Fintech startup Atlantic Money is rolling out its worldwide cash switch service to extra markets and extra platforms. The corporate initially began within the U.Okay. with GBP as the bottom foreign money and 9 totally different currencies on the recipient’s facet.
Since then, the corporate has expanded and is now stay throughout 29 European nations. Customers can convert EUR by way of Atlantic Cash and ship cash to a international checking account.
What makes Atlantic Cash stand out from the competitors is that it focuses on a flat charge. The corporate normally doesn’t add any markup on the trade price and expenses £3 or €3 per switch, whether or not you’re sending €100, €5,000 or €500,000.
Along with the brand new corridors, Atlantic Cash can also be launching its cell app on Android. Customers can now additionally provoke transfers from a web 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.Okay.
After all, there are some limitations while you examine the product from well-known gamers like Wise. As an illustration, you must manually switch cash to Atlantic Cash’s cost account. You’ll be able to’t use a debit card, and even Apple Pay or Google Pay.
Including a brand new recipient to your checking account isn’t as frictionless, nevertheless it additionally reduces the variety of intermediaries. However that’s why, in lots of circumstances, Atlantic Cash shall be cheaper than Revolut, Sensible, MoneyGram, Western Union and your current checking account.
However you might pay for a premium Revolut subscription already to unlock monetary merchandise and waive some charges. In that case, you might need to keep on with Revolut in your worldwide transfers. Equally, you might depend on Sensible to obtain funds in another country with Sensible’s native account particulars. So it should rely in your particular scenario.
It’s additionally price noting that Atlantic Cash expenses extra charges for specific transfers (0.1% of the switch quantity). On the weekend, clients can use Friday night’s trade price with a 0.1% markup charge or let Atlantic Cash decide the trade price on the following enterprise day.
For smaller transfers, companies with variable charges like Sensible and Revolut shall be cheaper than Atlantic Cash. However as quickly as you need to ship greater than €1,000, Atlantic Cash turns into an attention-grabbing alternative. Now let’s see whether or not the startup can keep on with such a low transaction charge over the long term.