Customers will now be able to send money from 24 countries in Europe to individual bank accounts in China, delivered in local currency. With 99% coverage of bank accounts in China, low rates and fast delivery times, Azimo’s service is now superior to any other provider in the market.

With £4.1 billion (US$5.6 billion) transferred to China from Europe each year, Azimo’s online service will cut the cost of sending money by around 50%, meaning the typical customer will save around £10 on every transfer.

“Two million Chinese citizens currently live in Europe, transferring £80 million (US$110 million) home each week,” said Michael Kent, CEO at Azimo. “For those living away from family and friends, being able to send money home is hugely important. Our customers have used Azimo to send millions of dollars to China already. Now their transfers will arrive directly into their recipients’ bank accounts in local currency, without wasting their money on expensive fees.”

The expansion follows Azimo’s recent launch of fast weekend transfers to a number of countries including Nigeria, the Philippines, Bangladesh and Colombia, allowing money transfers to reach recipients in less than an hour even at weekends.

Kent commented: “Azimo already helps people send money to more than 190 countries - and this improved service to China enables our customers to pay directly into bank accounts in local currency in this critical market.

“By 2030, China is forecast to become the world’s largest economy, and so it’s also vitally important that European businesses are able to make payments there easily.”