101–110 of 222 posts
This looks great. Any chance you can add transfers to India soon?
1. Needs comparisons against other players by size (as others on this thread are having to work out)
2. It seems better for larger size but that's where the user will start to question the service and trust comes into play i.e. do I trust it enough to warrant the saving of X. I think you need to work on this point via messaging in the design and site in general. For me I would stick with Wise for now.
Earlier quoted context omitted.
So I can shuffle $1M between £ and $, costing £6/hour, and earning guaranteed money whenever the rate moves by more than 0.00003 in a half hour period? Sounds open to abuse!
Why would that be guaranteed? Do you have a magic formula that tells you exactly what the exchange rate is going to do at any given moment? If so, can I see it?
If the rate moves in the opposite direction I cancel the trade and retry in half an hour.
Looks good but: 1. Needs comparisons against other players by size (as others on this thread are having to work out) 2. It seems better for larger size but that's where the user will start to question the service and trust comes into play i.e. do I trust it enough to warrant the saving of X. I think you need to work on this point via messaging in the design and site in general. For me I would stick with Wise for now.
"We always convert your money at the live rate: the rate on Google." But this is a lie - I checked. At time of writing, you claim 100k GBP is equal to 131390 USD, while Google claims it's 131620 USD, a difference of nearly $300! Even saying "the live rate" is a lie. There is no one "live rate" (and therefore no "the" live rate). The price depends on your liquidity providers. IBKR shows "the live rate". Revolut shows…
It is the avg. of the "live rate for buy" and the "live rate for sell"
This is what google shows
But every provider has a spread. As tiny as it might be
(Not to mention volatility, difference between exchanges, etc)
It's expensive for a reason... Technology, banking fees, compliance department, margin loans... I'd be interested to see your financial model!
Oh... You think selling the flow info of consumer FX will pay for all that.
Sorry, a bit cranky today. It very much looks like you are just hiding the markup on your fx rate, and not even letting people figure it out by showing your bid/ask.
We sure aren't! We're tired of seeing traditional players hiding fees in the rate - and we're not about it. Our rate is the interbank rate directly from the world's biggest exchanges. Customers really are paying just £3 to move any amount all the way up to £1 million.
I like the idea, dislike the TLD. Could be the most reliable and serious company, but I won't be using it with a .money TLD.
Earlier quoted context omitted.
So I can shuffle $1M between £ and $, costing £6/hour, and earning guaranteed money whenever the rate moves by more than 0.00003 in a half hour period? Sounds open to abuse!
It costs 6 quid to enter a reverse iron butterfly with like a 30m expiry on $1M of underlying. I don’t know enough about forex to determine whether that’s a reasonable premium, but it seems like a pretty good deal at its face
Oh - and it's £3.
My assumption of what you & Neeraj are doing based on your backgrounds: You've decided to build a smart order router for retail FX hence the slow transfers because you need to wait for the spot order to settle T+2.
Story at Wise Funnily enough Wise started in the early days with a fixed fee of £1!
Since all Wise did was match orders between customers so no money was actually moving borders hence no need for conversion or transfer fees etc.
But that fixed fee model was quickly scrapped when Wise started making the market between customers and improving the product experience by introducing rate locks (hedging costs), instant transfers (buffer costs) and actually started considering all the other cogs that go into making an international FX payment.
But there's one significant cost of high value transfers that's been a struggle for both Wise & Revolut to bring down even at scale:
The transaction monitoring, AML & support costs of high value transfers - a single high value transfer can easily cost £3 - £150 for all the due diligence needed to get it done.
If you're going to keep the product fixed fee - this is where you'll need to focus in terms of innovation.
The Story at Revolut Revolut has an Unlimited Zero Mark up FX with a single free SWIFT transfer (every additional international transfer is capped at £5) on the £6.99 premium plan.
But international payments is relatively a recent addition. The vast majority of the time when people are sending money to each other on Revolut, it's a Revolut-to-Revolut or Revolut to local own bank account payment.
Revolut's core strategy is to be the everywhere wallet so that when you're sending money to your family member in Romania from the UK - you just do it as a Revolut to Revolut payment which is bit different to the gap you're trying to fill.
And, there's very little interest at Rev to deal with high value transfers because the AML, transaction monitoring and support costs are too prohibitive when transfers between users are free or capped at £5 for SWIFT payments.
Is there a market for this product? A resounding YES.
This is something we realised at Wise - we weren't as competitive as we liked to be on high value transfers and even though they committed resources to improving this - in typical Wise fashion the progress is very slow.
Now I'm not convinced you'll stick at the £3 mark for long but there's definitely a large untapped market here.
I'm confident that you & Neeraj have what it takes to win in this market & will be rooting for you from the outside!
P.S. The app doesn't seem to be available in the UK app store?