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Neeraj Baid, CEO and Co-Founder of fixed fee money transfer service Atlantic Money.

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When you change an entire sector, it is always met with a lot of scepticism at first. But 99% is nothing but the truth, especially since Wise and Revolut increased their prices for biz transfers. Check out our Wise comparison we created to demonstrate the difference: https://atlantic.money/wise

Further, we are profitable on every transfer with Atlantic Money. Our whole infrastructure is built on a different concept, which is why Wise and Co. also cannot offer transfers for the same price without losing it all.

To give you a proof of our work: We transferred £160m ($200m) in our first year for private users, 16x what Wise sent back then.

Thank you for the feedback, much appreciated and will be considered!

Please note that our web app is in the making. So soon this won't be an issue anymore.

To prevent our users to "get caught up in some KYC nightmare" we – in contrast to Wise and Revolut – only allow your transfer after we checked and approved your documents. This minimises the risk of holding your money.

Cheers

When you change an entire sector, it is always met with a lot of scepticism at first. But 99% is nothing but the truth, especially since Wise and Revolut increased their prices for biz transfers. Check out our Wise comparison we created to demonstrate the difference: https://atlantic.money/wise

Further, we are profitable with Atlantic Money on every transfer. Our whole infrastructure is built on a different concept, which is why Wise and Co. also cannot offer transfers for the same price without losing it all.

To give you a proof of our work: We transferred £160m ($200m) in our first year for private users, 16x what Wise sent back then.

This is a great question and we see it a lot. Really, it highlights just how opaque FX fees are in the industry, particularly with large institutions.

It's important to notice that we're the only product that combines a fixed fee and zero FX markup. Banks are charging you a fixed fee, but marking up the FX rate by 1-3% typically. So you're actually paying 8 EUR explicitly + 1-3% hidden fee which, in total, is a (very high!) variable fee.

Based on our experience speaking with a number of institutional players, including traders and banks, what we found is that the institutional rates are unbelievably efficient, but the situation immediately gets worse as you move away from these centers of liquidity.

If you talk to 3rd party institutional FX providers, they'll immediately mark up rates because its how they make all of their money.

Other services are expensive, because they try to serve everyone - they are basically cross subsidizing between their customers that make them all of their money (by moving larger amounts), who end up paying for their customers who move small amounts. On average, this doesn't seem like a big deal, but it ends up being expensive for the folks who move most of the money.