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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.Okay. with GBP as the bottom forex and 9 totally different currencies on the recipient’s facet.
Since then, the corporate has expanded and is now stay throughout 29 European nations. Customers can convert EUR via Atlantic Cash and ship cash to a international checking account.
What makes Atlantic Cash stand out from the competitors is that it focuses on a flat payment. The corporate often doesn’t add any markup on the change price and costs £3 or €3 per switch, whether or not you’re sending €100, €5,000 or €500,000.
Along with the brand new corridors, Atlantic Cash can be launching its cell app on Android. Customers can now additionally provoke transfers from an online browser. The startup beforehand raised cash from Ribbit Capital, Index Ventures, Kleiner Perkins, 20VC, Amplo and Elefund and is regulated as a cost establishment in Belgium and the U.Okay.
In fact, there are some limitations while you examine the product from well-known gamers like Clever. As an example, you must manually switch cash to Atlantic Cash’s cost account. You’ll be able to’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, however it additionally reduces the variety of intermediaries. However that’s why, in lots of instances, Atlantic Cash might be cheaper than Revolut, Clever, MoneyGram, Western Union and your current checking account.
However it’s possible you’ll pay for a premium Revolut subscription already to unlock monetary merchandise and waive some charges. In that case, it’s possible you’ll wish to keep on with Revolut in your worldwide transfers. Equally, it’s possible you’ll depend on Clever to obtain funds abroad with Clever’s native account particulars. So it’s going to rely in your particular state of affairs.
It’s additionally value noting that Atlantic Cash costs further charges for specific transfers (0.1% of the switch quantity). On the weekend, prospects can use Friday night’s change price with a 0.1% markup payment or let Atlantic Cash decide the change price on the following enterprise day.
For smaller transfers, providers with variable charges like Clever and Revolut might be cheaper than Atlantic Cash. However as quickly as you wish to ship greater than €1,000, Atlantic Cash turns into an fascinating alternative. Now let’s see whether or not the startup can keep on with such a low transaction payment over the long term.
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