Fintech friends: Monzo partners with TransferWise for international payments

Monzo Chat
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I think the most confusing thing for the 1% of Monzo customers (the people who check this forum), is the different ways Monzo announce/launch their products.

With joint accounts, it’s a really early beta test but with public visibility (through the forum).

Coin Jar and other features were available immediately to everyone.

This transfer wise partnership is available immediately to some… but not others.

It’s just a little disjointed.

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Seen that, but doesn’t really give any explanation as to whether one of the features fits into Monzo Labs or not. ‘Get Early Access to the Newest Monzo Features’ or in this case, not.

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I have to agree, not only that but the mixed communication between Monzo people on the community (which is great) versus that on the in-app chat. Never mind, it’s not a huge issue, guess I’ll wait :slight_smile:

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Coincidence? :smirk: Thanks Monzo!

image

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Excellent - Eyes are everywhere…

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Sorry about that Jai, glad to see it’s been resolved though!

To clarify - if anyone doesn’t have access and would like to try it out before we’ve finished rolling out to everyone, do just send us a message in the app :blush:

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emphasis mine

Shouldn’t you be checking the fee for sending from a GBP account to a Euro account there, to be consistent with your other comparisons?

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Unless I’ve missed something (granted, I’m not an regular international transfer man) - There would be no fee, as you would be using your Euro account to transfer to another Euro account.

So the only thing you have to worry about, is the initial exchange rate?

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If you’re transferring GBP (to Euros) then presumably you’re not transferring from a Euro account (you’re transferring to a Euro account)?

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No worries, thanks for following up Liam :smiley:

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Well, with Revolut, you’d just open a Euro account (takes 2 seconds).

So once you’ve topped your GBP account up with £100 (no fees), you’d then convert them from your GBP account to your EURO account (fee free - exchange rate very good), and then send a Euro to Euro transfer?

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That would be the longer way to do it, as you could just transfer from your GBP account to the Euro account & do the conversion that way. But either way, you’re converting GBP to Euros..

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OK - But… wouldn’t that come to the same thing (going back to your original point)?

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Transferwise on Android;

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Can I please be enabled too? User ID 81530 :slight_smile:

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You need to request on the in app chat.

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@alexs - Can you let me know if my original comparison was inaccurate (in terms of the fees) - I’m not as experienced as some people on the international money front, so I wouldn’t want to give incorrect (or skewed) information.

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Well done folks - this will make a lot of people happy!

Two bits of feedback:

  • Every time you click on the ‘International Transfer’ box, it comes up with a popup asking to accept T&Cs. Is this by design, or a bug?
  • It would be good to be able to put in what the recipient is receiving, so it works out what needs to leave your account in GBP backwards - useful to pay a bill to the exact amount in a foreign currency.
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I’ve tried several times to explain what the issue with your comparison is, as clearly as I can, now. I’m not sure what else to say I’m afraid.