Atlantic Money completes EU launch of fx service

Seven months after going live, Atlantic Money has completed its European rollout and is now available across 29 countries.

The money transfer service founded by Robinhood alumni launched to rival Wise and PayPal allows users to send up to £/€1m at a fixed fee of £/€3.

It first launched in the UK last March before expanding to Euros in August and starting to roll out across the EU. 

It had a localised December launch across France, Italy and Spain after gaining its EU payment licence from the National Bank of Belgium in June and is now launching its Android app alongside the completion of its pan-European launch.

“Over 50 per cent of our visitors had requested Android so we’re happy to now be able to provide it,” Atlantic Money co-founder Neeraj Baid said.

“We have ambitious plans in terms of currency corridors and regional expansion for the year ahead and are excited at the prospect of extending both the benefits and the reach of our product.”

The fx fintech recently called out its competitor Wise for removing Atlantic Money from its price comparison tool – an act it said was a “breach of its commitment to transparency”. 

When it comes to transferring small sums, companies such as Wise or Revolut will often prove cheaper than Atlantic Money’s flat fee of £3. 

However, in most cases, as soon as the transfer sum tops £1000, Atlantic Money becomes the cheaper option – it does charge additional fees for express transfers (0.1 per cent of the amount transferred) and occasionally on weekend transactions.

Wise recently delisted Atlantic Money from its price comparison tool for the time being “for a number of operational reasons”, which it said included “queries received from customers about their business”.

It also removed it from external comparison sites it controls.

“People deserve to have a fixed price on their international transfers instead of paying more the more they send,” Baid said at the time.