$241.20 less | US$241.20 more |
Even with the higher fees, you still get a better deal with TransferWise on both €1,000 and €10,000 transfers.
This value for money comes courtesy of its mid-market exchange rates, which net the recipient over $25 more on smaller transfers and $241 more on a €10,000 transfer.
Which offers better exchange rates?
Azimo
Azimo’s exchange rates vary depending on where you’re sending money to and from, but will often be 2%–5% above the mid-market rate.
Here’s an example of EUR to CAD:
- If the mid-market rate is 1 EUR = 1.5078 CAD
- Azimo’s exchange rate might be 1 EUR = 1.444 CAD
This ends up being a margin of 4.23%.
TransferWise
TransferWise makes transfers at the mid-market rate, which is equivalent to a 0% margin. This can make an especially large difference on larger transfers.
Here’s an example of EUR to CAD:
- If the mid-market rate is 1 EUR = 1.5078 CAD
- TransferWise’s exchange rate might be 1 EUR = 1.5078 CAD
This ends up being a margin of 0%.
Winner: TransferWise
TransferWise has much better exchange rates than Azimo and most other money transfer services. You won’t find better exchange rates than the mid-market one.
Which is faster?
Azimo
Transfer times with Azimo vary depending on your location and your money’s destination. It will generally take one day to make a deposit from a UK bank account or two or more days from Europe and elsewhere. Credit card deposits are generally instant but will cost more.
Once Azimo receives your money, it may take several more days to arrive at its destination, but once again this can be almost instant if you go for a cash pickup.
TransferWise
TransferWise transfer times also vary based on location and situation, although it offers express options to speed things up, albeit at extra cost, and you can also pay with a credit card for an instant deposit. But once again, this costs more.
Winner: Azimo
Both will typically take several days with bank transfers, but by offering cash pickups in many locations, Azimo can send money faster than TransferWise can.
General features
| Payment methods | Receiving options | Maximum and minimum transfers | Transfer speeds | Currencies | |
|---|---|---|---|---|---|
| Azimo | Bank transfer, credit card, debit card | Bank account, cash pickup | Minimum: GBP£10 Maximum: GBP£250,000 |
1-2 days | 90+ |
| TransferWise | Bank transfer, credit card, debit card | Bank account | Minimum: $1 Maximum: $199,999 |
1-2 days | 30+ |
Azimo
To get started with Azimo you need to visit the website to create an account. You only need to provide some basic information if you’ll only be making smaller transfers. Once you’ve created an account, you can start sending money. You may be asked for more identification information if you’re planning on making larger transfers.
TransferWise
TransferWise requires you to create an account before you can use it. Once you have, you can start making transfers. You’ll need to provide some information about yourself before you can start using it for larger transfers.
Bottom line
Azimo has a lot of currencies and a lot of options, but TransferWise is hard to beat for sheer value for money. Plus, Azimo isn’t available in the US.
To get the best deal on your next transfer, compare other providers against Azimo and TransferWise to find one that fits your needs.
Looking for more options?
If you’re looking for more options, the table below can help. Just enter the details of your transfer, including the amounts and currencies, and it can show you how much it may cost with different services.
Disclaimer: Exchange rates change often. Confirm the total cost with the provider before transferring money.
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