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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

#201

Post by IshKebab »

InCityDreams wrote: post #129
jack_riminton wrote: post #37

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, muc…

Don't keep up the bad work nitpickers. There's a big difference between asking questions in good faith because you want to know the answer, and naysaying because you want to feel like you know better.

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

#202

Post by shafyy »

chockchocschoir wrote: post #123
shafyy wrote: post #116

Earlier quoted context omitted.

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…

> 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.

I don't like cryptos because of their negative externalities, not the other way round :-)

As long as the majority of crypto transactions have these negative externalities, any action that promotes crypto is bad. As software engineers, you should already know that blockchain tech is inferior to existing technologies, and that it won't be relevant in the long-term. So why help promote cryptos now?

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

#203

Post by mritchie712 »

briodf wrote: post #141

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…

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

Who is the alternative in this case? So Atlantic is saving me $1?

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

#204

Post by wdaareg »

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.

Customers are opted out by default - opting in is optional. Although I agree it would be nice to have a mechanism to hide the cookie banner. Something we should look into adding.

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

#205

Post by wdaareg »

dgellow wrote: post #126

> We were stunned at the fees it was costing us to move money across borders with existing fintech solutions Isn’t TransferWise already pretty cheap?

Not relative to our pricing! For a £5k transfer we're charging 83% less than Wise. I'm certainly happy to pay 83% less for substantially the same service :)

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

#206

Post by wdaareg »

donalhunt wrote: post #120
wdaareg wrote: post #10

Earlier quoted context omitted.

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?

These are mostly unit costs, and they're factored into our model

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

#207

Post by wdaareg »

rurounijones wrote: post #127
wdaareg wrote: post #36

Earlier quoted context omitted.

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)

What you're saying is generally correct

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

#208

Post by wdaareg »

zajio1am wrote: post #164

Is this really that unusual? Bank i use offers international payments for fixed fee (~8 EUR) for many years.

This is a great question and we see it a lot. Really, it highlights just how opaque FX fees are in the industry, particularly with large institutions.

It's important to notice that we're the only product that combines a fixed fee and zero FX markup. Banks are charging you a fixed fee, but marking up the FX rate by 1-3% typically. So you're actually paying 8 EUR explicitly + 1-3% hidden fee which, in total, is a (very high!) variable fee.

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

#210

Post by wdaareg »

asb wrote: post #138

Do you have any plans to offer EUR => GBP?

We sure do! We're actively working on our EU license and that will enable inbound EUR payments for UK residents, plus EU residents will be able to use the service. We can't wait to expand further.
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