So Ive recently transferred my business account over to Monzo Business (swish). Loving it, all good, no issues … until …
I have a book on Amazon and part of that means I receive payments from Amazon. As part of being paid I need to provide an IBAN number. Now at the moment Monzo dont accept international payments, and thus haven’t registred (?) an IBAN number (or somehting). Either way, I can’t add my Monzo account to Amazon. I dont actually think Amazon pay me internationally, they just require an IBAN number, and it fails without out.
I don’t know how much of a help this is but our property was damaged by an Amazon Delivery driver, when our claim was finally settled I had to provide an IBAN, I gave my High Street banks IBAN just to be safe and the payment was made using that. I hope this helps.
Worth noting that Amazon Europe are based in Luxembourg so I would guess that all payments from them will probably come via Iban
I’m having similar problems. I work for an american company and I get share awards and expenses in dollars and need an american bank or IBAN number to receive them.
Monzo claim getting IBANs up and running is complicated, which is fine, but the ENORMOUS hole in their UX is that they do not warn you when you switch your main current account through the account switching service of this glaring hole in their service. The obvious assumption any person would have is that every bank can accept IBAN payments.
Obviously they are strongly incentivised not to warn you, but there is absolutely no way I would’ve done it if I’d known this.
TransferWise charge a %age for send money cross currency which for the share awards I need to deal with is in the 20-40 USD range.
It seems like my only option is to re-open a High Street bank account, purely to handle incoming IBAN / international payments.
Very very disappointed and frustrated with being misled like this.
No business promotes what they can’t do so why should they warn everyone for something that most don’t need
As above, because they’ve never claimed to support IBAN so how have you been misled?
The onus is on you to do due diligence before opening a bank account (or doing anything for that matter). As you said, your finances are very important so I’d have thought you would have researched and tested this before making a full switch