Would You Send Money Overseas with Facebook?

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We support reforms to the financial marketplace that protect consumers from unscrupulous banks and lenders.

By Consumers Union on Friday, March 1st, 2013

In its quest for world domination (or something like it), Facebook recently announced yet another new service – this time they are partnering with Azimo, a UK-based startup company, to provide international money transfers.

Facebook users will now be able to transfer money directly to friends almost anywhere in the world via a new online app developed by Azimo, using their Facebook login.  The sender invites their intended recipient to sign up to Azimo via an automatically sent Facebook message. The recipient then logs into Azimo’s Facebook app and fills out their details, including where they want the money sent to, which could be one of the 150,000 payout desks in the 125 countries supported, a mobile phone ‘top up’, or a bank account.

Of course, the companies claim that your privacy will be protected and the risk of fraud is low.  But would you feel comfortable sending money through Facebook?  Let us know: share your story

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