UK fintech Atlantic Money is set to offer its fixed-fee money transfers across additional major markets.
Within 1.5 years of launching in the UK, Atlantic Money has “met relevant requirements to offer its services in the United States, Canada and Australia.”
Users will be able to transfer “up to $1 million abroad at the current exchange rate and for Atlantic Money’s flat fixed fee.”
In Canada and Australia, the firm itself “has successfully registered to offer money transfer services to individuals and businesses. In the United States, Atlantic Money is registered as a federal Money Services Business with FinCEN and will offer its services to businesses under the sponsorship of a federally regulated US bank.”
The demand for a fixed fee transfer solution in these new markets “is substantial, with over $100 billion in annual transfers according to the World Bank.”
In contrast, UK outbound transfers totalled $11 billion. However, these personal transfers make up only “a fraction of global transactions as research has shown.”
Neeraj Baid, Atlantic Money Co-Founder and CEO, said:
“Operating with the full trust and confidence of our partners and regulators has always been central to our mission of serving customers with reliable, secure fixed fee transfers. We are excited to have gained these approvals so quickly, and are looking forward to offering our services in these new major regions.”
In 2022, Atlantic Money received regulatory permission “from the British Financial Conduct Authority (FCA) and Belgium’s National Bank (NBB), enabling its fixed fee transfers across the UK and the EU.”
Since then, the fixed fee money transfer provider “has facilitated over £300 million for businesses and individuals, representing a 100% growth in volume in the past 6 months.”
Today, over 10,000 users rely “on Atlantic Money’s fixed fee transfer, transmitting a median of £3,000.”
Compared to formerly low-cost providers, “such as Wise, Atlantic Money is on average 10 times cheaper when transferring money abroad.”