Sure. I’m not sure how common that use case is for the average Monzo user but no doubt that’s a thing.
As a sailor with my boat moving around it would be very useful . My boat is currently in Denmark . Revolut allows me to have a DKK account into which I can save against my known or future but often unquantified liabilities . So I transfer into the DKK account whenever Sterling moves up . As it has indeed done over the last few days . I also have an euro account for when my boat moves to say, Germany or I go to Portugal . I just have to ensure I have enough in my base currency (sterling) in case I overspend in the local currency . If that happens the whole spent amount deducts at current rate from base currency .At the moment I am evaluating both Monzo and Starling current accounts to see which one would be best to take on my main banking role which has been with Lloyds for the last 50 odd years
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I’m not saying that people don’t trade/buy/hold foreign currency for various reasons. I just don’t think it’s a good way to routinely purchase travel money, which is what I thought your original post was about, Ed.
In terms of trying to make money by currency trading, or needing multiple accounts due to having homes/investments in multiple countries, sure multi-currency accounts make a lot of sense. Monzo have plans to expand into Europe & the US eventually, so maybe this will come.
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I guess its all of the above to be honest. I started with FairFX so I could grab a chunk of Euros without carrying, then saw couple of opportunities where I felt it would be a good pre-buy…then topping up was easy on phone as always ran out…and also as work changed and money was changing too and fro…was easier to leave a chunk on the card and reuse.
It just became genuinely helpful and a pot as a few have now mentioned can help with different ways we all live our lives,
Ed.
You would have made a lot more putting a bet on at the bookies unless you took out a highly leveraged position against the pound…
I live in Northern Ireland and work in Dublin. Having two accounts, even without the conversion would be perfect for me as I get paid in Euros and use Revolut to transfer cash between currencies
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I’m Irish so travel home a lot, travel to work in Brussels a lot as well. What I would like from Monzo is a euro account because I get paid in euros quite often so rather than having to convert to £ and then back to € whenever I’m in Brussels, would be good to avoid the conversions entirely and be able to have a € and a separate £ balance. Thanks!
I’ve seen few threads mentioning EUR, drawing out, paying in etc. Obviously all very expensive when using standard bank EUR/GBP exchange rates if you only have a GBP account.
There have been a few mentions of possible EUR accounts in Monzo ( USD as well maybe?)
Are there plans for this and how far off are they if there are?
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This would be interesting to see done. Transferwise is set on creating their very own Debit Card where you can use multiple currencies. It would be a massive step for Monzo if they were able to lock this down aswell as already having a badass current account setup!
They use the MasterCard exchange rate with no fee on top (unless using an ATM over £200), how much cheaper can it get?
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Obviously you can’t currently pay in euros in any way.
If you need a EUR or USD account consider revolut, transferwise borderless, or monese. They all offer it with different charging models.
you can pay in Euros by card (as long as you decline any DCC service)
I would be interested in this as well, especially if the Euro accounts where accompanied by a debit card. I get paid mostly in Euro (by European clients) and I also travel extensively in Euro countries. Having to convert Euros to GBP and back is such a waste of money. Haven’t managed to find a decent solution yet – Monzo CA, with it’s zero fees and good conversion rate, is as good as it gets.
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A lot, having worked in the banking industry the bid offer spread on EURGBP for credit cards can be anything up to 4 or 5 or even 6 cents, the market spread is 1- 2 hundredth of a cent. Clearly as a consumer at the small end of the market I don’t expect that type of spread but access to half a cent spread or less is out there.
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Agreed Revolut is a good offering, but Monzo have a chance to differentiate, they should go for it
Sounds like the perfect use for a Transferwise Borderless account.
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Ideally one debit card with two (or more!) currency accounts behind it. You set your account up how you like. I.e. If I you are debited in EUR take it from my EUR funds, GBP from my GBP funds, likewise inbound payments. Manage the currencies yourself. A winner in this global market place. Frustrating that every high street bank looks at you like you’ve asked for something ludicrous if you ask do they offer a EUR account.
PS Take a look at HIFX or the like, if you regularly exchange money, they may be a better option.
I had assumed “paying in” to be the opposite of “drawing out”, i.e. depositing Euro cash, or transfering Euro into the account, rather than paying for goods/services in euro, although both interpretations seem possible …
sorry, my misunderstanding was due to lack of punctuation. I read it as “pay, in euros” rather than “pay in, euros” 
I’m following Transferwise’s borderless account closely but it feels too beta for everyday business use – they don’t even have a debit card yet. I also feel that despite their effort it’s a somehow complicated product.