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Show HN: World’s first £3 flat fee (0% FX markup) money transfer service

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Show HN: World’s first £3 flat fee (0% FX markup) money transfer service

#1

Post by wdaareg »

Good morning everyone! My co-founder and I recently moved to the UK after working at Robinhood for over 5 years. We were stunned at the fees it was costing us to move money across borders with existing fintech solutions, so we decided to start Atlantic Money - the world’s first fixed fee (with no FX markup) money transfer product. For £3 you can transfer up to £1M. Let us know if you have any questions!

Show HN: World’s first £3 flat fee (0% FX markup) money transfer service
atlantic.money

Re: Show HN: World’s first £3 flat fee (0% FX markup) money transfer service

#3

Post by sparsely »

I did a quick comparison with Wise (previously TransferWise)

This is cheaper for GBP->EUR transactions over £800, but a lot slower (arrives "Friday" instead of within 5 hours. In practice I've found that Wise transfers are normally nearly instant). It's quite substantially cheaper for large transfers (e.g. about £2000 for transfering near their max) and possibly faster. I can't tell if you can lock in a rate like with Wise.

Re: Show HN: World’s first £3 flat fee (0% FX markup) money transfer service

#6

Post by thaumasiotes »

> World’s first £3 flat fee (0% FX markup) money transfer service

You know, I have a Capital One bank account that I opened because it advertised no foreign transaction fees.

And yet whenever I make a foreign transaction on the debit card, I pay 1% more in dollars than I get in FX. That 1% number is eerily consistent.

I still use it. 1% is a reasonable fee. But I'd be a lot happier if they admitted they were charging it. It takes a lot of effort to tell the difference between "ZERO foreign transaction fee! (but your prices are 1% higher than they should be)" and "ZERO foreign transaction fee! (but your prices are 8% higher than they should be)".

Re: Show HN: World’s first £3 flat fee (0% FX markup) money transfer service

#7

Post by wdaareg »

sparsely wrote: post #3

I did a quick comparison with Wise (previously TransferWise) This is cheaper for GBP->EUR transactions over £800, but a lot slower (arrives "Friday" instead of within 5 hours. In practice I've found that Wise transfers are normally nearly instant). It's quite substantially cheaper for large transfers (e.g. about £2000 for transfering near their max) and possibly faster. I can't tell if you can lock in a rate like wit…

We also support instant transfers into EUR - but transferring money across borders instantly requires capital buffer to be held somewhere, which is a true variable cost that the business can't cover with a fixed fee. So there's an additional 0.05% fee for instant transfers. With Wise you're effectively forced to pay that fee. With us, you just pay if you need the urgency, which people don't always need.

Re: Show HN: World’s first £3 flat fee (0% FX markup) money transfer service

#9

Post by TedDoesntTalk »

sparsely wrote: post #3

I did a quick comparison with Wise (previously TransferWise) This is cheaper for GBP->EUR transactions over £800, but a lot slower (arrives "Friday" instead of within 5 hours. In practice I've found that Wise transfers are normally nearly instant). It's quite substantially cheaper for large transfers (e.g. about £2000 for transfering near their max) and possibly faster. I can't tell if you can lock in a rate like wit…

I’ve never had a wise transfer complete in anything like 5 hours. I’ve done dozens to Russia.

Re: Show HN: World’s first £3 flat fee (0% FX markup) money transfer service

#10

Post by wdaareg »

amir734jj wrote: post #4

I am worried the 3-euro flat rate is sustainable in the long run. I regularly send money with MoneyGram to family overseas in Armenia and I see that there is a lot of things happening behind the scenes for each transaction.

We've set up extremely efficient bank transfer and currency conversion infrastructure and we're profitable on every transfer, so i can assure you it's sustainable :)
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