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

atlantic.money

121–130 of 222 posts

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

#121
post #90

Earlier quoted context omitted.

> Are you looking for something like Authy or Google Authenticator here? Precisely! Both are implementations of TOTP[0] - it's a simple protocol which doesn't rely on any particular implementation. The other common one with that same characteristic would be Fido U2F[1] (for hardware keys such as Yubikey and Google Titan). If/when you do implement it, make sure to support adding more than one token to facilitate users…

Cool, we should be able to do this. Thank you for your feedback.

In addition, for regular users, consider providing free or subsidised hardware keys (yubikey, Google titan).

While many will raise concern with the UX of having to carry around hardware, in the fintech world I think it's a good tradeoff and raises the bar for the industry (I always shudder when I see "we use industry-standard protection"). :)

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

#122

Earlier quoted context omitted.

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

0.18% difference for USD to GBP sounds like a lot.

That is about 24 pips, if you can find that price difference on exchanges it'd be arbitraged for sure.

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

#123
post #116

Earlier quoted context omitted.

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.

Seems like adding cryptocurrency support wouldn't disable the functionality of sending other currencies, it would be an additional feature so you're not really forced to use it.

What if they just support cryptocurrencies that are "environment friendly", would that change your mind about that point?

Money will always enable scammers and fraudsters, there is simply no way around that. Every single network that handles money (including Visa), enables scammers and fraudsters, even more so than cryptocurrencies.

Based on your last point, I feel like the environment point you raise is just trying to add more juice to your argument while in reality, your argument is mostly based on not liking cryptocurrencies emotionally.

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

#124
post #99

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.

Looking into the .money GTLD more, it seems Donuts (Outer McCook LLC, based in the US) is the owner of it, which seems to have been solely created just to own various GTLD. They currently have the largest portfolio of GTLDs (242) which seems to continue to expand.

Not sure how I feel about one company sweeping up so many GTLDs, but that's beside the point. The business seems serious, so not sure what you have against the .money GTLD? Is it a principle thing or something else?

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

#125
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…

The important thing here is: the live rate is not the live rate 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)

Google shows the last price which an asset was traded for.

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

#127
post #36

Can you transfer TO the UK? Specifically from Spain and Qatar? I'm literally about to send a huge amount of money home, and it boils me up how much even the reputable money transfer companies take from you on the exchange. It seems scandalous how much money they take for something which is surely, almost entirely automated.

We're starting with offering services to residents of the UK sending GBP outbound to 9 currencies. We're actively working on our EU license, which will allow residents of UK or EU residence to send GBP or EUR to the currencies we support. We're starting with a particular set of currencies as we're building our network from scratch - it's why our fees are so low!

This may be offtopic so feel free to ignore but:

When you say "working on your EU license" is this something that is an extra steo due to Brexit that would have been automatic before? (i.e. you would only need one license for UK and EU)

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

#128
A clever solution, nice work. That said, I'm very curious about your long term view on this model as a differentiator. My understanding is that Wise fees are essentially a pass through to customers, so your differentiator is that you've chosen "slow and cheap" over "fast but costly"... but if you validate that there's a market for "slow and cheap" alongside "fast but costly" won't Wise (and others) introduce the "slow and cheap" option because you'll threaten their place in the market as you also offer "fast but costly"? The profitability of Wise is not predicated on "fast but costly".

I am not a fan of "...but what if you're copied..." argument against the viability of a business, because often the easy-to-copy outward expression of a business is only possible because of difficult-to-copy underlying business strategies. However, in this case, Wise do share the same underlying business strategies as Atlantic (that is, transact efficiently and take a small fee) so the only differentiator (as far as I know) is the product decision to offer cheap + slow (and therefore be able to transact even more efficiently).

There's lots of room for different players in the space and so "there's room for us alongside Wise" is a very valid answer, I am guessing there's a different answer though, so I'd love to understand what you imagine the future to be: maybe you have some insight into why, actually, there are operational complexities that mean Wise aren't going to ever offer this service in the same way.

Thanks!

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

#129

As usual lots of nitpicking naysayers on here. If what you say remains true then kudos, great job and good luck!

Hello, nitpickers. Please keep up the good work.

Hopefully all the questions end up on an faq on their site (with links and credits). As a frequent money-mover, i enjoy disruptors in the market...but if basic questions have still to be asked, and answered, then its only thanks to naysayers that there is any chance of transparency and clarity.

"If what you say remains true....."? Escape clause in the tos and eula, much?

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

#130
It looks like this is for people transferring money from the UK to other countries. But you are not using a .co.uk domain and it doesn't say so on the first page of your website. I have to guess that you only to transfers from the UK from the £3 price tag.
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