Now you can use Facebook for international currency transfers

Michael Kent, founder of Azimo, said: ?Unlike other areas of financial services, social media is very applicable to remittances. With more than a billion people around the world using Facebook to keep in touch with friends and family, it seems only natural it should become a channel for sending money."

This can make a huge dent in your wallet if you are regularly transferring money back to your home country.

Azimo says it can undercut high street banks by up to 85 per cent and normally makes the transfer within 24 hours, as opposed to the typical five-day wait.

Michael Kent added: ?It?s cheap because it?s online. The main part is having low overheads and fewer people in the value chain.?

All you need to do is log into Azimo via Facebook so no new password is needed, although you can set up a separate password if you are worried about security.

You then select which Facebook friend you want to send money to and invite them to enter their preferred payment details so you send the money to the account that suits them.

High street banks are notorious for the high fees they charge customers to make international money transfers. For example, HSBC charges up to ?30 for a customer who wants to send money from their account to another person?s HSBC account overseas.

International transfers are becoming more popular as increasing numbers of Brits buy second homes overseas and need to make regular mortgage repayments or to send rental income back to a UK account.

Source: http://telegraph.feedsportal.com/c/32726/f/569033/s/288ef03e/l/0L0Stelegraph0O0Cfinance0Cpersonalfinance0Cexpat0Emoney0C98671790CNow0Eyou0Ecan0Euse0EFacebook0Efor0Einternational0Ecurrency0Etransfers0Bhtml/story01.htm

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