Fintech startup Atlantic Money is rolling out its worldwide cash switch service to extra markets and extra platforms. The firm initially began within the U.Ok. with GBP as the bottom foreign money and 9 totally different currencies on the recipient’s aspect.
Since then, the corporate has expanded and is now dwell throughout 29 European international locations. Users can convert EUR by Atlantic Money and ship cash to a international checking account.
What makes Atlantic Money stand out from the competitors is that it focuses on a flat charge. The firm normally doesn’t add any markup on the alternate price and expenses £3 or €3 per switch, whether or not you’re sending €100, €5,000 or €500,000.
In addition to the brand new corridors, Atlantic Money can also be launching its cellular app on Android. Users can now additionally provoke transfers from a internet browser. The startup beforehand raised cash from Ribbit Capital, Index Ventures, Kleiner Perkins, 20VC, Amplo and Elefund and is regulated as a cost establishment in Belgium and the U.Ok.
Of course, there are some limitations whenever you examine the product from well-known gamers like Wise. For occasion, you need to manually switch cash to Atlantic Money’s cost account. You can’t use a debit card, and even Apple Pay or Google Pay.
Adding a brand new recipient to your checking account isn’t as frictionless, nevertheless it additionally reduces the variety of intermediaries. But that’s why, in lots of instances, Atlantic Money might be cheaper than Revolut, Wise, MoneyGram, Western Union and your present checking account.
But chances are you’ll pay for a premium Revolut subscription already to unlock monetary merchandise and waive some charges. In that case, chances are you’ll need to stick to Revolut in your worldwide transfers. Similarly, chances are you’ll depend on Wise to obtain funds in another country with Wise’s native account particulars. So it can rely in your particular state of affairs.
It’s additionally price noting that Atlantic Money expenses extra charges for specific transfers (0.1% of the switch quantity). On the weekend, clients can use Friday night’s alternate price with a 0.1% markup charge or let Atlantic Money decide the alternate price on the subsequent enterprise day.
For smaller transfers, companies with variable charges like Wise and Revolut might be cheaper than Atlantic Money. But as quickly as you need to ship greater than €1,000, Atlantic Money turns into an fascinating alternative. Now let’s see whether or not the startup can stick to such a low transaction charge over the long term.