What's the fee for currency conversion or if you don't charge one what are your exchange rates?
Flat fixed fee and the current exchange rate. Compare against Wise for better understanding: https://atlantic.money/wise
Show HN: 99% cheaper international business transfers – fixed fee, real rate
61–70 of 77 posts
Re: Show HN: 99% cheaper international business transfers – fixed fee, real rate
#62Congratulations Patrick and Neeraj on launch!
thanks!
Re: Show HN: 99% cheaper international business transfers – fixed fee, real rate
#63Earlier quoted context omitted.
Because there is - potentially - a lot of money involved and I like to do that sort of thing on an environment that I control. No smartphone here so the web is all I have. Money transmitters are operating in a heavily regulated domain and KYC/AML requirements are going to dominate the discussion, any operator that wishes to be taken serious should list up front what they are going to require and why as well as to sta…
When you change an entire sector, it is always met with a lot of scepticism at first. But 99% is nothing but the truth, especially since Wise and Revolut increased their prices for biz transfers. Check out our Wise comparison we created to demonstrate the difference: https://atlantic.money/wise Further, we are profitable on every transfer with Atlantic Money. Our whole infrastructure is built on a different concept,…
You really should be more transparent about who you are and how you make money, comments with figures by anonymous accounts carry zero weight. The payment industry history is littered with corpses from companies that attempted to 'change the entire sector' not a few of those went the way of the dodo while still holding customer funds. When large amounts of money are involved a lot of skepticism is very much warranted, especially when a 'Show HN' is used by an anonymous account for what is essentially an advertisement.
Re: Show HN: 99% cheaper international business transfers – fixed fee, real rate
#64That 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
Fraud. What if you are required to return the inward deposit but cannot obtain the corresponding outward transaction. Or you can but lose money on the rate.
Bank transfers being reversible is the reason for the difficulty buying crypto at least years ago, maybe it is easier now.
FX services in my experience have a lot of staff and ask a lot of questions even for established accounts. Also the banks ask a lot of questions (although that is to the benefit of the FX service reducing the likelihood of fraud hitting the FX)
Re: Show HN: 99% cheaper international business transfers – fixed fee, real rate
#65>at the current exchange rate Which one exactly?
There is not "the one" exchange rate. But ours matches with Google or Wise and we never make any hidden profit on it.
Compare for yourself: https://atlantic.money/wise
Re: Show HN: 99% cheaper international business transfers – fixed fee, real rate
#66Is there an option sending without exchange?
We don't do same currency transfers.
Re: Show HN: 99% cheaper international business transfers – fixed fee, real rate
#67Is this just for sending money, or can I receive money as well? (I have a company in Sweden and sometimes do some work for a US company. They pay me / my company in US dollars, currently through Wise.)
We don't offer USD pay-ins atm but we are working on them.
Re: Show HN: 99% cheaper international business transfers – fixed fee, real rate
#68Earlier quoted context omitted.
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.
"I am suspicious of it because (it was touted [the information was presented as if it was a good thing] to me as made by Russians but since I'm one it had the opposite effect)"
Re: Show HN: 99% cheaper international business transfers – fixed fee, real rate
#69Earlier quoted context omitted.
> 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.
"I am suspicious of it because (it was touted [the information was presented as if it was a good thing] to me as made by Russians but since I'm one it had the opposite effect)"
No, the information was that it was "made by Russians" - quotations normally used to denote literal citation.
Re: Show HN: 99% cheaper international business transfers – fixed fee, real rate
#70To answer your question, I’m waiting for you to enable the service outside of Europe. Also I wonder if your service works well with businesses sending several millions per month or the KYC nightmare will start then. It’s unfortunate how banks never want to support big businesses sending big transactions around the world