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.
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.