This might be a long shot but I prefer to post it and get it deleted rather than not mentioning it.
At the moment, when we’re abroad we choose the amount we want to withdraw in the local currency (for example 1000 HNL). Now I have two questions, which I know could sound stupid:
How easy would it be to add currency converter to Monzo App that shows the current rate, so that I could see exactly what amount will be deducted from my card (provided I have connection, if not - using latest conversion)?
Would it ever be possible to choose the amount in your card currency and that would give you the closes possible value in the local currency. For example: I would like to get 300GBP worth of HNL.
I might be dreaming here so please bin it if I’m getting ahead of myself
There’s also been some discussion about this idea here -
I’m sure Monzo could add a currency conversion tool in the app but I’m not sure how much value it’d be adding, since:
a) you can already check the conversion rate using MasterCard’s tool here
b) the conversion rate will have changed by the time your transaction settles so you won’t be able to calculate exactly how much you’re spending
Perhaps it would help with calculations while you don’t have a data connection but there are already apps that enable you to do that.
Isn’t that what a currency conversion calculator would do? A good tool would enable you to see the rate as GBP : foreign currency & foreign currency : GBP
Currency conversion tool in-app would be much easier to use, not too mention if Monzo could read the location and already know what currencies I’m trying to convert.
As the second point - that’s basically to avoid using conversion tool altogether but I don’t have enough information to know whether it’s limitation of cash machines or cards
This feature sounds good but again, personally I’d rather Monzo spend their time building other features which only they can build, if the only impact on me is having to navigate to a dedicated currency conversion app in order to do the calculation.
I see, I think the challenge here is the terminal / ATM doesn’t know what FX rate Monzo (or any other card issuer) will give you, before Monzo authorise the transaction. So the terminal / ATM can’t calculate what amount it will need to debit from your account, in order to give you £x worth of a foreign currency unfortunately.
I see exactly what you mean, and there are definitely more useful functionalities to be build. But there’s more to currency conversion within the app than just ‘easier’. People have asked plenty of times about fees or exchange rates on forums. When user is new to Monzo, he/she finds some info, while other info slips away, just spam of information. I didn’t know about Mastercard tool before I came to forums either.
Currency conversion in app would be: obvious, easy to find, very straightforward and might encourage people to try Monzo abroad. More trustful too, because how could someone make an assumption that Mastercard tool is exactly how Monzo will exchange. I also feel like some people can’t process ‘no fees’ thing either, so used to pricey currency exchange… so extra assurance in app on real example might be quite convincing.
In other words, I wouldn’t dismiss a seemingly ‘nice to have’ fluff as impactless, because I feel like it could have positive impact on brand (and a bit of wow factor too). I won’t give any links to research because it’s my personal feeling.
Having currency conversion in the app may seem to you as a obvious, not necessary notion but I’ll be honest, subjectively I hate having lots of apps. Having this in Monzo app would save a lot of hassle and surely compliment the app - sometimes those details are the key and make the biggest difference.
The easiest thing to do in the short to medium term would be to not have a “currency conversion tool” but if you seem like you’re abroad then just show the current rate of the local currency in the app. People can then do their own sums in their heads or on their phone calculators.
