I am an international student studying in the UK, and I only have a Monzo bank account here as my local bank account. I want to top up some money on my card, but the cash limitation is 1000 pounds. So I want to transfer some money from my visa debit account create in China to my current Monzo account, but I am not sure whether it will be successful. Could you kindly tell me if it works? Also, could you kindly tell me if there are some more ways to top up some more money to my account please?
From a Chinese bank you donât want to use TransferWise.
Youâd be better off opening an account with a larger bank as Monzo doesnât work very well with international transfers currently (HSBC, Barclays etc.)
HSBC is particularly easy as they donât charge anything for global transfers if you also hold an account in China but youâd have to wait until next time youâre back unless you have one already. Alipay international transfer works okay too but not with Monzo.
After itâs in the UK you can instantly transfer money to your Monzo account for more convenient spending.
Itâs simply not supported to send any currency from China via TransferWise as they donât comply with local regulations.
Options are to use a large bank with global presence (notably HSBC as itâs fee-free), Alipay etc. but all of these would require an account with a more established (in this context) bank and not the likes of Monzo, Starling, N26 etc.
One other option OP has is to use PayPal China to send money to a UK PayPal account. Itâs very simple to do but youâll be charged quite a lot for the convenience.
You can use Monzo.me to pay yourself using your Chinese card. Note that Monzo will charge your card in GBP so you may incur foreign transaction fees on your Chinese account.
As someone with a few different Chinese bank accounts, thankfully the only times youâre charged for a foreign transaction are usually if the transaction occurs in a currency the card doesnât support (due to local regulations, Visa cards in China are all denominated in one or more foreign currencies, not local currency). For example, my Bank of Beijing Visa debit card only charges me 1%, and only if I perform a transaction not in US dollars (the one currency that card supports), and my ICBC Visa charges me nothing if I perform transactions in one of the currencies the card supports (USD, CAD, JPY, HKD, SGD, GBP, EUR, CHF, AUD, NZD), but posts charges in all other currencies converted to USD (also with no fee).
Iâm not sure whether itâs a restriction on Monzoâs end but my HSBC MasterCard (CNY/USD dual currency) wouldnât go through on this. Just tried it now as it wouldâve been very convenient indeed but my account is closed so obviously my link no longer works.
Iâd be very interested to know if this works but I donât have my own Monzo account to try with. Anyone want to give me their Monzo.me link to try sending you a small amount?