Digital Money Transfer Company Azimo Gets License to Operate in the Netherlands

Digital Money Transfer azimo dutch license
~ Faisal Khan

The digital money transfer company, Azimo, has managed to secure a license from the Dutch central banks. After recently establishing an office in Amsterdam, the Fintech company applied for a license so it could continue to provide its services in the region.

This license will also allow Azimo to continue using its “Passporting” to operate and allow money transfers across Europe even in the event of Brexit. As mentioned in one of my videos:

Passporting is a mechanism by which a license which is covered in a specific geographic area is then extended out to other geographic areas.

What is Passporting

Watch below to understand what it means:

For a digital money transfer service like Azimo, “Passporting” is an extremely valuable method for them to provide services in Europe.

Read the complete news about Azimo here.

No Wire Transfer Fees for Businesses – Bill.com

~ Faisal Khan
Two people holding smartphone depicting wire transfer

The digital business payment leader, Bill.com, announced to eliminate wire transfer fees for businesses making payments in local currencies, using their international payments platform.

Small and mid-sized companies, can now save time as well as money with bill.com.The company offers a cost-effective way to pay international vendors. Unlike other international payment providers, bill.com offers complete control over transactions. Automated approval workflows and syncing transactions with leading accounting software, such as QuickBooks, Xero etc. are some of the prominent features offered by bill.com.

“If your business is global, your payment process should be as well. With Bill.com International Payments, we provide small and mid-size companies a simple, seamless, and cost-effective way to pay electronically all over the world, with just a few clicks.”

Yael Zheng, Chief Marketing Officer at Bill.com

Read More: Bill.com eliminates wire transfer fees for international payments

Money Wire Transfer Guidance for Security

~ Faisal Khan

Money wire transfer is a convenient and fast way of sending money to another person or business. The money is almost immediately moved from the sender’s bank account to the receiver’s account and they are able to withdraw or use it as soon as they like.

Wire transfer is used to refer to any method that involves paying through electronic means instead of through paper checks or cash. It could mean an ACH payment, a direct bank to bank transfer through your banking service or even a transfer using a money transfer company like PayPal or Western Union.

However, money wire transfers have also been used by scammers and con artists to get unsuspecting people to transfer money to them. This is also done through phishing attacks where the victim clicks, what appears to be, a simple link.

Here is more about how to avoid getting scammed into money wire transfers of huge amounts to thieves.