If you read my earlier blog post about money transfers, you will know that I saved ~$600 by using a combination of Revolut+Wise to exchange and transfer money cross border instead of using Wise on it's own. Using a Revolut+Wise combo saved me ~$1,100 over using traditional banks. But earlier in 2022, Revolut removed their 1 free international transfer per month which removed their advantage over Wise and left us with no cheap options for moving larger values of money from EUR or GBP in a European bank account into USD in a US bank account.
Before we begin:
Enter the disrupter: Atlantic Money
For a flat fee of €3 you can send a transfer of EUR or GBP into USD and send to a US bank account, up to €100K. No more €50 transfer fees from Wise or Revolut to send €5,000.
I recently discovered Atlantic Money and it was created by 2 expats in London that were tired of paying higher fees for high value transfers. Wise and Revolut both admit that they really nailed the market on lower value transfers but because their fees increase with the value, the fees can end up being hundreds€€€. Atlantic Money launched their product last year and charge a flat €3 fee per transfer for moving GBP or EUR cross border into 8-9 currencies (and growing), and they give you the Interbank exchange rate (same as Wise and Revolut).
Here are screenshots from all 3 apps on the same day. To get $10,000 to arrive in a US bank account it would cost you:
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Unfinished human, currently v.5.0. Expecting at least 10 more versions. Aspiring adult.