Azimo, the online money transfer service, announced that customers can now send money to Lithuania for a flat fee of just £1 for any amount.
The new service comes ahead of Lithuania’s scheduled adoption of the Euro on 1 January 2015. Azimo already charges a flat £1 fee to the Eurozone, meaning that the estimated 100,000 Lithuanians living in the UK will never again be hit with high fees on their money transfers.
According to the World Bank, Lithuanians living abroad sent US$1.387 billion back home in 2012, with over $200m being sent from the UK alone. Azimo’s new service means these hard-working migrants can now send money home to support their loved ones at a lower cost than ever before.
Azimo provides a fast, safe, easy and low-cost way to transfer money across borders, offering rates up to 85 per cent cheaper than high street banks and traditional money transfer providers.
The Azimo service is available across the Eurozone, including UK, Ireland and Germany to any bank account in Lithuania. In addition to the low-cost service, Azimo also offers a market beating exchange rate of £1 = 4.3143 LTL, meaning customers get to keep more of their hard-earned money.
Michael Kent, CEO of Azimo said “We set up Azimo to use digital technology to lower the cost of sending money abroad. We are delighted to be able to offer this new service to our Lithuanian customers. We know they are one of the most entrepreneurial and hard-working communities living in Britain and our new service will allow us to help these customers hold-on to more of their hard-earned cash”.