UK-based fintech startup Atlantic Money has announced the expansion of its international money transfer service to multiple other platforms and markets across Europe. Following this expansion, customers have the possibility to convert EUR through the Atlantic Money application and send the sum of money to a foreign financial institution or bank account, in multiple currencies.

Atlantic Money offers clients the ability to make transfers and exchanges without any added markup on the exchange rate while charging GBP 3 or EUR 3 per transfer for transfers from EUR 100 or up. The company focuses on flat fee services, aiming to offer its clients easy access to safe and efficient transfers. In addition to this expansion in multiple markets from Europe, Atlantic Money also announced its mobile app's launch, which will be available on Android devices.

The company plans to release a future web application, designed to offer customers the benefits of making payments more seamless. Atlantic Money is currently regulated as a payment institution in the UK and Belgium, as it raised money from multiple organisations in the past. Other services provided by the company are the Friday evening exchange rate available during the weekends, with a 0,1% markup free.

They also have the possibility to let Atlantic Money determine the exchange rate during the business days. Atlantic Money’s development plan The company announced the expansion of its remittance solution in France, Italy, and Spain in December of 2022. Atlantic Money also localised its application and website, offering its customers the availability to read it in French, Italian, Spanish, and German.

It also increased its sending limit from EUR 100,000 to EUR 1 million, aiming to intensify the pressure on higher-cost competitors. Clients had the possibility to make international transfers for a flat and fixed fee of just EUR 3 at the current exchange rate for transfers up to EUR 1 million, with 0% FX commission. Atlantic Money allowed customers in France, Spain, and Italy to send money from EUR into eight other currencies, such as USD, AUD, CAD, SEK, NOK, PLN, and DKK, while adding other currency corridors and advanced features after the launch.

While the cost of sending a sum of money internationally is largely fixed per transaction, Atlantic Money focuses on keeping its fixed fee model, enabling its users to save on average EUR 50 per transfer. The fixed fee money transfer feature also doubled its sending limits within the tiers, in order to make larger transfers easier. Earlier in July, Atlantic Money went live in the UK and raised USD 3 million, in order to expand internationally.

Following the launch of its products, customers from the UK were able to transfer money for a fixed fee of GBP 3 at the interbank mid-market rate. These transfers were made with no foreign exchange (FX) markup or fee, on the Atlantic Money iOS application. .