Atlantic Money Launches Portals for Seamless Bank-to-Bank International Transfers

UK FinTech Atlantic Money has launched Portals, a feature that enables users to make international transfers directly from their bank accounts, bypassing the need for the app. Portals combines the convenience of SWIFT transfers with Atlantic Money’s cost-effective £3 fixed fee per transfer.

A Seamless Experience

Portals simplify the process of international money transfers. After an initial setup, users receive unique Portal accounts for each recipient. If a user needs to send money to a recipient in the US, they receive GBP (sort code + account number) and EUR (IBAN) portals. By transferring funds from their primary bank account to these portals, the system manages conversion and delivery.

Eliminating the Need for Additional Apps

Portals revolutionize international transfers by removing the need for separate apps or extra confirmation steps. This innovation makes Portals the first truly app-less international money transfer service, allowing users to make transactions within their familiar banking environment. This streamlined approach offers the same level of convenience as traditional methods like SWIFT but at a lower cost.

Neeraj Baid, CEO and co-founder of Atlantic Money, commented, “Portals reflects our dedication to simplifying international transfers. By extending existing banking infrastructure rather than adding a new service, we provide a seamless solution for fixed-fee transfers right within users’ banking ecosystems. Portals offer significant benefits without requiring custom integrations.”

Optimized for Recurring Payments

Designed with recurring payments in mind, Portals address the needs of users who frequently transfer money to the same recipient. An analysis of 40,000 transfers revealed that 94% of users routinely sent money to the same recipient bank account, underscoring the demand for an efficient, recurring payment solution.

With Portals, users can set up recurring transactions in their primary bank account while benefiting from Atlantic Money’s fixed fee. This feature is particularly useful for expatriates sending money home, businesses paying international suppliers, or individuals supporting family abroad.

Flexible Transfer Options

Portal support transfers up to £1 million to major currencies such as EUR, USD, and INR for a £3 fixed fee. Users can choose standard delivery, which takes up to 2 business days, or opt for express transfers for immediate payouts. Additionally, users can still use the Atlantic Money app to track their Portal transfers or, if necessary, submit compliance documents.

Atlantic Money’s Portal bring a new level of simplicity and efficiency to international money transfers, offering users a seamless and cost-effective solution within their existing banking framework.