Money transfer competition in Europe heats up
Atlantic Money is continuing its venture into the European payments market, launching in France, Italy and Spain at once with a localized offering
The company has also increased its Euro sending limit from €100,000 to €1m to provide maximum savings
Atlantic Money is the most cost-effective money transfer app on the market, saving customers up to 99% with its flat, fixed fee of £/€3 when compared with the likes of Wise, PayPal or Revolut
Following successful launches in Austria, Germany, Belgium and Ireland, new international money transfer provider, Atlantic Money, today announces it has expanded into three major European economies at once – France, Italy and Spain. Atlantic has also localized its app and website, making it available in French, Spanish, Italian and German, and increased its sending limit from €100,000 to €1m, intensifying pressure on higher cost competitors like Wise, PayPal or Revolut. For the first time in these countries, consumers can make international transfers for a flat, fixed fee of just €3 at the current exchange rate for transfers up to €1m.
Atlantic Money, co-founded by Patrick Kavanagh and Neeraj Baid, early employees at trading giant Robinhood, removes variable fees and drastically undercuts established providers, such as PayPal, Revolut and Wise. Despite the cost of sending money internationally being largely fixed per transaction, these providers have a variable pricing model meaning the more you send, the more you pay. As a result of its fixed fee model, Atlantic Money users are saving on average £50 per transfer – even against the best competitors.
With its fixed fee of £/€3 for transfers all the way up to £/€1m at the current exchange rate, Atlantic Money is the perfect solution for the estimated 1.5m cross-border workers in Europe, as well as frequent travellers or expats with overseas commitments such as tuition fees, holiday homes and credit cards. Its fixed rate enables users to save up to 99% compared to its competitors.
Customers in France, Italy and Spain can send money from EUR into eight currencies including USD, EUR, AUD, CAD, SEK, NOK, DKK, and PLN, with new currency corridors and advanced product features are being added continuously post-launch.
The fixed fee money transfer provider has also doubled its sending limits within its tiers to make sending larger amounts easier. Read more here.
Atlantic Money secured its European licence to operate as a payment institution through the National Bank of Belgium back in June this year and has since launched in Ireland, Belgium, Germany and Austria, enabling users to make fast, affordable transfers.
“While our competitors continue to move into new areas of finance, neglecting their core products, we are laser-focused on one thing – getting people’s money from one currency and country to another as simply, efficiently and affordably as possible. We’re very excited to bring our fixed fee transfers to France, Italy and Spain and look forward to saving people across Europe up to 99% on their money transfers.”
“Having experienced the need to frequently send money abroad ourselves, we understand how essential it is to make the process as simple as possible for our customers. Increasing our spend limit to €1m and bringing our flat, fixed €3 money transfers to France, Italy and Spain brings cost-effectiveness and simplicity to people sending abroad in these countries. We look forward to continuing our growth in the European market, expanding the number of currency corridors we offer and adding advanced features in the coming weeks.”