BIC and IBAN


(Martin Jones) #1

Hi, i am owed a payment and they are asking for BIC and IBAN. I can find the BIC on my profile.

What is the IBAN?
TIA


(James Murray-Ferris) #2

Monzo don’t accept them at the moment will have to use TransferWise or another bank account


#3

This is well worth a read before trying to receive international payments to your Monzo account:


(Martin Jones) #4

I dont have a transferwise, it it simple the case of setting up an account and transferring funds to them before transferring to Monzo


(If there's the wrong end of a stick, you'll find me holding it.) #5

Yep :+1:


(Martin Jones) #6

Final one promise :grin:

Is it as equally as good transferring to transferwise as it is Santander or do they offer better rate or no charges etc


#7

TransferWise (or Revolut) will give you a far better exchange rate than Santander with lower fees


(Dave) #8

I didn’t think Transferwise had IBANs for incoming transfers? Or at least my borderless account doesn’t and specifically says they don’t have this facility yet.


(Martin Jones) #9

Ive signed up and activated the EUR account, just waiting on verification, is this correct I set up EUR then transfer to GBP


#10

Yep. Give the sender the IBAN and BIC, if needed, and when they send it will appear in your EUR account. You can then convert this to GBP in the app for a fee.

The payment can come via SEPA or SWIFT in EUR. TransferWise don’t accept incoming SWIFT payments in currency’s other the EUR


(Martin Jones) #11

Thanks, im just happy to get it, paid about £60 for Ryanair flights, was delayed by around 5 minutes longer than the compensation standard and got paid £400 haha :muscle:


(Martin Jones) #12

Been verified and in app, where do i find the codes?


#13

For future reference, you can link your new TransferWise account with your Monzo account to send money abroad :+1:


(Martin Jones) #14

Found the codes, thanks everyone


(Martin Jones) #15

Just one final thing, I would highly recommend FlightRight if your flight is delayed, no win no fee and they got me money for something i really wasnt expecting to get, they do all the leg work


(Martin Jones) #16

How do i do that


#17

Your travel insurance does this!

Under the Payments Tab, then ‘Bank Transfer’ then slide across to ‘International’


(Martin Jones) #18

They rejected any compensation wih insurance tried again with flight right and got paid