Atlantic Money Review – Overall score 9
Atlantic Money is a new but promising player in the money transfer industry. With an impressive in-app experience and an innovative business model, Atlantic Money offers its customers a reliable and secure service for low-cost international payments. The platform is licensed and authorized by regulatory bodies, ensuring a trustworthy and compliant service. Atlantic Money’s low flat fee of just £3 or €3 per transfer sets it apart from its competitors, making it notably affordable. While there may not be many customer reviews currently available, this is a promising newcomer that seems intent on challenging established providers of money transfer services. Those seeking an affordable yet efficient way to send money internationally should consider giving Atlantic Money a try.
What MoneyZoe appreciates about Atlantic Money:
What MoneyZoe considers as areas for improvement:
Atlantic Money is a commendable money transfer service that prioritizes affordability and a user-friendly experience, although its relatively recent introduction to the industry means that customer reviews are currently limited.
What is Atlantic Money?
Atlantic Money is a trusted and easy-to-use money transfer service founded in 2021 by Neeraj Baid and Patrick Kavanagh. Their mission is to make sending money internationally simple and affordable.
Neeraj Baid and Patrick Kavanagh wanted to change the way people transfer money abroad, making it accessible to everyone. They realized that some previous services – Wise and Revolut – lost focus by trying to do too many things, so they decided to concentrate on one thing and do it exceptionally well: getting your money from one currency and country to another as efficiently as possible.
Patrick Kavanagh, Co-Founder of Atlantic Money, explained: “The previous generation of challengers like Revolut and Wise disrupted the banks, bringing better technology and lower fees. But they have since lost focus and abandoned the very product that made them great in a quest to build the next ‘super app’. We are disassembling this approach by being laser-focused on doing one thing better than anyone else – getting people’s money from one currency and country to another, as efficiently as possible.”
Where Is Atlantic Money Available?
As a trusted and reputable money transfer service, Atlantic Money operates in various regions across the globe. If you reside in Andorra, Austria, Azores, Belgium, Bulgaria, Canada, Canary Islands, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Iceland, Ireland, Italy, Latvia, Lithuania, Luxembourg, Madeira, Netherlands, Norway, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden, or the United Kingdom, you can access Atlantic Money’s services with ease.
*Atlantic Money is continuously expanding its global presence, so stay tuned for further updates on new countries set to join our network.
Atlantic Money Fees: How much are Atlantic Money’s transfer fees?
Here’s what you need to know about the fees and options provided by Atlantic Money:
Flat Transfer Fee:
Atlantic Money charges a flat £3 / €3 fee per transfer. This transparent pricing ensures that there are no additional fees hidden in the exchange rates. They provide users with the live exchange rate for complete visibility into their transactions.
Additional Fees Based on Delivery Speed:
For those who prefer Express delivery, Atlantic Money charges a nominal fee of 0.1% of the transfer amount. This small fee guarantees convenient and speedy transfers, and it will be clearly displayed during the transfer creation process.
Weekend Transfers and Exchange Rate Options:
To accommodate transfers made during weekends or public holidays when financial markets are closed, Atlantic Money offers two exchange rate options:
- Next Available Rate:
This option is fee-free, but it means users won’t know the exact exchange rate at the time of the transfer. Instead, the rate will be determined when the markets open on the next business day. This option is perfect for those with flexibility in the exact rat
- Last Known Rate:
For a small 0.1% fee, users can select the Last Known Rate option. This ensures that they get the exchange rate available when the financial markets closed on the previous business day, typically late on Friday evening. It’s an ideal choice for those who want to secure a specific exchange rate.
What are Atlantic Money’s exchange rates?
When it comes to exchange rates, Atlantic Money ensures transparency and fairness. They utilize the “interbank” exchange rates, which are highly competitive and considered to be some of the best available. What sets Atlantic Money apart is their commitment to offer these rates without any mark-up or additional margin.
To provide you with the most favorable rates, Atlantic Money sources their rates from large financial institutions that actively compete with each other. This approach guarantees that you secure the best exchange rates for all currency corridors.
Additionally, Atlantic Money charges a flat £3 fee for their services, ensuring simplicity and clarity in their pricing structure.
What is the estimated delivery time for a transfer with Atlantic Money?
At Atlantic Money, there are two main deliveries options for international money transfers:
- Standar Delivery:
The standard Delivery is a reliable choice for international money transfers with Atlantic Money. With the Standard Delivery, your currency will be converted within 2 business days. (Except for transfers to INR which are converted within just 1 business day)
This adherence to the standard practice of a ‘settlement period’ in financial markets ensures a secure and efficient conversion process. Delivery times vary based on the currency involved, but rest assured that your funds will be delivered as soon as possible.
- Express Delivery:
The Express Delivery is perfect for urgent transfers when speed is of the essence. Is a lightning-fast money transfer that skip the waiting time for currency conversion and enjoy the quickest way to send money.
Atlantic Money Currency delivery times
Delivery times for currency transactions vary depending on the specific currency.
For example, transferring AUD typically takes 4 business days, accounting for the 2 business days of currency conversion and the following 2 business days for delivery.
On the other hand, when converting EUR to INR, the entire transaction can be completed within 2 business days: 1 business day for currency conversion and 1 business day for delivery.
Atlantic Money International Currency Delivery Times
| Currency | Delivery time |
| Australian dollar (AUD) | 2 business days |
| British pound (GBP) | Instant, 24/7 |
| Canadian dollar (CAD) | 1 business day |
| Danish krone (DKK) | 1 business day |
| Euro (EUR) | Instant, 24/7* |
| Indian Rupee (INR) | EUR 1 business day |
| GBP same day | |
| Norwegian krone (NOK) | 1 business day |
| Polish zloty (PLN) | 1 business day |
| Swedish króna (SEK) | 1 business day |
| US dollar (USD) | 1 business day |
Also, the currency delivery times may be influenced by local payment schemes and other external factors that are beyond Atlantic Money control, like for example national bank holidays.
For the quickest transfer experience, we recommend funding your transfers by 20:30 on weekdays so that they can begin processing on the same day. Transfers funded after this time may commence processing on the next business day. Additionally, transfers funded on weekends will start processing on Monday, unless Express delivery is chosen and the destination currency supports instant delivery.
Does Atlantic Money operate with transparency?
Atlantic Money is a fully transparent service, with complete disclosure of all fees. Unlike other services that add undisclosed charges through exchange rate mark-ups, this platform ensures transparency throughout the transfer process.
How much can I send abroad with Atlantic Money?
As a money transfer service, Atlantic Money offers flexibility in the amount you can send. The maximum limit for transfers is £1 million. However, it’s important to note that specific limits may vary depending on factors such as the destination country and your completion of identification checks with Atlantic Money.
While there is a generous upper limit for transfers, Atlantic Money accommodates users with varying needs, and the minimum transfer amount is set at 5€/£. This provides convenience and accessibility for individuals looking to send smaller amounts internationally.
Is Atlantic Money safe and secure?
You can place your full trust in Atlantic Money when it comes to managing your international payments. This platform offers a secure and dependable method to quickly, safely, and affordably send your money.
One of the primary reasons why Atlantic Money’s credibility is unquestionable is due to its comprehensive licensing and authorization as a money transfer provider in all of its operating regions. In the European Union, Atlantic Money is registered as a payment institution under Atlantic Money NV by the National Bank of Belgium (NBB) and as Atlantic Money Ltd. by the Financial Conduct Authority (FCA) in the United Kingdom. These regulatory requirements oblige Atlantic Money to maintain a minimum level of regulatory capital on its balance sheet and undergo periodic independent audits, ensuring compliance with industry standards.
To adhere to consumer protection regulations, Atlantic Money takes the necessary steps to keep the money you send through their platform separate from their own bank accounts. This practice, also known as segregating customer accounts or “safeguarding,” provides an extra layer of security. With this approach, Atlantic Money mitigates any potential risk factors associated with money transfers, providing you with peace of mind, even in the unlikely event that the company faces insolvency.
How good is Atlantic Money’s customer service?
Atlantic Money is known for its exceptional customer service.
Their customer service team is dedicated to providing exceptional support to customers with prompt and reliable assistance, ensuring a hassle-free money transfer experience. From answering inquiries to troubleshooting issues, Atlantic Money’s customer service team is available through several channels, including the live chat in their mobile app, email, or phone, depending on your preference.
Furthermore, one of the standout features of Atlantic Money’s customer service is its knowledge base. The knowledge base provides detailed answers to frequently asked questions and offers valuable insights that can help you make informed decisions. Whether you’re uncertain about a particular aspect of the service or need help with a specific issue, their knowledge base can be a fantastic resource.
To get started with Atlantic Money, begin by registering for an account here. If you’re registering from a desktop, once your registration is complete, you will have access to a QR code. Simply scan the QR code with your phone to download the Atlantic Money app and complete the verification process. If you’re already reading this from your phone, you can register directly here and you will be redirected to download the app.
To get started, provide your name, date of birth, and address, and enter the verification code sent by Atlantic Money via text message. For transfers exceeding £5,000, you’ll be required to upload a photo ID for additional verification. In the case of larger transfers, such as tens of thousands, you may need to provide more information, including bank statements and the purpose of the transfer. This is part of Atlantic Money’s process to ensure security and compliance.
Once you’ve completed the initial verification, you’ll be able to get a real-time quote. Review the quote and make sure you’re comfortable with the amount your recipient will receive after fees and exchange rates.
Enter the necessary details of the recipient, including their IBAN (the account number that identifies their account), name, and address. This information is essential to ensure the transfer reaches the correct recipient securely.
Select the payment option and choose to pay for the transfer using a manual bank transfer. Scroll to the bottom of the list of banks and select this option. Follow the instructions to initiate the transfer from your bank account.
Once you have provided all the required information and confirmed the payment, simply push the button to initiate the transfer. After that, you can sit back and relax while you track the progress of your transfer within the app.
By following these steps, you can easily make an international transfer using the Atlantic Money app. Remember to always double-check the details before confirming the transfer to ensure accuracy.
- Easy-to-use platform for quick transfers
- Competitive exchange rates for better value
- Transparent fee structure with no hidden charges
- Global availability to cater to a wide range of users
- Responsive and reliable customer service
- Transfer limits may apply based on individual circumstances
- Transfer only through their app
Atlantic Money VS Wise
Here at MoneyZoe, we have compared two major players in the money transfer industry – Atlantic Money and Wise. After careful analysis, we have found that Atlantic Money offers significant savings compared to Wise.
Atlantic Money charges a flat fee of £3, while Wise charges higher fees for larger transfers. In most cases, Atlantic Money is more cost-effective than Wise.
For example, sending £1000 to France costs £4.49 with Wise, but only £3 with Atlantic Money. Similarly, sending £1000 to the United States can cost £4.64 for a low transfer fee with Wise and £3 with Atlantic Money.
For smaller transactions, Wise might be a more affordable option. For instance, sending £200 incurs a fee of £1.50 with Wise, which is cheaper than the £3 fee of Atlantic Money.
However, if you’re making a larger transaction, Atlantic Money is the way to go to save significantly.
In conclusion, Atlantic Money is a cheaper and more cost-effective choice than Wise for most transactions. It is a great option for users looking for an affordable solution for their international money transfers, but it certainly depends on the amount sent.
