wdaareg (u/wdaareg) - Readit News

wdaareg commented on Show HN: 99% cheaper international business transfers – fixed fee, real rate atlantic.money/gb/en/busi... · Posted by u/wdaareg

jacquesm · 3 years ago

To the OP: flesh out your profile with your details and company affiliation, this looks super scammy. And explain how you make your money because 99% cheaper is a red flag, not a feature.

wdaareg · 3 years ago

We weren't aware of this, actually. Did our initial launch like this as well one year ago to get decent feedback. Noted for the future, thank you!

I can't change my old profile name, but I have added some context in my "About".

wdaareg commented on Show HN: 99% cheaper international business transfers – fixed fee, real rate atlantic.money/gb/en/busi... · Posted by u/wdaareg

bjornsing · 3 years ago

Is this just for sending money, or can I receive money as well?

(I have a company in Sweden and sometimes do some work for a US company. They pay me / my company in US dollars, currently through Wise.)

wdaareg · 3 years ago

We don't offer USD pay-ins atm but we are working on them.

wdaareg commented on Show HN: 99% cheaper international business transfers – fixed fee, real rate atlantic.money/gb/en/busi... · Posted by u/wdaareg

fsniper · 3 years ago

Is there an option sending without exchange?

wdaareg · 3 years ago

We don't do same currency transfers.

wdaareg commented on Show HN: 99% cheaper international business transfers – fixed fee, real rate atlantic.money/gb/en/busi... · Posted by u/wdaareg

ThePowerOfFuet · 3 years ago

>at the current exchange rate

Which one exactly?

wdaareg · 3 years ago

There is not "the one" exchange rate. But ours matches with Google or Wise and we never make any hidden profit on it.

Compare for yourself: https://atlantic.money/wise

wdaareg commented on Show HN: 99% cheaper international business transfers – fixed fee, real rate atlantic.money/gb/en/busi... · Posted by u/wdaareg

jakozaur · 3 years ago

Congratulations Patrick and Neeraj on launch!

wdaareg · 3 years ago

thanks!

wdaareg commented on Show HN: 99% cheaper international business transfers – fixed fee, real rate atlantic.money/gb/en/busi... · Posted by u/wdaareg

qwytw · 3 years ago

What's the fee for currency conversion or if you don't charge one what are your exchange rates?

wdaareg · 3 years ago

Flat fixed fee and the current exchange rate. Compare against Wise for better understanding: https://atlantic.money/wise

wdaareg commented on Show HN: 99% cheaper international business transfers – fixed fee, real rate atlantic.money/gb/en/busi... · Posted by u/wdaareg

pclmulqdq · 3 years ago

There's probably a good reason they aren't operating in the US.

wdaareg · 3 years ago

We are actually working on it.

wdaareg commented on Show HN: 99% cheaper international business transfers – fixed fee, real rate atlantic.money/gb/en/busi... · Posted by u/wdaareg

pxmpxm · 3 years ago

First thing that came to my mind - gonna get sued/shutdown by DOJ for ignoring KYC/AML stuff like every crypto thing that claimed the same.

wdaareg · 3 years ago

We are licenced and regulated by the FCA in the UK and the NBB in the EU – two trusted financial authorities that also regulate Wise. We therefore have to meet the expected high standards both authorities require from us, especially in terms of KYC&AML.

wdaareg commented on Show HN: 99% cheaper international business transfers – fixed fee, real rate atlantic.money/gb/en/busi... · Posted by u/wdaareg

jacquesm · 3 years ago

Because there is - potentially - a lot of money involved and I like to do that sort of thing on an environment that I control. No smartphone here so the web is all I have. Money transmitters are operating in a heavily regulated domain and KYC/AML requirements are going to dominate the discussion, any operator that wishes to be taken serious should list up front what they are going to require and why as well as to state clearly who they are (physical location, names of execs) rather than to post from anonymous low karma accounts with urgent calls to action. Also: inside the EU money transfers are already fast and with minimal costs, I use these daily and any claims of improvement should be backed up with proof. 99% seems very strange as a claim without a comparison matrix listing prices. My immediate concern is that if their claims are true that they must have some other way of making money of the transactions that is not disclosed.

wdaareg · 3 years ago

When you change an entire sector, it is always met with a lot of scepticism at first. But 99% is nothing but the truth, especially since Wise and Revolut increased their prices for biz transfers. Check out our Wise comparison we created to demonstrate the difference: https://atlantic.money/wise

Further, we are profitable on every transfer with Atlantic Money. Our whole infrastructure is built on a different concept, which is why Wise and Co. also cannot offer transfers for the same price without losing it all.

To give you a proof of our work: We transferred £160m ($200m) in our first year for private users, 16x what Wise sent back then.

wdaareg commented on Show HN: 99% cheaper international business transfers – fixed fee, real rate atlantic.money/gb/en/busi... · Posted by u/wdaareg

cranium · 3 years ago

Comparison tool: https://atlantic.money/gb/en/wise

The flat fee makes it advantageous starting at about $500-600, compared to Wise. So, not for small transfers but nice for businesses paying internationally.

wdaareg · 3 years ago

You got it right.