Atlantic Money to allow users to forsake its app and send or receive currencies from within their own bank accounts

A money movement company Atlantic Money recently shared plans to make it possible for users to send and receive currencies directly from their own bank accounts, without having to rely on its app.

Portals to revolutionize international transfers

The move will be possible thanks to the launch of Portals, a new feature that will allow users to access the Atlantic Money network from their main bank account. This will make Portals as convenient as SWIFT, but much cheaper. They will get to keep the low transfer fees of Atlantic Money, which has a fixed fee pricing of only £3 per transfer.

All it takes is a one-time setup, after which users will receive a unique set of Portal accounts. If the user chooses to be a USD recipient, they will also have access to GBP and EUR Portals. They can then initiate local bank transfers from their bank account to Atlantic Money’s Portals.

If a UK customer wishes to send money to a USD recipient, they can simply transfer GBP from their banking app to their GBP Portal. From there on, the Portal will exchange GBP into USD automatically and deliver it to the USD recipient, directly into their US bank account. In other words, Portals will create a direct link between the UK bank account and the US bank account, using Atlantic Money’s infrastructure in the background.

Additional details involving Portals transfers

Payments will be much more affordable than typical international transfers, as well as significantly faster. Users will also be allowed to transfer up to 1 million GBP in major currencies, including GBP, EUR, INR, or USD. Every transfer comes with a £3 fee, regardless of the amount that is being transferred.

Standard delivery transfers will be paid out in 2 business days, while express transfers are paid out immediately.

Commenting on the company’s decision, its co-founder and CEO, Neeraj Baid, said that the app-less approach will extend the existing banking infrastructure, instead of forcing users to use an additional service on top of others that they already have to use. “Portals allow every person and business to benefit from Atlantic Money’s fixed fee transfers within their banking home turf and without any custom integrations,” Baid added.

The firm’s CEO also noted that Portals are built for recurring payments, which will be important, given that recent analysis showed that out of 40k transfers handled by Atlantic Money, 94% of users that recurrently transfer money do so to the same recipient bank account.