Atlantic Money begins rollout in UK giving early sign-ups exclusive access to their international money transactions
Atlantic Money, the fintech that helps people send money globally, quickly and cost-effectively, is rolling out its product for the first time to early sign-ups in the UK.
The firm expects to save its average customer around 75% annually when compared to Wise. This saving increases substantially when compared to other market players such as leading banks.
The team, led by co-founders Patrick Kavanagh and Neeraj Baid, who were early employees at trading giant Robinhood, are onboarding UK-based customers who signed up to access the service early when the business came out of stealth in March.
These customers will be able to transfer up to £1 million for a £3 fixed fee and zero FX mark-up using the Atlantic Money app. Anyone who wants to join the list now can register via the Atlantic Money website and will receive access in the coming weeks. Soon, the app will also be available to everyone else in the UK.
Atlantic Money drastically undercuts the pricing model of incumbent providers. For example, someone sending £3500 to EUR would see at least 75% savings on fees, with larger transfers up to 99% cheaper.
Sample calculation – estimated costs per year transferring 1000 British Pounds to EUR:
|Frequency||Atlantic Money||Wise||Western Union||Paypal
|every second month||£18||£22||£55||£90||£152|
|twice a month||£72||£89||£220||£361||£606|
Figures accurate as of 9am, 2nd March 2022. True cost to send is calculated using internal benchmarks against major competitors. Actual costs may vary based on market conditions.
The previous generation of fintech challengers which disrupted the banks and initially moved the industry forward have taken their eye off the ball. They charge frequent users and their most loyal customers high (and often hidden) fees to subsidise other products and services that these people don’t want or need.
Atlantic Money, a second-generation challenger, is laser-focused on making money transfers cheaper and easier for these active senders who have been neglected by current providers and, as a result, get the worst deal. Its value proposition is simple; a fixed £3 fee better reflects the true cost of sending money abroad and differentiates the firm from competitors which charge commissions/fees based on the amount of money sent.