UK-based money transfer platform Atlantic Money has debuted its services in Ireland in a bid to facilitate international transactions.
The move represents the enhancement of the company’s presence in Europe after its launch in Belgium and Germany.
It will enable Irish consumers to send money globally at a fixed charge of €3 at current exchange rate. Consumers can transfer as much as €100,000.
The service is currently available through the Atlantic Money iOS App, with plans to be launched on the Android platform over the next few weeks.
It covers transfer of money in Euro into USD, GDP, AUD, CAD, SEK, NOK, DKK, and PLN.
With the latest move, Atlantic Money aims to compete with its rivals, including PayPal, Revolut and Wise, which charge more money for transactions of larger sizes.
Atlantic Money co-founder Neeraj Baid said: “We are already seeing some fascinating use cases and delivering substantial cost savings for our customers.
“For example, one of our customers transferred €100,000 to GBP which arrived in minutes for the price of €3.05, a 99% saving compared to Wise or Revolut.”
Established last year, Atlantic Money expects to launch its services in other European countries soon.
In June this year, the firm secured its EU licence from the National Bank of Belgium to operate as a payment institution throughout the bloc.
Atlantic Money co-founder Patrick Kavanagh said: “The first generation of cross-border payment fintechs did a great job initially, but their flexible pricing models penalise people that have to send significant amounts of money abroad regularly and they’ve lost focus in their quest to build the next superapp.
“We are disassembling this approach by being laser-focused on doing one thing better than anyone else – getting people’s money from one currency and country to another, as efficiently as possible.”