Money movement firm Atlantic Money is enabling users to bypass its app and send and receive currencies directly through their own bank accounts.
With the launch of Portals, users can access the Atlantic Money network from their primary bank accounts, allowing transfers that are as convenient as SWIFT but come with a fixed fee of £3 per transaction. After a one-time setup, users receive a unique set of Portal accounts for each recipient. These accounts include both GBP (sort code + account number) and EUR (IBAN) for a USD recipient, enabling users to make local bank transfers directly from their home bank to these Portals.
For instance, a UK customer sending money to a USD recipient can transfer GBP from their banking app to the relevant GBP Portal. The Portal will automatically convert GBP to USD and deliver it to the US account. This process establishes a direct connection between the UK bank and the US account, all while Atlantic Money’s infrastructure operates seamlessly in the background.
Portals allow users to transfer up to £1 million to major currencies such as EUR, USD, and INR for just a £3 fixed fee at the current exchange rate. Standard transfers are delivered within two business days, while express transfers are processed instantly.
Neeraj Baid, CEO and co-founder of Atlantic Money, states, “With our app-less approach, we are extending the existing banking infrastructure—similar to SWIFT—rather than adding another service on top. Portals empower individuals and businesses to take advantage of Atlantic Money’s fixed fees within their banking ecosystem without needing custom integrations.”
Baid emphasizes that Portals are designed for recurring payments. An analysis of 40,000 transfers handled by Atlantic Money indicates that 94% of users who make recurring transfers send money to the same recipient bank account.
Users can set up recurring transactions through their primary bank accounts while still benefiting from Atlantic Money’s low fixed fees. The solution is expected to be particularly beneficial for expatriates sending money home, businesses paying international suppliers, and individuals supporting family members abroad.
“First, we eliminated percentage fees from international transfers, and now we’re stepping back to simplify the transaction process,” Baid adds. “Portals challenge the industry to rethink the development of straightforward, effective financial services in our increasingly interconnected world.”