Portals create a direct link from your local bank account to your foreign bank account. Here’s how they work:
1. Add a recipient: Start by adding a new recipient in the Atlantic Money app, just like before.
2. We create the Portal: Once you add a recipient, we will automatically generate a unique portal for EUR and GBP.
3. Each Portal has specific details:Each portal will display its own bank details, based on the source currency.
- You can find these details in the recipient's tab by selecting the specific recipient you wish to send funds to and scrolling down.
- Important: Just like with your regular transfers, the Portal details will stay the same for every transfer you make. This means once you copy the IBAN or sort code and account number into your online banking app, you’re all set! You won’t need to open the Atlantic Money app again unless you want to change the delivery option.
4. Using the reference field(optional):You can include the pre-generated reference when making a payment through your online banking. This helps us confirm your payment and ensure it reaches the correct place.
- Important: If you include a reference intended for a different recipient, the transfer will be rejected. No worries, though—we'll notify you via email!
Sending money through a Portal
Once your Portal is set up, here's how to send money:
1. Choose the right Portal: First, choose the recipient to whom you wish to send the funds. You can do this by tapping on the recipient's name, scrolling down to 'Portals,' and selecting the source currency you would like to use for the transfer.
2. Send money to the Portal details: To send money to the Portal, simply initiate a transfer from your bank account using the bank details provided in the app.
3. We’ll convert and deliver:Once we receive your payment, we will convert it to the recipient's currency, and deliver the funds to their bank account.
- Important: We'll keep you in the loop every step of the way, letting you know the exchange rate we're using and giving you an estimated delivery time.
Example:
Let's imagine that you’d like to send €100 to your Canadian Dollar Scotiabank recipient: just open our app and tap on the recipient's icon at the bottom of your screen. If you're using our website, you'll find it on the left-hand bar. Look for your Scotiabank recipient and scroll down to the Portals section.
Next, pick ‘Euro’ as your source currency. If you need the reference or want to change the delivery option, just tap 'show more'.
After that, hop over to your online banking app and send the €100 to that Portal. Once we receive the €100, we'll convert it to CA$150 (using the current exchange rate) and deliver the funds to your Scotiabank recipient.
Next time you want to send money to your Scotiabank recipient, simply make another local bank transfer to that same Portal you've already saved in your banking app. The Portal will take care of converting your Euros into Canadian Dollars and deliver them to your recipient automatically. You won't need to use the Atlantic Money app!
Easy-peasy!
Portals and Exchange Rate Holds:
Understanding Portals transfers
Portals provide a simple and efficient way to send money straight from your local bank account to an international recipient's account.
Unlike traditional transfers, Portal transfers are created as soon as the funds are received. This means you won't be able to hold an exchange rate.
No exchange rate hold
Unlike regular transfers, where you can lock in an exchange rate at the time of creation, Portal transfers use the live exchange rate when the funds are received.
This dynamic approach ensures you benefit from the most current rate available!
Maximizing your transfer
While Portals doesn’t allow you to lock in an exchange rate, here are some friendly tips to help you make the most of your transfers:
- Monitor the rates: Keep an eye on exchange rate trends to spot the best times for your transfer.
- Time your transfer: Try sending your funds when the exchange rate works in your favor.
Tiers and Portals
Portals use the same tier/limit system as regular transfers. If a Portal transfer exceeds your tier limits, we’ll hold the funds and notify you via email.
You’ll then have the opportunity to provide the necessary verification info to proceed with the transfer. If we don’t receive the information within 7 days, the transfer will automatically be refunded. You can also cancel and refund your transfer at any time during that 7-day period.
If you have any questions, feel free to reach out to our support team via chat or email at [email protected].