Hi guys. I have been using Monzo for a while now, but only for very basic stuff (paying on holiday etc). Now I would need to try something a bit different and I would like to understand how things work before trying.
So, I currently have a UK current account, with approximately 7k gbp. My intention is to get all of those into euros.
Tomorrow I am opening an European current account - this will of course be in euros, but might also be a multi currency one (maybe? I have no idea).
I was thinking of using Monzo in order to do all this, but I am not 100% sure of how the process works.
If I do a bank transfer, does the money get converted at Monzo’s rates?
if, for whatever reason, the destination account can also hold gbp, I suppose my money will not be converted at all and there’s no way for me to do this via bank transfer?
in general, considering I’d have that much money, what’s the quickest and least painful way of getting this done?
Apologies if all these sound silly, but I am really not an expert on banking transactions and stuff!
Thank you all