Atlantic Money: Fixing international money transfers

The introduction of Atlantic Money’s fixed fees for international money transfers has been a significant departure from traditional pricing models. Which results did this drive for you so far?

We founded Atlantic Money to eliminate variable pricing in the money transfer sector and to provide our users with the most affordable and simple solution. Our figures from our first year of operation were a clear sign for us that we are on the right track with this. By the end of July, we had already transferred a total of £160 million, which is – to put this in perspective – 16 times more than what Wise transferred in its first year. On top of that, we saved our users over £750,000 in fees. That’s not compared to banks – it’s compared to what used to be low-cost providers.

At that time, however, we had not yet integrated the world's largest destination currency for international transactions, Indian rupees. In addition, we have just started with fixed fee transfers for companies. I think today we can already be very proud that we help people and businesses in 29 European countries save up to several thousand euros or pounds on each transfer. Especially at a time when prices are just increasing in every area.

Can you explain in more detail how Atlantic Money's pricing structure benefits businesses, especially those dealing with high-volume international transactions?

International operative firms – and that includes freelancers as well as corporates – send larger funds abroad more frequently as they need to cover bills for goods and services they purchase abroad. And while such transactions can still cost several thousand pounds or euros even with supposedly low-cost providers, companies always pay us the same single-digit price. So with a transfer volume of say 20 million a year, Atlantic Money for Business can save approximately up to 100,000 euros or pounds in total.

Looking ahead, what is Atlantic Money's vision for the future of international money transfers, and what can we expect in terms of innovative solutions and improvements to the user experience?

Our current plan is simple: Expand in new regions and add further currencies to help people and businesses around the world to profit from our fixed fee transfers. At the moment we are looking into Australia, Canada and the USA.

In terms of new services within Atlantic Money, we clearly don’t follow the path many other fintechs have chosen, which is to offer many services in the same application. We believe this leads to a worse experience for the users and ultimately to higher costs, as the companies need to balance worse performing offerings. Atlantic Money is not looking to be the next super app wannabe, but just the most simple and affordable solution for international money transfers.