Fintech startup Atlantic Money is expanding its international money transfer service to more markets and platforms. The company was originally in the UK, using his GBP as the base currency and on the recipient side he started using 9 different currencies.
Since then, the company has expanded and is now present in 29 European countries. Users can convert euros and transfer money to foreign bank accounts through Atlantic Money.
Where Atlantic Money stands out from its competitors is its focus on flat fees. The company typically does not add markup to exchange rates and charges £3 or €3 per transfer, whether you send €100, €5,000 or €500,000.
In addition to the new corridor, Atlantic Money will also launch an Android mobile app. Users can now initiate transfers from their web browser. The startup has previously raised funding from Ribbit Capital, Index Ventures, Kleiner Perkins, 20VC, Amplo and Elefund, and is regulated as a payment institution in Belgium and the UK.
Of course, there are some limitations when comparing products from well-known players like Wise. For example, you must manually transfer money to your Atlantic Money payment account. You can’t use debit cards, Apple Pay, or Google Pay.
Adding new recipients to your bank account is not easy, but it also reduces the number of intermediaries. But because of that, Atlantic Money is often cheaper than his Revolut, Wise, MoneyGram, Western Union, and existing bank accounts.
However, you may have already paid for Revolut’s premium subscription to unlock financial products and waive some fees. In that case, we recommend sticking with Revolut for international transfers. Similarly, you can rely on Wise to receive payments abroad using your Wise local account details. So it depends on your particular situation.
Also note that Atlantic Money charges an additional fee for fast transfers (0.1% of the transfer amount). On weekends, you can use Friday night’s exchange rate with a markup fee of 0.1%, or let Atlantic Money determine the next business day’s exchange rate.
For small transfers, variable fee services such as Wise and Revolut are cheaper than Atlantic Money. But if you want to transfer more than €1,000, Atlantic Money can be an interesting option. So let’s see if this startup can sustain such low transaction fees in the long run.
