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pkavanagh

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Hi and thanks for your interest! We use the interbank rate from global exchanges. Both being from fintech, we are aware that it is easy to mislead (and to be misled) in money transfer and its a reason why we built this product in the first place.

We have worked hard not to have any middle-men that mark up rates in our liquidity provision, and are quite certain that our rates are fair and extremely competitive.

I do think that the takeaway from your comment is that we could build out a part of our page that allows a customer to dig deeper to validate this themselves. We understand the sentiment as there is still a lot of mistrust given the opaque nature of the market, and we need customers to believe that we are truly 3 GBP to succeed.

Our core thesis in building this product is that we will win with a fixed fee on larger transactions, given the variable fee nature of the current industry incumbents(either transparently disclosed, or embedded in the FX spread).

Hi - other founder Patrick here, thank you for your interest and analysis.

It's worth noting that the rates you see on the pages often have a bit of delay - I believe both Wise and Atlantic would end up having very similar underlying FX rates, since there's no markup on either.

However, with Wise, the more you send, the more you pay in fees - so there's a break-even where it starts to become more economical to use Atlantic.