Atlantic Money, founded in 2020 by Patrick Kavanagh and Neeraj Baid, launched in 2022. It has quickly become a key player in the international money transfer market. This review looks at how Atlantic Money compares to traditional banks and services like Wise.
Atlantic Money offers transfers at interbank rates for just £3 per transaction. This is great for those who send money often and want to save on fees. The service is easy to use and has clear fees, but it has some limitations.
It only works through its app and has issues with certain countries. Despite this, 62% of reviews give it 5 stars, showing many are happy. Yet, 18% are not, highlighting some challenges. Despite these, Atlantic Money is a cost-effective choice for international money transfers.
Overview of Atlantic Money’s Services
Atlantic Money offers a simple way to send money across borders. You can do this through their mobile app. It’s easy and fast. They charge just £3 for each transaction, making it a great deal.
They support sending money in many currencies like GBP, EUR, and USD. This makes it easy to send money to anyone, anywhere. Their flat fee means no hidden costs, even for big transfers up to £1 million.
Atlantic Money gives you real exchange rates without extra fees. This is great for big transactions. For amounts over £700, they might be cheaper than Wise or Revolut.
Transactions usually take about four days. This is what most users expect for their payments. It’s fast and reliable.
But, there are some downsides. You need the mobile app for everything. This might not work for everyone, like those who prefer talking to a person for big transfers.
Atlantic Money follows strict rules from the UK and EU. This makes sure your money is safe. People like using their service because it’s affordable and easy. It’s a smart choice for sending money abroad.
Comparing Atlantic Money with Other Transfer Providers
Atlantic Money shines in the world of international money transfers, showing both good and bad sides. Its flat fee for each transaction is a big plus, helping those sending large amounts of money. This is different from Wise, which charges a percentage fee that increases with the amount sent.
Atlantic Money says it’s up to 99% cheaper than traditional banks, which is great for those watching their budget. But, the speed of transfers is also important. Atlantic Money’s times are standard, but Wise might be faster for some users.
Atlantic Money only offers a few currencies, which might not be enough for everyone. Wise, for example, supports many more currencies and is known for clear fees and rates. This makes Wise a strong competitor.
Reviews show how people feel about Atlantic Money. About 62% of users gave it 5 stars, showing they’re happy. But, 18% gave it 1 star, which is something to think about. This shows the importance of picking the right service for international money transfers.
For more info on the best money transfer services, check out useful guides.
Customer Experience and Feedback
Atlantic Money’s user feedback is mixed. It has a Trustpilot rating of 3.8 out of 5 from 105 reviews. Many users like the competitive prices and easy app use. But, there are big issues that might make others think twice.
Twenty percent of reviews give it a 1/5 rating. They talk about problems with transfers and slow customer support. The need for verification can be a hassle, making it harder for big transfers.
On the other hand, many Atlantic Money reviews praise its mobile app. It has a 4.8-star rating on the App Store and a 4.9-star on Google Play. This shows the app works well for making transfers.
But, some users say to think about other services for small transfers. They value speed and ease more.
Atlantic Money charges a fixed £3 fee for transfers up to £1 million. This clear pricing is a big plus. Yet, the two-day delivery time might not please everyone. As Atlantic Money works to improve, it shows promise for some users but needs to get better in other areas.
