For anyone that wanted an actual screenshot…
Will the CA be getting IBAN and/or SWIFT codes soon?
Hi @iwearnexus, I moved your post here. Unfortunately, ‘soon’ is pretty vague for everyone. I think best we have is just Naji providing general “not yet” here:
Does the Monzo Current account have a IBAN and SWIFT/BIC number?
Not at the moment. IBAN transfers are not yet supported, only UK-wide BACS and Faster Payments.
You need a third-party service like Transferwise if you want to send/receive payments via IBAN number.
No, no, yes.
The BIC is displayed in the app on the page with all the other account details accessible from the Account page.
I wonder what the purpose of that BIC is at the moment though, or how did Monzo get one in the first place given they aren’t yet connected to SWIFT.
Maybe it is not in connection with SWIFT but CHAPS?
Does CHAPS require having a BIC code? Being UK-only I don’t think they would care about SWIFT.
My understanding was although CHAPS is inland not from overseas the identifier code was used on some systems to signify the recipient branch and some banks like Fineco in the UK use a different BIC for CHAPS payments to SWIFT payments. Now I am no expert so would be good if someone can explain why they do that, as I would assume Sort Code was sufficient.
Unlike a Sort Code which one per branch BIC can be used for departments by applying a three character suffix. Some systems send the BIC with XXX to fill any unused space but one bank may for example route CHAPS or business payments to one suffix and BACS or personal say (these are just to illustrate the concept) to a second suffix.
The use of the secondary level BIC suffix characters is more common with continental banks than in the UK.
I’ve been given BICS instead of sort codes before on UK invoices. Not sure why…
Will we be able to view our CVC again in the app? That was a big help for me as it’s the one thing I forget with so many cards
I’d love to see the card number and cvc. Not sure the reason as to why you can’t. It’s pain to keep getting the card out.
Great idea! This is something this app really needs to take it further and to gain more applicants so we use this card more frequently for a variety of things
I am working through a freelancing site, Upwork.com, i earn in dollars. Tired of the inflated fees and rip off rates high street banks charge for dollar to sterling i researched alternatives. Monzo sounded fantastic with it’s free foreign withdrawals (i am location independent with work, so i travel from country to country) and fair conversion rates. (I earn in dollars > transfer into sterling account > withdrawn as a 3rd currency depending on where ever i am)
So i have been hoarding thousands of dollars that i have earned on the upwork platform, waiting to send it to my Monzo account. But i have discovered today that Monzo is not an international bank, it does not have an IBAN number. So this means i cannot transfer my earning to my account. Also the recent changes with the 3% fee of foreign withdrawals…
Wind has been taken out of my sails to say the least. Perhaps this is my own naivity, i presumed if something is a bank, it can deal internationally, but is seems not.
Hugely disappointed. Back to Nationwide i guess.
I think the point here is that Monzo never intended to be a prepaid card. The end goal was always to be a fully fledged bank. In this era having the same features as a legacy bank takes time, and definitely time to do them right.
Legacy banks have had years to introduce new features as they are thought up. Monzo are donig this, and creating and implementing their own brand new ideas.
Unfortunately the wtihdrawals of cash were largely costing Monzo as a business so they’ve introduced the pricing structure - you can continue to use the card for point of sale transactions, just ensure cash withdrawals are a minimum.
As for the IBAN, pretty sure this is coming at some point
Sorry to hear that it has let you down lately, I’m not in your unique position that these gripes affect me.
To be honest, the 3% withdrawal fee is fair enough. I read all the of stuff about it and the 3 options. Still one of the best, if not the best for forfeign withdrawals.
It is mainly due to the lack of IBAN. So i cannot pay myself my salary into Monzo. I have these ludicrous fees regular banks charge, Is it not enough that they can hold on to everyones wealth and invest it and make huge profits!? They also have to give you artificially poor exchange rates and additional fees just to move you money from one currency to another!!
Anyway, this is becoming a rant! i know, just gutted as i thought i found a solution to avoid all that crap you get with regular bank… But, as you say if they can eventually get the IBAN there is still light at the end of the tunnel. I will just have to bite the bullet and lose hundreds due to the poor exchange rate and fees
Just like you always have done?
from the road map. ~Currently in 3-6 months. Priority is full CA rollout right now.
Even if it’s a short term solution to get the money converted and to avoid the fees. Starling has an IBAN and no fees at all.