I have an UK Etoro Account in USD.
Monzo to Etoro works great, the FX exchange is done by Monzo very nicely and the FX is processed as expected by Monzo to pay Etoro in USD.
I am wondering if transfer money from Etoro to Monzo will Monzo still do the exchange part of the transaction or will it be done at the Etoro end?
This depends, (sorry) if you withdraw USD from Etoro then yep Monzo will handle the conversion for you. If you withdraw GBP then Etoro will handle the conversion.
Another thing to think about is if it’s a bank transfer or card refund. If it’s a bank transfer, Monzo isn’t officially part of an international banking scheme so it might take a while to arrive and we do t handle the currency conversion as it’s handled by the banks that your payment first hits in the UK. If it’s a card refund, then USD refunds will go through like normal