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Show HN: 99% cheaper international business transfers – fixed fee, real rate

atlantic.money

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Re: Show HN: 99% cheaper international business transfers – fixed fee, real rate

#31

Post by dist-epoch »

iterminate wrote: post #29

My company pays Wise around £100/month in transfer fees so reducing that to £3/month piques my interest but the headache I would experience if anything went wrong would cost me a lot more than £97. My worst nightmare when using a new financial platform is that I get caught up in some KYC nightmare after transferring money and it is stuck in purgatory forever. The website doesn't include anything to reassure me that t…

Its £3 per transfer, not per month:

https://support.atlantic.money/en/support/solutions/articles...

Re: Show HN: 99% cheaper international business transfers – fixed fee, real rate

#32

Post by iterminate »

dist-epoch wrote: post #31
iterminate wrote: post #29

My company pays Wise around £100/month in transfer fees so reducing that to £3/month piques my interest but the headache I would experience if anything went wrong would cost me a lot more than £97. My worst nightmare when using a new financial platform is that I get caught up in some KYC nightmare after transferring money and it is stuck in purgatory forever. The website doesn't include anything to reassure me that t…

Its £3 per transfer, not per month: https://support.atlantic.money/en/support/solutions/articles...

Sorry, poor phrasing on my part. I typically make 1 monthly transfer which costs me about £100 with Wise and would cost me £3 with Atlantic Money.

Re: Show HN: 99% cheaper international business transfers – fixed fee, real rate

#33

Post by pxmpxm »

pclmulqdq wrote: post #26
pxmpxm wrote: post #13

Earlier quoted context omitted.

First thing that came to my mind - gonna get sued/shutdown by DOJ for ignoring KYC/AML stuff like every crypto thing that claimed the same.

There's probably a good reason they aren't operating in the US.

EU has nearly identical KYC and AML requirements...

Re: Show HN: 99% cheaper international business transfers – fixed fee, real rate

#35

Post by closewith »

cjalmeida wrote: post #12
quickthrower2 wrote: post #4

That sounds too cheap, in the sense you wont have money to handle things going wrong or KYC stuff etc.

Assuming transfers only between bank accounts, so sending/receiving institution done the KYC, fully electronic transactions, and contract non-repudiation, very little can go wrong

Famous last words.

Re: Show HN: 99% cheaper international business transfers – fixed fee, real rate

#36

Post by throwaway290 »

dist-epoch wrote: post #28
ritzaco wrote: post #14

I've been using Wise for years and am generally happy with them, but always keeping an eye out for alternatives. Why I didn't find this convincing - Have to download app - wise lets me use a website too, and generally I want to do business banking from my laptop, not my phone - No actual price comparisons and 99% seems unlikely. Wise also gives me the 'google exchange rate'. If you are actually cheaper, then I would…

Revolut is a bit cheaper than Wise for FX changes.

Revolut seems to act like a bank but is it regulated as a proper bank? I am suspicious of it because it was touted to me as "made by Russians" but since I'm one it had the opposite effect.

But anyway I don't think you can sign up for Revolut without a proper bank account and residence in one of eligible countries while Wise can charge even a debit card. Limits and slightly higher fees apply and they require ID verification but it works. I had to do it while unbanked.

Re: Show HN: 99% cheaper international business transfers – fixed fee, real rate

#37

Post by sokoloff »

99% cheaper is probably much more of a turn-off to possible customers than an appealing feature.

50% cheaper is something that I'd look into. 99% cheaper feels like this is going to one or more of: a scam, a fly-by-night operation [unable to afford good customer service, etc], hidden exchange fees [giving me a terrible rate and telling me that's not the case], a planned bait-and-switch, and/or an unsustainable business that will evaporate after I switch to them.

Price and fees matter. But driving them down too low and leading with that as your pitch makes your best potential customers skeptical (and hurts your own ability to build a sustainable business).

Re: Show HN: 99% cheaper international business transfers – fixed fee, real rate

#38

Post by sschueller »

dist-epoch wrote: post #28
ritzaco wrote: post #14

I've been using Wise for years and am generally happy with them, but always keeping an eye out for alternatives. Why I didn't find this convincing - Have to download app - wise lets me use a website too, and generally I want to do business banking from my laptop, not my phone - No actual price comparisons and 99% seems unlikely. Wise also gives me the 'google exchange rate'. If you are actually cheaper, then I would…

Revolut is a bit cheaper than Wise for FX changes.

I'd rather pay the higher fees than give any money to a company that treats it employees the way Revolut does. The CEO and his company culture is not sustainable and I would not be surprised in the future when some scandal comes out.

Re: Show HN: 99% cheaper international business transfers – fixed fee, real rate

#39

Post by hankchinaski »

looks great but when i see low prices to catch users, i always think of when services start with subsidised rates, rack in users, and then they do bait-and-switch to boost their margins later down the line. Wise/Revolut are clear examples. Start cheap/free to get users, then once they get traction start slowing increasing rates to improve margins/profitability. So great if you really have an operational model that allows you to grow and stay profitable keeping that fixed fee, but i doubt it will. I think if you explain why your product is cheaper and why you can keep it cheaper sustainably compared to competitors then I would believe it

Re: Show HN: 99% cheaper international business transfers – fixed fee, real rate

#40

Post by sdfghswe »

throwaway290 wrote: post #36
dist-epoch wrote: post #28

Earlier quoted context omitted.

Revolut is a bit cheaper than Wise for FX changes.

Revolut seems to act like a bank but is it regulated as a proper bank? I am suspicious of it because it was touted to me as "made by Russians" but since I'm one it had the opposite effect. But anyway I don't think you can sign up for Revolut without a proper bank account and residence in one of eligible countries while Wise can charge even a debit card. Limits and slightly higher fees apply and they require ID verifi…

> I am suspicious of it because it was touted to me as "made by Russians" but since I'm one it had the opposite effect.

You're suspicious but it had the opposite effect? Sounds like you're trying to deliver a talking point and got confused half way thru.

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