UK-based fintech Atlantic Money has launched 'Portals,' a new service that simplifies international money transfers by allowing users to make transactions directly from their existing banking apps. This innovative feature eliminates the need for a separate fintech app, providing the convenience of SWIFT transfers but with Atlantic Money's fixed fee of £3 per transfer.
Portals works by assigning users unique accounts for each recipient. For instance, if a UK user wants to send money to the U.S., they would transfer GBP to a designated Portal, which automatically converts the funds to USD and delivers them to the recipient's U.S. account. This seamless process mirrors the ease of SWIFT transfers but is more cost-effective.
Portals is particularly suited for recurring payments, which account for 94% of the transfers analyzed by Atlantic Money. The service is ideal for expatriates, businesses, and individuals who need to make frequent international transfers.
Neeraj Baid, CEO and co-founder of Atlantic Money, emphasized the company’s goal of simplifying international transfers. “Portals extend the existing banking infrastructure—just like SWIFT—allowing users to benefit from our fixed fee transfers without needing custom integrations,” Baid said.
Portals allows users to transfer up to £1 million to major currencies like EUR, USD, and INR, with standard transfers completed within two business days and express transfers delivered instantly. Users can still use the Atlantic Money app for updates or to submit compliance documents if needed.
With Portals, Atlantic Money is redefining the fintech landscape by offering a more accessible, affordable, and integrated approach to international money transfers.
