Can you transfer TO the UK? Specifically from Spain and Qatar? I'm literally about to send a huge amount of money home, and it boils me up how much even the reputable money transfer companies take from you on the exchange. It seems scandalous how much money they take for something which is surely, almost entirely automated.
Show HN: World’s first £3 flat fee (0% FX markup) money transfer service
21–30 of 222 posts
Re: Show HN: World’s first £3 flat fee (0% FX markup) money transfer service
#22Sorry, a bit cranky today. It very much looks like you are just hiding the markup on your fx rate, and not even letting people figure it out by showing your bid/ask.
Re: Show HN: World’s first £3 flat fee (0% FX markup) money transfer service
#23Check out Algorand. Fee is 0.001 ALGO.
Crypto is not comparable to this at all. With crypto you lose twice (on and off ramps) during conversion to fiat. Not to mention trading fee etc.
Re: Show HN: World’s first £3 flat fee (0% FX markup) money transfer service
#24That looks great. Could you please elaborate a little bit more about your interbanking network, your connection to these etc.? How do you route from UK to Australia, e.g.? To EU? Do you support instant payments on any of yours connections? If yes, which scheme(s) do you support?
We're operating a hub-and-spoke model. Our spokes are domestic bank transfers in and out of the currencies we support. And our hub is a centralized counterparty where we convert currency. Then we receive the converted currency in our local bank accounts. That currency conversion counterparty is world-leading in the services they offer to institutions, and we're excited to offer it to consumers for the first time.
We support the fastest possible domestic rails (GBP Faster Payments, EUR SEPA Inst, USD ACH Same Day, etc). Unfortunately most domestic rails aren't instant (like USD) - and we can't make them any faster - but for those that are (like EUR) we support instant transfers.
Our default delivery speed is two business days - this incurs no cost of capital to the business. But we know customers are sometimes transferring money urgently, so we offer an Express delivery. This is instant for EUR and as fast as the schemes support for other currencies. Express incurs a cost of capital equal to the currency forward rate, which is a true uncapped variable cost. So we have to pass that on to customers through a separate fee (0.05%), as it's something our signature fixed fee just can't cover. But it's always optional - and customers can always make a transfer regardless of size for just £3.
Re: Show HN: World’s first £3 flat fee (0% FX markup) money transfer service
#25Re: Show HN: World’s first £3 flat fee (0% FX markup) money transfer service
#26Earlier 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!
Why would that be guaranteed? Do you have a magic formula that tells you exactly what the exchange rate is going to do at any given moment?
If so, can I see it?
Re: Show HN: World’s first £3 flat fee (0% FX markup) money transfer service
#27Earlier 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!
It costs 6 quid to enter a reverse iron butterfly with like a 30m expiry on $1M of underlying.
I don’t know enough about forex to determine whether that’s a reasonable premium, but it seems like a pretty good deal at its face
Re: Show HN: World’s first £3 flat fee (0% FX markup) money transfer service
#28> World’s first £3 flat fee (0% FX markup) money transfer service You know, I have a Capital One bank account that I opened because it advertised no foreign transaction fees. And yet whenever I make a foreign transaction on the debit card, I pay 1% more in dollars than I get in FX. That 1% number is eerily consistent. I still use it. 1% is a reasonable fee. But I'd be a lot happier if they admitted they were charging…
Global money transfer has to be the place where some companies offer the most opaque fees. It's absurd - and we want to compete hard with those businesses by offering cheaper, simpler, and more transparent services to customers.
Re: Show HN: World’s first £3 flat fee (0% FX markup) money transfer service
#29Earlier 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!
you can win literally dozens of pounds!
Re: Show HN: World’s first £3 flat fee (0% FX markup) money transfer service
#30No sending to Russia? :) I am using PaySend regularly, still works
I guess it keeps working if it's converted to rubles.