Atlantic Money, a foreign exchange company, has begun its expansion into the European payments market, launching in France, Italy and Spain.
The international money transfer provider plans to launch into the three markets simultaneously following successful launches in Austria, Germany, Belgium and Ireland.
To facilitate the launches, Atlantic Money has also localised both its app and website. Both are now available in French, Spanish, Italian and German. The company has also increased its Euro sending limit from €100,000 to €1million, whilst maintaining its €3 flat fee.
The move aims to increase pressure on the likes of PayPal, Wise and Revolut. These companies all charge more, the more money that is sent. Because of the consistent €3 fee, Atlantic Money suggests that its users are saving £50 on average per transfer.
Atlantic Money secured its European licence to operate as a payment institution in June through the National Bank of Belgium. Since then, it has launched in Ireland, Belgium, Germany and Austria, aiming to make its service accessible in more locations.
The company explained that its service is ideal for European cross-border workers, who could save significant amounts with it. Atlantic also serves frequent travellers or expatriates with overseas commitments such as tuition fees, holiday homes and credit cards.
Supporting cross-border payments
Patrick Kavanagh, co-founder of Atlantic Money, spoke on the news. He said: “While our competitors continue to move into new areas of finance, neglecting their core products, we are laser-focused on one thing.
“We want to get people’s money from one currency and country to another as simply, efficiently and affordably as possible.
“We’re very excited to bring our fixed-fee transfers to France, Italy and Spain.
“We also look forward to saving people across Europe up to 99 per cent on their money transfers.”
Neeraj Baid, also co-founder of the company, also commented: “Having experienced the need to frequently send money abroad ourselves, we understand how essential it is to make the process as simple as possible for our customers.
“Increasing our spend limit to €1million and bringing our flat, fixed €3 money transfers to France, Italy and Spain. This brings cost-effectiveness and simplicity to people sending money abroad from these countries.
“We look forward to continuing our growth in the European market, expanding the number of currency corridors we offer and adding advanced features in the coming weeks.”