I noticed that some UK Monzo users already have access to a Euro account — with a Dutch IBAN and BIC CCBVNL2A, powered by Currencycloud, supporting SEPA transfers. It seems like it’s currently in early access or being tested with a limited number of users.
I’m really excited about this feature and would love to know if Monzo has shared any timeline for a wider rollout. Is this something that’s coming to all UK personal account holders soon? Any info from the team or anyone in the know would be greatly appreciated!
Hi @sakuranotoki really happy to hear that you’re excited about this feature!
You are correct, we are currently in an early access phase of currency accounts in the UK. The functionality is currently limited - you can now convert, send and receive money, but we are still working on card spend and polishing everything to get it ready for wider use. We can’t share exact timelines but currency accounts will be released to UK personal account holders once this is done!
Is it intended to offer SEPA DD through the € account - Starling do but with a GB IBAN - and are payments to / from the Dutch IBAN eligible for SEPA Instant. Would be a major step forward for customers with bills etc to pay in EU countries. Thanks.
Hey @JohnPMac - unfortunately we won’t be offering SEPA DD through the € account yet. This could be something we look into though so it’s always interesting to hear which features customers would find useful!
Payments to the NL IBAN are indeed eligible for SEPA Instant though
I could close my Starling (probably won’t, haha) if this comes to more UK users,
What I would love is automatic currency switching on the card if you’re in the EU, this is not something starling offers, you have to switch the card manually. However this brings into question the FX rates, spending on the Monzo card from your UK account is already great in terms of rates
guess this would be more for the people who check rates often and top up their account when the euro is cheap
perhaps the automatic account switching I alluded to, would work where if you have money in your euro account, it will spend from their First and if you don’t, it will then fall back to the UK/FX rates?
It would work for people like me who travel a reasonable amount and like to have a fixed amount of currency in an account to spend abroad without relying on on-the-spot conversion at wavering rates.
If I had this I would transfer several other accounts over to Monzo and use it all the time, but they aren’t offering it to us mere mortals yet, only special selected people (then ‘influencers’ I assume), so I’m staying elsewhere
really happy to hear that you’re excited about this feature!