Cross-border use: NI/ROI

Monzo Ireland
1

Hi all,

Quick question on cross-border usage. For those of us travelling to or working regularly in the North, what’s the plan?

  • Will Irish Monzo accounts be able to hold a sterling (GBP) balance?

  • If not, will we be spending directly from our euro account? In that case, what exchange rate will apply and are there any FX fees or mark-ups?

I know we’re in early access mode, but it would be really helpful to understand what the plan is for the near future. Thanks!

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From the UK side it looks like they’re working on currency accounts. Once UK customers get Euro accounts I presume Irish customers will get GBP currency accounts

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Card payments are at the Mastercard rate without FX fees or mark-ups. It’s pretty close to a perfect rate so should be competitive.

That hasn’t been announced. But…

… Monzo UK has been trialling multi currency accounts with a v small cohort. There’s not much GB benefit and Monzo has called it niche, but it feels like it would be good prep for the island of Ireland.

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Brits travelling to Europe :thinking:

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Not really. It’s quite niche to want to lock on an exchange rate rather than just get the best spending rate on the card.

Where it comes into its own is for standing orders, direct debits etc - which I imagine would be much more likely if you’re living near a currency border. Like on the island of Ireland, for example.

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It’s convenient if you’re gone anywhere for an extended period of time.

Personally think it’s a fantastic feature of Revolut.

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It’s the best feature of Revolut. The currency accounts are class for saving money in the currency before arriving in that country. We done it when visiting vegas (saved in dollars before going)

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Wise is much better as they pay you interest on the currency balances.

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