Fintech friends: Monzo partners with TransferWise for international payments

Monzo Chat
25

Hey Nick! If you send over a message in the app, our COps can switch it on for you :blush:

26

Thanks Liam - Theyā€™ve just said it canā€™t be done yet, but should be OK later today.

Edit - Now working!

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27

Great news.
Please add support for South African Rands (ZAR).

28

Too kind

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29

Would you like to share screenshots?

30

Awesome, let us know what you think! :grinning:

31

Really slick guys!

The implantation is delicious - The transparency is great (really obvious), and the rate is identical to Transferwise.

Very easy to use!

For reference, the screenshots are Monzo, Starling and Revolut.

The difference in exchange rate wouldnā€™t both me in the slightest.

imageimageimage

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32

Outrageous

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34

@liamh I canā€™t actually send money yet though - That blue button on the ā€œpowered by Transferwiseā€ screen is greyed out, no matter what I do.

Edit - You need to add a reference in order to continue!

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35

Just did too! You might also want to write something about TransferWise in the help tab :stuck_out_tongue: (like ask a cop to activate it for you)

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36

Thanks Nick! Have fed back to see if we can highlight thatā€™s mandatory a bit more :blush:

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37

I quite prefer the look of the Starling UI for this, with the UK/EU visuals.

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38

And the priceā€¦

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39

Hereā€™s a video for anyone who wants to seeā€¦

https://1drv.ms/v/s!AvV90-4xRsD2ggrW0GlPxotc3j_I

40

Can you enable it for me too :slight_smile:
User id 581
Thanks :+1:

41

What are the total fees for each? Rate is one thing but means nothing without the fees taken into account as well

42

In the example screen shots I posted - Itā€™s the following.

Revolut wins - Send Ā£100 - Receive ā‚¬113.54 (then itā€™s fee free to bank transfer to another ā‚¬ account)

Starling second - Send Ā£100 - Receive ā‚¬112.74 - The fee of Ā£0.70 includes the local partner fee. If this was sent by swift, it would be a fee of Ā£5.88 (so the recipient would receive ā‚¬106.87).

Monzo is 3rd - Send Ā£100 - Receive ā‚¬112.25 - But like I said, if you use Monzo for everything else, this difference isnā€™t enough to worry about.

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43

I use Transferwise 4 or 5 times a month so am excited to try it. This could tip me back to Monzo from Starling.

44

Out of interest, why do you use Transferwise over Starling (or indeed, Revolut).

45

Is there not anyway to choose the speed of the transfer?