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 USD 1 million abroad at the current exchange rate and for Atlantic Money’s flat fixed fee.
In Canada and Australia, the company 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.
Meeting market demand
The demand for a fixed fee transfer solution in these new markets is substantial, with over USD 100 billion in annual transfers according to the World Bank. In contrast, UK outbound transfers totalled USD 11 billion. However, these personal transfers make up only a fraction of global transactions as research has shown.
Company officials stated that operating with the full trust and confidence of their partners and regulators has always been central to their mission of serving customers with reliable, secure, and fixed fee transfers. They are excited to have gained these approvals quickly, and are looking forward to offering their services in these new major regions.
Atlantic Money’s regulatory milestones
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 GBP 300 million for businesses and individuals, representing a 100% growth in volume in the past 6 months.
At the time of this announcement, over 10,000 users rely on Atlantic Money’s fixed fee transfer, transmitting a median of GBP 3,000. Compared to formerly low-cost providers, such as Wise, Atlantic Money is on average 10 times cheaper when transferring money abroad, as per the press release.
