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

atlantic.money

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

#61

Post by actuator »

jfk13 wrote: post #52
NiekvdMaas wrote: post #46

Revolut has the same currency pair sample on their website, and it's a few bucks cheaper: https://www.revolut.com/currencies

From the rates I'm seeing, it depends how much you're sending. Revolut has "no fee", but their rate is slightly lower. So for large transfers, the £3 fixed fee works out cheaper.

I tried the GBP-EUR pair and saw almost the same rates 1.199 on Revolut and 1.1993 on their site.

I guess, their service is cheaper if you are converting hundreds of thousands of dollars and more and can wait, but this would be few normal people.

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

#62

Post by wdaareg »

actuator wrote: post #54
NiekvdMaas wrote: post #46

Revolut has the same currency pair sample on their website, and it's a few bucks cheaper: https://www.revolut.com/currencies

Congratulations to the founding team on launching this but I have the same question. Revolut transfers are instant and have no forex fees if you are on their paid plans which include other features as well. If you transfer up to 1000 GBP, it is free without a paid plan. How do you plan on competing with them?

On their standard plan, with the first £1k you're not paying for currency conversion, but you're paying a fee for the "international payment". I think that's a 0.3% fee capped at £5, but for a £1k transfer, that's a £3 fee right there. You can see this in their fee structure.

https://www.revolut.com/legal/standard-fees ("A fee applies for international payments on our Standard and Plus plans")

https://assets.revolut.com/legal/terms/International_Payment...

If you're a die-hard Revolut user that subscribes for other reasons or do all your global banking with them, it's possible you'll end up with better overall economics with them. That segment of customers is fairly narrow and we're excited to offer everyone else a world-leading service.

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

#63

Post by thesimon »

jfk13 wrote: post #52
NiekvdMaas wrote: post #46

Revolut has the same currency pair sample on their website, and it's a few bucks cheaper: https://www.revolut.com/currencies

From the rates I'm seeing, it depends how much you're sending. Revolut has "no fee", but their rate is slightly lower. So for large transfers, the £3 fixed fee works out cheaper.

https://www.revolut.com/en-DE/money-transfers

Slightly better for bigger transfers if you don't get a Revolut subscription, that seems to be true.

£1000 to EUR

Atlantic: €1,195.77, Revolut: €1.198,50

£2000 to EUR

Atlantic: €2,395.14, Revolut: €2.391,02

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

#64

Post by actuator »

wdaareg wrote: post #50
NiekvdMaas wrote: post #46

Revolut has the same currency pair sample on their website, and it's a few bucks cheaper: https://www.revolut.com/currencies

Revolut has likely the most complex fee structure I've ever seen. I think their first 1k per month is free, but after that you get charged. They also charge additional fixed fees just for the international payment. Good luck! https://assets.revolut.com/legal/terms/International_Payment... https://www.revolut.com/en-GB/legal/standard-fees/

Revolut is a super app model and there are many reasons one might have the paid plan beyond the 1k forex limit like forex fees free debit card, free stock trading, crypto trading etc

> They also charge additional fixed fees just for the international payment.

This seems new. I have done international payments before and wasn't charged.

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

#65

Post by actuator »

wdaareg wrote: post #62
actuator wrote: post #54

Earlier quoted context omitted.

Congratulations to the founding team on launching this but I have the same question. Revolut transfers are instant and have no forex fees if you are on their paid plans which include other features as well. If you transfer up to 1000 GBP, it is free without a paid plan. How do you plan on competing with them?

On their standard plan, with the first £1k you're not paying for currency conversion, but you're paying a fee for the "international payment". I think that's a 0.3% fee capped at £5, but for a £1k transfer, that's a £3 fee right there. You can see this in their fee structure. https://www.revolut.com/legal/standard-fees ("A fee applies for international payments on our Standard and Plus plans") https://assets.revolut.…

> I think that's a 0.3% fee capped at £5, but for a £1k transfer, that's a £3 fee right there. You can see this in their fee structure.

Got it, this seems new and significant. I had transferred money to Germany before in January and it was free without a paid plan too.

This does add an edge to your product, if the person can wait. Best of luck with your product.

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

#66

Post by wdaareg »

3np wrote: post #60

Without having checked it out properly outside of the landing page, here's a brain-dump of things that competitors get wrong and you can improve by a lot: 1. Support self-custodied 2FA: TOTP/U2F. Do not require phone-number/SMS "for your own protection". 2. Be honest with your customers and users. Don't succumb to dark UX for the sake of control, engagement and growth. Allow setting separate notification settings for…

1. We follow a "trusted devices" model, where you 2FA using your phone number for the first login on a device. Future logins on that device aren't 2FA'd. I agree that using a code gen is a good improvement we can make over time. 2. Marketing opt-out is prominent in account settings. Any email that is very strictly not transactional is considered marketing by our team, and can be opted out of. Developing simple, focused products is core to our identity and we won't add irrelevant features that might upsell to 10% of customers. I assure you there won't be a "refer your friends" badge blinking on the home page of the app. 3. Unfortunately we're not on web yet - but we'd love to get there after iOS and Android. We hear from most people that iOS or Android are their preferred platforms, so we have to start there. 4. We share data as required to support financial transactions and other core parts of the business, but we do adhere to the GDPR. 5. I think VPNs are allowed - at least I don't think we block them in particular.

We're excited to bring a fresh perspective and better pricing to a landscape with a lot of providers doing approximately the same thing. We'd love for you to try out the app once it's available - if you decide to register on our site we'll be sure to keep you updated.

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

#67

Post by esperent »

wdaareg wrote: post #18
gorbypark wrote: post #15

Is this only for GBP into other currencies?I use Wise to transfer from my Canadian bank into my Spanish one, would Atlantic.money work for me? Most of the fees I pay are for my Canadian bank to get the money into the Wise system, but this still seems cheaper.

We're starting with GBP → 9 currencies but can't wait to add more corridors. Inbound EUR is next with more coming after. We're starting with a smaller set of currency corridors because we're building this network from scratch - that's why our fees are so low.

I'm not cranky but I do, with good reason, always assume that finance companies are trying to hide fees until it's very definitely proven otherwise. So here's a quick UI suggestion:

> × 1.199473 live rate

Turn the "live rate" into a link that shows where you get the live rate from.

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

#69

Post by carnitine »

dia80 wrote: post #56
dia80 wrote: post #51

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.

What do you mean flow info? Generally selling flow means letting market makers fill orders for a fee. How much is just the info worth, especially in FX?
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