As the landscape of international money transfers evolves, many are reconsidering their options between Atlantic Money and Wise. This article aims to provide a comprehensive overview of both services, comparing their prices and features to help you determine the best choice for your needs.
A quick overview on Atlantic Money and Wise
What is Atlantic Money?
Atlantic Money is an international money transfer service that allows individuals and businesses to send funds across borders. Operating through a mobile application and a web platform, it supports currencies such as GBP, EUR, and USD, transferring money directly to recipients' bank accounts.
What sets Atlantic Money apart is its flat fee of £3 or €3 for transfers up to £1 million and the use of live exchange rates without markups. Common use cases include individuals sending remittances, businesses making international payments, and freelancers receiving payments from clients abroad.
What is Wise?
Wise is a financial technology company that offers international money transfer services and multi-currency accounts. It allows users to send, receive, and hold multiple currencies at real exchange rates with low, transparent fees.
Wise is used by individuals for sending money internationally and managing funds in different currencies. Businesses utilize it to pay international suppliers, receive payments from global clients, and manage payroll for employees in various countries.
Pricing of Atlantic Money and Wise
Atlantic Money's pricing model is straightforward, charging a flat fee of £3 or €3 for transfers up to £1 million. This structure can be particularly advantageous for large transfers, as it avoids the percentage-based fees that can add up quickly with other providers. Additionally, Atlantic Money uses live exchange rates without any markups, ensuring that users get the most competitive rates available.
Wise, on the other hand, operates on a variable fee structure. Fees start from 0.33% of the transfer amount, and there are additional costs for certain services, such as receiving USD wire payments. While Wise offers the real mid-market exchange rate, the overall cost can vary depending on the amount and currency involved. Wise also charges for ATM withdrawals over a certain limit, adding to the potential costs.
Atlantic Money generally offers better pricing for large transfers due to its flat fee structure.
Features of Atlantic Money and Wise
Atlantic Money features
Atlantic Money offers several unique features that cater to the needs of consumers looking for cost-effective and transparent international money transfer services:
- Flat Fee Structure: A flat fee of £3 or €3 for transfers up to £1 million, providing significant savings for large transactions.
- Live Exchange Rates: Uses live exchange rates without any markups, ensuring transparency and fairness in currency conversion.
- Mobile and Web Platforms: Available through both mobile applications and a web platform, catering to different user preferences.
- Direct Bank Transfers: Transfers funds directly to recipients' bank accounts, simplifying the process for both senders and recipients.
- FCA Authorization: Authorized by the Financial Conduct Authority (FCA), ensuring regulatory compliance and fund protection.
Wise features
Wise offers several unique features that cater to the needs of consumers looking for efficient and transparent international money transfer services:
- Multi-currency account: Manage money in over 40 currencies, making it easier to operate internationally.
- High speed, low fee transfers: Over half of the transfers are completed in under 20 seconds, ensuring quick transactions.
- Interest on balances: Earn interest on balances in multiple currencies, including 3.92% APY on USD.
- Global account details: Receive money with local bank details in multiple currencies, enabling seamless international transactions.
- Wise card: Use a debit card worldwide without foreign transaction fees, providing convenience for frequent travelers.
Comparing Atlantic Money, Wise and OneSafe
Why choose one over the other?
- Why Choose Atlantic Money Over Wise: Atlantic Money's flat fee of £3 or €3 for transfers up to £1 million offers significant cost savings for large transactions compared to Wise's percentage-based fees. Additionally, Atlantic Money provides live exchange rates without markups, ensuring transparency and fairness in currency conversion, which can be more predictable and advantageous for users making substantial transfers.
- Why Choose Wise Over Atlantic Money: Wise's multi-currency account allows users to hold and manage over 40 currencies, making it a versatile solution for those who need to operate internationally. Furthermore, Wise offers a debit card that can be used globally without foreign transaction fees, providing added convenience for frequent travelers and businesses with international operations.
Considering OneSafe vs Atlantic Money and Wise
- Why Choose OneSafe Over Atlantic Money and Wise: OneSafe offers seamless USD to USDC conversion on Polygon, making it an ideal choice for Web3 companies needing efficient payroll and expense management. Additionally, OneSafe provides end-to-end expense and payroll management, ensuring that businesses can handle both traditional and digital assets effortlessly.
What are the customers saying?
Atlantic Money reviews
Users have reported several issues with Atlantic Money, including delays in transfer processing and inflexibility in modifying transfer details once initiated. Additionally, there are complaints about poor customer support response times and discrepancies between promised and actual transfer times. Check out more Atlantic Money reviews here.
Wise reviews
Wise, formerly known as TransferWise, is a British financial technology company founded in 2011 by Taavet Hinrikus and Kristo Käärmann. The company specializes in international money transfers and offers services to both individuals and businesses. Wise's unique benefits include transparent and low-cost currency conversions, multi-currency accounts, and the ability to hold and manage over 40 currencies. The platform provides local bank account details in multiple countries, enabling users to receive payments like a local without the need for a physical presence. Additionally, Wise offers a debit card that allows users to spend globally with minimal fees, making it a convenient solution for frequent travelers and international businesses.
Wise operates as an international money transfer service and multi-currency account provider. It facilitates cross-border payments by allowing users to send, receive, and hold multiple currencies at real exchange rates with low, transparent fees. The platform is designed to serve both personal and business needs, offering features like batch payments for businesses and integration with accounting software.
Use Cases:
- Individuals: Wise is ideal for individuals who need to send money internationally, manage funds in different currencies, or spend abroad without incurring high fees.
- Businesses: Companies can use Wise to pay international suppliers, receive payments from global clients, and manage payroll for employees in different countries.
Key Strengths:
- Cost-Effective Transfers: Wise offers low, transparent fees and uses the real mid-market exchange rate, which can result in significant savings compared to traditional banks.
- Multi-Currency Accounts: Users can hold and manage over 40 currencies, making it easier to operate internationally.
- Speed: Transfers are often completed quickly, with many transactions processed within seconds.
Limitations:
- Cash Transactions: Wise does not support cash payments or cash pickups, which may be a drawback for users who prefer or require cash transactions.
- Country Availability: While Wise supports over 70 countries, some regions are not covered, limiting access for potential users in those areas.
- Account Freezing: There have been instances where accounts were frozen for compliance checks, which can be inconvenient for users needing immediate access to their funds.
Wise operates on a transparent fee structure. For personal accounts, there is no fee to open an account. For business accounts, there is a one-time setup fee of £45. Sending money incurs a fee that varies by currency, starting from 0.33%. Holding money in your account is free, and receiving domestic payments in certain currencies is also free. However, receiving USD wire and Swift payments incurs a fixed fee of $6.11 per payment. Spending with the Wise debit card is free when using funds in the same currency, but ATM withdrawals over £200 per month per account are subject to a 1.75% fee plus £0.50 per withdrawal.
Users have reported issues with account access, document verification, and occasional delays in transfers. Some have also expressed concerns about the level of customer support and increasing fees. Check out more Wise reviews here.
OneSafe reviews
Users have consistently praised OneSafe for its exceptional customer support and the platform's ability to simplify complex banking tasks for Web3 companies. The seamless USD to USDC conversion on Polygon and end-to-end expense and payroll management are standout features that have garnered positive feedback from businesses operating in the digital asset space.
Notable reviews highlight the platform's efficiency and reliability:
- “OneSafe has the best customer support I've ever experienced from a bank.” - Amit Chu, Investments @ Celo Foundation
- “OneSafe is a game-changer. They solve so many headaches for our company. Finally a banking solution that gets it.” - Marco, CEO of Ensuro
Want to learn more? Check us out here.
Atlantic Money, Wise, or OneSafe: Which is the best platform for you?
In conclusion, while Atlantic Money and Wise offer robust solutions for international money transfers, we believe that OneSafe stands out with its seamless USD to USDC conversion on Polygon and comprehensive expense and payroll management. Each service has its unique strengths, but OneSafe's tailored approach for Web3 companies makes it a compelling choice. Ultimately, any of these platforms could meet your needs, but we recommend giving OneSafe a try for its innovative and user-friendly features.
