(AOF) – Atlantic Money announces its arrival in France. Launched in England in June 2022, then in Belgium, Germany, Austria, Ireland, Spain and Italy, the fintech stands out from other payment players by being the only one that does not overload the exchange rate for foreign transfers money made by its customers. Atlantic Money practices a flat rate policy of 3 euros regardless of the amount transferred within 24 hours, which does not exceed one million euros. A feature allows quick transfers for an additional 0.05%.
“Our competitors charge significant markups over benchmark exchange rates, plus variable commissions that typically increase proportionally to the amount transferred. Costly practices that have become obsolete since we created Atlantic Money.” explains Patrick Cavanagh, one of the two co-founders.
“Almost no fees are applied when banks exchange currencies between themselves. We want to offer our customers the same conditions as major financial institutions for their money transfers in other currencies .” added Neeraj Baid, co-founder.
The two co-founders are two former Robinhood executives. Atlantic Money was capitalized by investments from Vladimir Tenev and Baju Bhatt – the two founders of Robinhood – followed by nine Venture Capital funds.
Atlantic Money allows its users to transfer money in euros from France, to 8 currencies: pound sterling, dollars, Australian dollar, Canadian dollar, Swedish krona, Norwegian krone, Danish krone and Polish zloty. New currencies will be added to the offer in the coming months.
“Money transfers are made in a regulated framework, in a completely safe and transparent way, through the Atlantic Money website or mobile application” says the fintech, which is regulated by the FCA, the banking regulator British.
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