Greetings,
I just opened up a new Monzo account. I have cash in my Forex card. Any way to transfer the cash from Forex card to Monzo?
Thanks,
A
You’ll have to elaborate a little on what a Forex card is.
From a quick Google it looks like a pre-paid card for foreign currency. If that’s the case then you won’t be able to because Monzo only accept GBP. Therefore you’ll need to use a service like Transferwise.
Thanks @Ordog
Indeed it is a prepaid GBP card. It has multiple currency in it. I have balance in GBP and it is the default.
Will there be any charges in TransferWise? Let me invest from googling 
Quick update, TransferWise won’t allow transfer from GBP to GBP.
You’re best waiting for someone more knowledgeable in this area to comment. I thought you had it in a different currency not GBP.
I presume you can’t simply do a bank transfer from your Forex account?
What do Forex suggest you do to withdraw your money? If it lets you transfer it to a bank account in GBP then you’ll be able to do it there.
Such cards are generally for spending, they don’t have a bank account behind them, as such.
You may be best withdrawing the cash and putting it into Monzo in that form, provided it’s below the limit to do so. Or pay into another bank and transfer over.
Or use your monzo.me to pay in, I have used this in the past although there are limits there too.
How do I withdraw money from my forex account?
How do I withdraw funds from my account ? To withdraw funds , log into the trading platform and click “Add Funds ” and then select the “ withdraw funds ” option. Funds must be withdrawn to the originating source of deposit. Excess funds may be withdrawn by bank transfer or wire transfer.
Thank you everyone.
I have tried
- Monzo me - it reports the card is not supported
- Contacted the card provider - the card is only for spending; no option to initiate a bank transfer.
Back to square one. Will spend out of the prepaid card until month end.