Atlantic Money Review: Fees, Exchange Rates, and Transfer Times

Atlantic Money is rapidly making a name for itself in the competitive field of international money transfers. Though relatively new to the scene, this platform stands out with its user-centric design and cost-effective approach. Let's delve into what makes Atlantic Money a noteworthy option for those looking to send money abroad.

What is Atlantic Money?

Atlantic Money, founded in 2021 by Neeraj Baid and Patrick Kavanagh, aims to simplify the process of international money transfers. Both founders were motivated to offer a streamlined and efficient service, focusing exclusively on the core function of transferring money across borders. Their approach contrasts with other services that may dilute their effectiveness by offering a broad range of financial products.

Key Points:

• Founded By: Neeraj Baid and Patrick Kavanagh
• Establishment Year: 2021
• Core Focus: Efficient and affordable international money transfers

Atlantic Money Fees: How Much Does It Cost?

Atlantic Money is distinguished by its transparent and competitive fee structure. Here’s a detailed look at their pricing:

• Flat Transfer Fee: Each transfer incurs a straightforward fee of £3 or €3, regardless of the amount or destination. This flat rate eliminates hidden costs and keeps the pricing transparent.
• Express Delivery Fee: For faster processing, Atlantic Money charges an additional 0.1% of the transfer amount for express delivery. This fee is clearly displayed when setting up your transfer.
• Exchange Rate Options: To accommodate different needs, Atlantic Money offers two exchange rate choices:
  • Next Available Rate: This option is free but may result in a rate determined when the markets reopen on the next business day.
  • Last Known Rate: Available for a small fee of 0.1%, this allows you to lock in the exchange rate from when the markets closed on the previous business day.

Exchange Rates: How Competitive Are They?

Atlantic Money prides itself on offering competitive "interbank" exchange rates. These rates are typically the best available in the market and are provided without any additional markup. The company sources its rates from major financial institutions, ensuring that users get the most favorable rates possible.

Advantages:

• No Mark-Up: Rates are provided without hidden margins.
• Sourced from Major Institutions: Ensures competitive and transparent pricing.

Delivery Times for Transfers

Atlantic Money offers two delivery options for its transfers:

• Standard Delivery: Generally, transfers are completed within 2 business days. Transfers to Indian Rupees (INR) are notably quicker, typically within 1 business day.
• Express Delivery: For urgent transfers, the express option accelerates the process, although specific delivery times can vary based on the currency and destination.

Example Delivery Times:

• Australian Dollar (AUD): Approximately 4 business days.
• Euro (EUR) to INR: 2 business days total (1 day for conversion and 1 day for delivery).

Transparency and Security

Atlantic Money is committed to transparency in its operations. The platform provides a clear breakdown of all fees and does not hide costs in exchange rates. Furthermore, Atlantic Money is fully licensed and regulated in its operating regions, including:

• European Union: Registered as a payment institution under Atlantic Money NV by the National Bank of Belgium (NBB).
• United Kingdom: Registered under Atlantic Money Ltd. by the Financial Conduct Authority (FCA).

To ensure security, Atlantic Money keeps customer funds separate from its operational funds through a practice known as "safeguarding." This adds an extra layer of protection in case of unforeseen issues.

Customer Service: How Reliable Is It?

Atlantic Money is recognized for its strong customer service. The platform offers support through various channels, including:

• Live Chat: Available in the mobile app for real-time assistance.
• Email and Phone Support: For more detailed inquiries.
• Knowledge Base: A comprehensive resource with answers to frequently asked questions.

This approach ensures that users have access to prompt and effective support whenever needed.

How to Make an International Transfer with Atlantic Money

Here’s a step-by-step guide to using Atlantic Money for international transfers:

1. Register for an Account: Start by creating an account on their website or app. If registering from a desktop, you'll receive a QR code to complete the process on your phone.
2. Verify Your Identity: Provide your personal details and verify your identity. For larger transfers, additional documentation may be required.
3. Get a Real-Time Quote: Review the quote to see the amount the recipient will receive, including all fees and exchange rates.
4. Add Recipient Details: Enter the recipient’s banking information accurately to ensure the transfer reaches the correct account.
5. Pay for the Transfer: Choose your payment method and initiate the transfer from your bank account.
6. Track Your Transfer: Monitor the progress of your transfer through the app.

By following these steps, you can efficiently handle international transfers with Atlantic Money.

Atlantic Money is a promising entrant in the money transfer market, offering a blend of affordability, transparency, and user-friendly features. With its flat fee structure, competitive exchange rates, and commitment to security, it represents a solid option for individuals and businesses alike who need reliable international money transfer services.