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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

#161

Post by aorth »

pkavanagh wrote: post #94
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.

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.

Cool service. Good luck!

I agree with other commenters: stay away from cryptocurrencies. Aside from the negative environmental externalities, there are, in practice, very few legitimate uses for them. Your supporting them might bring undue shady business that could jeopardize the service. Also, cryptocurrencies are just really stupid.

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

#162

Post by avs733 »

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.

on the other hand, an internet company playing fast and loose with EU cookie opt-outs seems so par for the course that I would take it as more suspicious if they were not?

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

#163

Post by NovemberWhiskey »

ttoinou wrote: post #115
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…

That's because the law of one price is purely theoretical and never applies in real life https://en.wikipedia.org/wiki/Law_of_one_price There is no such thing as a "live rate" or "market price"

OK, sure, but you can look at bid/offer spreads across different market makers to get some sense of how liquid and efficient the overall market is. For GBP/USD, spreads are measured in small numbers of tenths of a penny.

Forex is essentially the largest, most liquid market there is.

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

#165

Post by tecc501 »

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…

Hi Pkavanagh and thanks for replying to comments in this thread - 3 GDP fee on up to 1M transfer - are you able to disclose more of the business model here?

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

#166

Post by IanCal »

wil421 wrote: post #144
williamtwild wrote: post #135

Earlier quoted context omitted.

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.

It's not "a potential issue in the UK" it's an issue across the EU - they were pointing out it's also an issue in the UK even though we've left the EU.

GDPR is not a new or surprising thing, and the absolute basics should be known by any developers working with private data. It's frankly shocking if they didn't know while starting a company in the UK, and I don't know if it's worse if they didn't know or didn't care.

This is a business that it will be vital that they are following regulations, and if they're skipping this, why should I trust they're following the rest?

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

#167

Post by pjerem »

londons_explore wrote: post #17
wdaareg wrote: post #11

Earlier quoted context omitted.

Great question! We hold rates for customers for up to an hour and customers can only hold one rate at a time, so the risk is minimal - but we do price that risk into our business model.

So I can shuffle $1M between £ and $, costing £6/hour, and earning guaranteed money whenever the rate moves by more than 0.00003 in a half hour period? Sounds open to abuse!

I don't have $1M so maybe I'm not an expert, but it looks like there are plenty of better (and safer) ways to earn money by investing your $1M on traditional investment.

I wouldn't like to be banned and lose access to my $1M (even temporary) but you do what you want with your millions.

Imagine if you buy apartments and rent them for thousands $. Haha, sounds open to abuse!

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

#168

Post by rory »

Weird bug on this site... I have crappy $10 plug-in earbuds, and when I open atlantic.money I hear periodic "clicks" of interference roughly every 1300-1500ms (the interval is constant, I'm just not sure of the precise timing). I can't hear anything with the headphones unplugged, and it goes away as soon as I close the tab. Anyone have an idea what could cause this?

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

#169

Post by [deleted] »

IanCal wrote: post #166
wil421 wrote: post #144

Earlier quoted context omitted.

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.

It's not "a potential issue in the UK" it's an issue across the EU - they were pointing out it's also an issue in the UK even though we've left the EU. GDPR is not a new or surprising thing, and the absolute basics should be known by any developers working with private data. It's frankly shocking if they didn't know while starting a company in the UK, and I don't know if it's worse if they didn't know or didn't care.…

[deleted]
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