Tue. Mar 28th, 2023

Fintech startup Atlantic Cash is rolling out its worldwide cash switch service to extra markets and extra platforms. The corporate initially began within the U.Ok. with GBP as the bottom forex and 9 completely different currencies on the recipient’s facet.

Since then, the corporate has expanded and is now stay throughout 29 European international locations. Customers can convert EUR by Atlantic Cash and ship cash to a overseas checking account.

What makes Atlantic Cash stand out from the competitors is that it focuses on a flat price. The corporate normally doesn’t add any markup on the alternate fee and prices £3 or €3 per switch, whether or not you might be sending €100, €5,000 or €500,000.

Along with the brand new corridors, Atlantic Cash can be launching its cell app on Android. The corporate additionally plans to launch an online app sooner or later. The startup beforehand raised cash from Ribbit Capital, Index Ventures, Kleiner Perkins, 20VC, Amplo and Elefund and is regulated as a fee establishment in Belgium and the U.Ok.

In fact, there are some limitations if you examine the product from well-known gamers like Smart. As an example, it’s important to manually switch cash to Atlantic Cash’s fee account. You possibly can’t use a debit card, and even Apple Pay or Google Pay.

Including a brand new recipient to your checking account isn’t as frictionless, nevertheless it additionally reduces the variety of intermediaries. However that’s why, in lots of instances, Atlantic Cash shall be cheaper than Revolut, Smart, MoneyGram, Western Union and your current checking account.

However you could pay for a premium Revolut subscription already to unlock monetary merchandise and waive some charges. In that case, you could need to stick to Revolut on your worldwide transfers. Equally, you could depend on Smart to obtain funds out of the country with Smart’s native account particulars. So it would rely in your particular scenario.

It’s additionally price noting that Atlantic Cash prices further charges for specific transfers (0.1% of the switch quantity). On the weekend, clients can use Friday night’s alternate fee with a 0.1% markup price or let Atlantic Cash decide the alternate fee on the subsequent enterprise day.

For smaller transfers, companies with variable charges like Smart and Revolut shall be cheaper than Atlantic Cash. However as quickly as you need to ship greater than €1,000, Atlantic Cash turns into an fascinating alternative. Now let’s see whether or not the startup can stick to such a low transaction price over the long term.

By Admin

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