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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

#71

Post by 3np »

wdaareg wrote: post #66
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, focus…

Thanks for following up! (BTW, double line breaks if you want to make a HN comment more readable, or double leading spaces for blockquotes)

> We follow a "trusted devices" model, where you 2FA using your phone number for the first login on a device

It sounds like associating and verifying a phone number is required to sign up and use the service - is this something you're open to changing?

> I assure you there won't be a "refer your friends" badge blinking on the home page of the app

That's great! And TBH I wouldn't mind terribly as long as it can be permanently disabled after a first view.

> We hear from most people that iOS or Android are their preferred platforms, so we have to start there

Understandable. At the very least it would be a huge boon if we can expect to run the Android app without hickups on a fully degoogled Android device (e.g. GrapheneOS).

Will keep an eye on how things develop :)

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

#72

Post by mcjiggerlog »

wdaareg wrote: post #31
beefield wrote: post #22

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.

Right this second it reports that transferring 10,000 GBP would give you 12,000.71 EUR vs the 11,949.73 EUR you would get by using Wise, which is probably the best known competitor. Seems pretty good to me!

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

#73

Post by fumblebee »

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

I used to use Wise exclusively but Revolut is now my go-to. I've found it to be consistently cheaper.

The atlantic.money option looks great for larger transfers, however - will definitely bookmark this for the future.

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

#74

Post by callamdelaney »

opportune wrote: post #27
londons_explore wrote: post #17

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

They don't offer leverage.. and if you actually have £1m cash are you really going to break your balls for a couple of Great British Pounds?

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

#75

Post by pkavanagh »

mcjiggerlog wrote: post #72
wdaareg wrote: post #31

Earlier quoted context omitted.

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.

Right this second it reports that transferring 10,000 GBP would give you 12,000.71 EUR vs the 11,949.73 EUR you would get by using Wise, which is probably the best known competitor. Seems pretty good to me!

Hi - other founder Patrick here, thank you for your interest and analysis.

It's worth noting that the rates you see on the pages often have a bit of delay - I believe both Wise and Atlantic would end up having very similar underlying FX rates, since there's no markup on either.

However, with Wise, the more you send, the more you pay in fees - so there's a break-even where it starts to become more economical to use Atlantic.

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

#76

Post by pkavanagh »

3np wrote: post #71
wdaareg wrote: post #66

Earlier quoted context omitted.

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, focus…

Thanks for following up! (BTW, double line breaks if you want to make a HN comment more readable, or double leading spaces for blockquotes) > We follow a "trusted devices" model, where you 2FA using your phone number for the first login on a device It sounds like associating and verifying a phone number is required to sign up and use the service - is this something you're open to changing? > I assure you there won't…

Hi, other founder here. Thank you for your feedback!

>It sounds like associating and verifying a phone number is required to sign up and use the service - is this something you're open to changing?

Are you looking for something like Authy or Google Authenticator here?

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

#77

Post by Youden »

"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 "the live rate". Wise shows "the live rate". Google shows "the live rate". Despite all of them showing "the live rate", all of them have subtly different prices because all of them are part of slightly different markets.

Claiming otherwise is a lie. It'd be more honest to say "we pass on the prices from our partners without markup" or something like that.

You should also make clear which rate you're talking about. The market has a spread, how do you handle it? Do you give clients the mid-price or do you just pass through the bid/ask?

The "Learn more" next to the rate info doesn't actually tell me anything more as well. I'd expect it to show me a page with more detailed information about your liquidity and how you determine the price. The box I already saw at the top of the page isn't "more".

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

#78

Post by pkavanagh »

fumblebee wrote: post #73
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

I used to use Wise exclusively but Revolut is now my go-to. I've found it to be consistently cheaper. The atlantic.money option looks great for larger transfers, however - will definitely bookmark this for the future.

Larger transfers is definitely where we hope to compete, thank you for your interest!

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

#79

Post by YetAnotherNick »

Youden wrote: post #77

"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 would be fine if the other side transfer rate is the same. 0.18% difference between exchanges could happen.

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

#80

Post by shafyy »

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/

Not if you have a paid account. I use it all the time to do international transfers between EUR (Germany) and CHF (Switzerland). And they also give you the interbank exchange rate (except on weekends when the markets are closed, they add a markup to cover their asses).
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