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 withdrawn as a 3rd currency depending on where ever i am)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.
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