It's expensive for a reason... Technology, banking fees, compliance department, margin loans... I'd be interested to see your financial model!
Show HN: World’s first £3 flat fee (0% FX markup) money transfer service
51–60 of 222 posts
Re: Show HN: World’s first £3 flat fee (0% FX markup) money transfer service
#52Revolut has the same currency pair sample on their website, and it's a few bucks cheaper: https://www.revolut.com/currencies
From the rates I'm seeing, it depends how much you're sending. Revolut has "no fee", but their rate is slightly lower. So for large transfers, the £3 fixed fee works out cheaper.
Re: Show HN: World’s first £3 flat fee (0% FX markup) money transfer service
#53any plans to add ¥ transfer to Japan?
I'll be relocating there soon and in the meantime have to send some money to the wife
Re: Show HN: World’s first £3 flat fee (0% FX markup) money transfer service
#54Revolut has the same currency pair sample on their website, and it's a few bucks cheaper: https://www.revolut.com/currencies
Congratulations to the founding team on launching this but I have the same question.
Revolut transfers are instant and have no forex fees if you are on their paid plans which include other features as well. If you transfer up to 1000 GBP, it is free without a paid plan. How do you plan on competing with them?
Re: Show HN: World’s first £3 flat fee (0% FX markup) money transfer service
#55Is there any limitations on transferring to companies? Or is it just to personal accounts? > Please note that you may only send funds to the country of the national currency. For example, you may only send US dollars to the United States This seems fairly restrictive. I send USD to Colombia, for example, to pay my staff. The Colombian banks then convert that to COP on arrival. Is there any particular reason why this…
You can certainly send to companies as well. Our outbound payments are all domestic bank transfers, so if your Colombian bank can receive a USD ACH payment by routing and account number it should work. But I'm guessing your USD to Colombia is delivered by international SWIFT wire? The cost of a SWIFT wire is orders of magnitude higher than a domestic bank transfer, and we wouldn't be able to support that in our fixed…
It would be SWIFT, yes. That makes sense. Thank you for clarifying.
Re: Show HN: World’s first £3 flat fee (0% FX markup) money transfer service
#56It's expensive for a reason... Technology, banking fees, compliance department, margin loans... I'd be interested to see your financial model!
Oh... You think selling the flow info of consumer FX will pay for all that.
Re: Show HN: World’s first £3 flat fee (0% FX markup) money transfer service
#57Earlier quoted context omitted.
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.
What exchange rate are your customers getting?
Our customers always get the live exchange rate, direct from the world's biggest currency exchanges. We add zero markup to the rate. So customers really pay just £3.
Re: Show HN: World’s first £3 flat fee (0% FX markup) money transfer service
#58any plans to add ¥ transfer to Japan? I'll be relocating there soon and in the meantime have to send some money to the wife
We would absolutely love to. We've started conversations with banks and hope to offer Japanese Yen soon.
Re: Show HN: World’s first £3 flat fee (0% FX markup) money transfer service
#59It's expensive for a reason... Technology, banking fees, compliance department, margin loans... I'd be interested to see your financial model!
Each leg of our transaction carries a substantially fixed fee to the business - which is unusual in currency exchange. Having achieved those economics with our partners, we summed them up, added costs for operations and compliance, and added a margin to run our business. That's how we ended up at £3!
Re: Show HN: World’s first £3 flat fee (0% FX markup) money transfer service
#60Without having checked it out properly outside of the landing page, here's a brain-dump of things that competitors get wrong and you can improve by a lot:
1. Support self-custodied 2FA: TOTP/U2F. Do not require phone-number/SMS "for your own protection".
2. Be honest with your customers and users. Don't succumb to dark UX for the sake of control, engagement and growth. Allow setting separate notification settings for marketing/"news"/functionality/security, and don't silently add and enable new marketing channels.
3. Full functionality even on devices without Google Play Services/SafetyNet/Apple. Preferably I should be able to do everything through the web UI, without requiring involvement of a native iOS/Android app.
4. Adhere to a strict interpretation of the GDPR, regardless of where users/customers are geographically residing or located; No sharing PII with third-parties (above what you are legally required to do). No loading assets from third-party servers.
5. Allow access over anonymized channels (mainly tor/paid VPNs)
It looks like you're aiming for a USP of competitive fees but I think I'm not alone in being very happy to not get the absolutely cheapest rate compared to Wise/Revolut/Paypal/N26/PS/MG et al if you stay aligned with the above.
/ Someone who's fed up with the existing landscape