Atlantic Money has revealed its low-cost money transfer service is now available to everyone in the UK.
The company claims that everyone in the UK can now transfer up to £1m abroad for a fixed fee of £3 and at the interbank mid-market rate with no FX mark-up.
Users of Atlantic Money simply download the app, go through a verification process and can then begin transferring money. They are also able to select standard delivery or opt for express delivery for a small additional fee of 0.05%.
Customers are able to send money from the UK in GBP into nine currencies including USD, EUR, AUD, CAD, SEK, NOK, DKK, PLN and CZK.
Alongside the launch, Atlantic has secured an additional injection of $3m in seed capital, which was led by Amplo. This was in addition to the initial funding of $4.5m.
Atlantic Money co-founder Patrick Kavanagh said, “The previous generation of challengers like Revolut and Wise disrupted the banks, bringing better technology and lower fees. But they have since lost focus and abandoned the very product that made them great in a quest to build the next ‘super app’. We are disassembling this approach by being laser-focused on doing one thing better than anyone else – getting people’s money from one currency and country to another, as efficiently as possible. We are grateful to our current and new investors for their continued support and excited to provide our UK customers with a best-in-class customer experience and unmatched cost savings.”
Fellow co-founder Neeraj Baid added, “Large financial institutions move unlimited money around the world at effectively zero cost and secure the live exchange rate by working directly with one another. Meanwhile, retail customers are charged progressive fees and unjustifiable exchange rates. We are democratizing pricing previously reserved for the banks and drastically cutting the cost of larger transfers by up to 99% lower than all other money transfer companies.”
“We are already seeing some fascinating use cases and delivering substantial cost savings for our customers. For example, a customer recently purchased a property in mainland Europe and sent the equivalent of €200,000 from the UK – they saved 98% compared to Wise.”
Atlantic Money claims it will be available for EU residents in the coming months.
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