Atlantic Money launches fixed fee international transfers for businesses

By Gloria Methri

London-based Atlantic Money has expanded its fixed-fee international transfer service to businesses around the world. Starting today, companies in 29 countries can send up to one million pounds abroad at the current exchange rate for a flat fee of £3.

With this launch, Atlantic Money enables businesses to save on their global payments during times of rising inflation, while formerly cheap providers sharply increase their transaction costs.

Atlantic Money expects that entering the business-to-business (B2B) and business-to-consumer (B2C) sectors will significantly increase the impact of flat-rate international transfers. In its first year, the company transferred £160 million to its users abroad.

At that time, Atlantic Money did not offer payments for businesses or the largest target currency for international transfers, the Indian Rupee. As the company now introduces transfers for businesses, it is expecting even more robust growth in the upcoming year of operations.

Additionally, Atlantic Money says its flat-rate pricing structure is particularly beneficial for larger transaction amounts, which businesses naturally carry out more frequently. For transactions up to one million pounds, the differences amount to several thousand pounds.

Neeraj Baid, Co-Founder and CEO of Atlantic Money explained, “Many FinTech companies aim to replace traditional bank accounts. Atlantic Money’s vision is different. We do not want to be yet another bank account for businesses. Instead, we focus on enhancing what is already there, making it easier to blend our service into current business setups. Our aim is to make the use of Atlantic Money smooth and hassle-free while keeping the comfort of existing accounts intact.”

He further said, “For the first time, businesses can transfer up to one million pounds abroad and always pay just £3. This way they can save our users thousands of pounds per transfer, even compared to the providers that used to be recognised as cheap. It fills us with pride that we can improve the payments market in such an innovative way. We can’t wait to help all the international businesses and get closer to bringing variable fees to an end.”