Atlantic Cash launches its low cost international trade service throughout Europe • TechCrunch

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 foreign money and 9 completely different currencies on the recipient’s facet.

Since then, the corporate has expanded and is now reside throughout 29 European international locations. Customers can convert EUR by way of 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 charge. The corporate often doesn’t add any markup on the trade price and fees £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. The corporate additionally plans to launch an internet 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.Okay.

In fact, there are some limitations once you evaluate the product from well-known gamers like Clever. For example, you need to manually switch cash to Atlantic Cash’s fee account. You may’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 circumstances, Atlantic Cash can 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 follow Revolut to your worldwide transfers. Equally, it’s possible you’ll depend on Clever to obtain funds in another country with Clever’s native account particulars. So it’s going to rely in your particular scenario.

It’s additionally value noting that Atlantic Cash fees further charges for categorical transfers (0.1% of the switch quantity). On the weekend, prospects can use Friday night’s trade price with a 0.1% markup charge or let Atlantic Cash decide the trade price on the subsequent enterprise day.

For smaller transfers, companies with variable charges like Clever and Revolut can be cheaper than Atlantic Cash. However as quickly as you wish to ship greater than €1,000, Atlantic Cash turns into an attention-grabbing selection. Now let’s see whether or not the startup can follow such a low transaction charge over the long term.