Azimo, a digital money transfer service, announced the launch of an instant transfer service to Turkey. The functionality is available through a partnership with Single payment, one of the leading payment service providers in Turkey.
The new service will allow Azimo customers living in the UK, Europe, Canada and Australia to send money to Turkey in seconds. Azimo states that weekdays transfers sent before 3:00 p.m. GMT will be delivered instantly. Weekend or evening transfers will be delivered the next business day.
According to Azimo, Turkey received $ 1 billion in remittances worldwide in 2020, 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 commission is around 2%.
Dora Ziambra, Azimo COO, says that with a diaspora of almost 7 million people, Turkey is a fantastic market for remittance providers.
“So it’s astonishing that Turkish remittances have been slow and expensive for so long. Azimo is making instant transfers the standard for the cross-border payments industry – and this service is the final stop on that journey.
İlker Sözdinler, CEO of United Payment, says he has taken another important step to become one of the most comprehensive cross-border payment service providers:
“By supporting cross-border payment solutions with our infrastructure, we deliver speed as a brand promise. Through this partnership, people will have a quick alternative for cross-border transactions to Turkey rather than the old conventional ways. “