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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

#111

Post by zhte415 »

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…

This is a good list. Point 3 alone would net a lot of customers alone, be it banking or other.

A lot of people, in the tens to hundreds of millions, not through choice of not wanting to use Google Play Services (or knowing what it is) cannot access Play Services on their locally purchased / locked device.

These people are largely outside North America / Western Europe, potential customers for whom a service such as that of OP may be very attractive.

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

#112

Post by monkeydust »

pkavanagh wrote: post #104
monkeydust wrote: post #102

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.

Thank you - we'll look to include the table more prominently. Our feature in Sifted today does include a comparison table that shows the difference in fees: https://sifted.eu/articles/atlantic-money-transfer/

Any table should show all fees so I send X, recipient gets Y as most people now get lower upfront fees can be offset by wider bid/offers.

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

#113

Post by danielovichdk »

I guess you need to have a banking license for doig this sort of business ?

And then you can leverage the international bank network, swift being one, and set a fixed price fee, because in reality the fee is actually much lower than 3GBP.

As long as your conversion rates stick then this should be a good business.

Good job

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

#114

Post by abofh »

actuator wrote: post #64
wdaareg wrote: post #50

Earlier quoted context omitted.

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.

Those fees have been there for a while, but for the most part, they only apply to "weird" transfers - particularly uncommon currencies, or landing "foreign" currency in a new country. If you pay dollars to the US, euros to Europe and so on, you typically don't hit them.

I have interests in three currencies, and revolut has been a godsend compared to Wise and direct bank transfer fees.

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

#115

Post by ttoinou »

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…

That's because the law of one price is purely theoretical and never applies in real life https://en.wikipedia.org/wiki/Law_of_one_price

There is no such thing as a "live rate" or "market price"

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

#116

Post by shafyy »

pkavanagh wrote: post #94
shafyy wrote: post #86

Looks great. Another example why we don't need blockchain to do fast and cheap international transfers. And before you tell me that this doesn't cover all currencies and countries: Ok, but it just shows that this is not technology problem (i.e. can be done with existing and better tech than blockchain), but a business model / regulation problem.

Thank you! We definitely are open to using Crypto in the future, but it just didn't seem to make sense to get people the best possible rate today.

Please, don't use crypto. At least not as long as it has all the negative externalities it has today, like fucking up the environment and enabling scammers and fraudsters.

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

#117

Post by abofh »

dewey wrote: post #91
Bellamy wrote: post #70

Earlier quoted context omitted.

https://www.quora.com/TranferWise-lost-my-2300-transfer-what...

Some thread on Quora from a year ago with 5 replies is definitely a good data point.

Fair - but having soured on wise myself, the warning signs are there: https://www.trustpilot.com/review/wise.com?stars=1

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

#119

Post by donalhunt »

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.

Interested to see USD -> EUR. Bonus points if you launch fees in EUR too.

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

#120

Post by donalhunt »

wdaareg wrote: post #10
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 :)

Abuse and AML activity / mitigation are likely to be growing costs over time though right?
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