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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

#141

Post by briodf »

Great to see more and more competition in the money transfer space, congrats on the launch.

Here's a little comparison by amount received (incl. all fees) with the cheapest provider found on Monito.com (comparison site I co-founded) vs Atlantic Money:

Sending £1000 to:

- EUR: €1,199 vs €1,196.83

- CAD: CA$1,693 vs CA$1,686

- PLN: zł5,737 vs zł5,826.58

- USD: $1,311 vs $1,310

As we can see, the competition on pricing for popular routes will be quite intense! Do you plan on mainly focusing on customers who need to send larger amounts? Or are you planning on developing other differentiators (New routes, customers service, user experience etc...))

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

#142

Post by kasey_junk »

pkavanagh wrote: post #88
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…

Hi and thanks for your interest! We use the interbank rate from global exchanges. Both being from fintech, we are aware that it is easy to mislead (and to be misled) in money transfer and its a reason why we built this product in the first place. We have worked hard not to have any middle-men that mark up rates in our liquidity provision, and are quite certain that our rates are fair and extremely competitive. I do t…

What global exchanges? FX is all OTC.

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

#143

Post by blunte »

YYYdoIdoit wrote: post #97
evgen wrote: post #83

Not sure who told you that you could get away without having a cookie opt-out option, but even in post-Brexit UK you still need this. Having the alternative to 'accept all our tracking' be a 'learn more' that just goes to a document is bullshit.

> without having a cookie opt-out option A financial company playing fast and loose with the law, and especially data protection law, does not bode well. One to avoid methinks.

> A financial company playing fast and loose with the law

That escalated quickly.

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

#144

Post by wil421 »

williamtwild wrote: post #135
pkavanagh wrote: post #100

Earlier quoted context omitted.

Thanks for flagging, have shared the feedback with the team.

How did you not know this? Makes me think you missed a lot more behind the scenes.

No one is perfect my friend. A user pointed out a potential issue in the UK with cookies and a person from the company responded saying they’ve made a team aware.

What else would you expect? The amount of flack people get they post a Show HN is getting out of control.

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

#145

Post by bitcoinmonger2 »

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.

My thoughts exactly.

Amazing that you can send almost any amount you want (up to £1 million) to another county and that it can arrive in just a matter of days.

Plus there is the added benefit that sanctions and restrictions for specific countries/individuals can be imposed when neccessary to prevent war.

This blows blockchain out of the water.

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

#146

Post by blunte »

mfrommil wrote: post #133

Great to see more competition in this space. Would be nice to see currency pairs not currently supported by other services (like wise, etc.) If I was going to transfer 4 or 5 digits of $$, even if I save a couple bucks of fees, I would choose the more trustworthy option (e.g. Wise has thousands of reviews across websites, social media, etc.), even if it means an extra bit in fees. But if you can support currency pair…

> I would choose the more trustworthy option

Gotta start somewhere. They can't have a track record until they have some history.

The low flat transfer price will make them more attractive than Wise, so that should help them get some following (and reviews).

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

#148

Post by agd »

pkavanagh wrote: post #100
evgen wrote: post #83

Not sure who told you that you could get away without having a cookie opt-out option, but even in post-Brexit UK you still need this. Having the alternative to 'accept all our tracking' be a 'learn more' that just goes to a document is bullshit.

Thanks for flagging, have shared the feedback with the team.

For me, this isn’t an issue of feedback, it’s an issue of culture. Does the company do the right thing?

Wise does this properly which makes me trust them straight away.

Edit. Don’t want to come off too harsh, just saying the cookie approach doesn’t help me trust the company compared to the main competitor.

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

#149

Post by blunte »

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.

> Another example why we don't need blockchain to do fast and cheap international transfers.

This transfer may take days, as they say on their website. Even slow bitcoin takes only 10ish minutes, or 60 minutes if you want to be safe. More modern blockchains can take seconds.

That doesn't mean blockchain is always the answer, but you're comparing apples and oranges.

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