Fintech friends: Monzo partners with TransferWise for international payments

Really? I must have missed that - Is your issue with the comparison (the fact I’m showing a GBP to EUR “exchange” - Which would then lead to the same amount of EUR being sent to another EUR account)?

If so, fair enough - But your initial point was about “fees” - Implying that I wasn’t showing the correct charges that Revolut would charge.

Hopefully they’ll add this in. You can do this already in the Transferwise app.

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And Monese app. It is BASIC functionality so I can’t understand any fintech missing this

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I don’t think it matters how it gets there. For me the cheapest route wins even if it’s an extra step or 10. The hoops I went through to get cash on gdax for as little loss as possible was about 10.

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Give over mate. Goodness me.

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Getting my popcorn again :rofl:

Second being able to see the amount the person is receiving.

Also, I’d personally prefer to be able to see my international payments collated in my spending card/ the card I use most often so I can keep track of it (or possibly use Emma), so I know what I’ve spent and sent. I used to put large payments on my Santander card and pretend I didn’t go over my monthly food budget or spend £200 on ASOS but tbh I was just lying to myself. If the amount works out just a couple of p more expensive like those examples I would just leave it on Monzo, unless I was saving a good amount of money for larger amounts (Revolut on a weekday)

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I think what @alexs was suggesting is that for a truly like-for-like comparison, you should look at how much Revolut would charge (in terms of fees etc.) to transfer from a GBP (Revolut) account to an external Euro account perhaps?

However, as I understand it, since Revolut gives you a fee-free option for converting between your own Revolut GBP and Euro accounts, and you could then transfer the money from your Revolut Euro account to someone else’s Euro account without any fees either, this seems like a reasonable comparison to make, as surely this is what most people would do, if there are fees associated with going direct from a Revolut GBP account to any other Euro account?

However, I have none of these accounts, and haven’t ever sent or received money to/from abroad, so could be totally missing something! :flushed:

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Haha, yeah, I clarified with @alexs offline! This is exactly what happened.

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We have had this problem with Fidor UK. 3 years of trying to get thru their thick skulls how important it is we can specify the recipient amount rather than just the sender amount. Instead they lose business as people resort to a better user interface. It is not critism of Monzo so stop moaning, it is an observation applicable to ANY bank lacking this functionality.

Not moaning mate. You’re better than your original comment - that’s all. You’ve got a lot more to give to this community than that.

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While I respect your opinion I still stand by my comment:

I have even had face to face meetings with 5 firms discussing their foreign payments interface. As someone who uses foreign payments weekly I have firm opinions on what design is best for the user! Also, on the Fidor forum the inability to specify recipient amount Instead of sender amount is a regular cause for complaint, so it is an issue others face not just me.

The difference between Revolut and TransferWise’s approach is that Revolut requires a 2-step process (convert and send), whereas TransferWise “hides” the first step, unless you use the border less account, in which you can perform the first step yourself. Whichever way you look at it though (excluding weekends), Revolut is cheaper, given that they don’t charge you for the conversion and the transfer.

So will we now get an IBAN number? I gather thats what you need to pay manually rather than through the app? Sorry for showing my ignorance!

It is the connectivity to the international payment networks that matters, not just having an IBAN. Please avoid any temptation to self generate an IBAN using website tools.

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Revoluts 2 step process can be automated too though. When you transfer from Revolut EUR to external EUR, you can select your GBP balance as part of the IBAN EUR to EUR transfer and it calculates the conversion rate.

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Don’t think I’m ever going to use this feature but I’m glad it’s going to be there for that time I do.

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Has this been seen? If not nothing new just a story about transfers

Can’t tell if you’re trolling or not :thinking:

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I had Transferwise enabled on my account today and sent a test transfer.

I’m assuming it’s going to be improved…

What I was expecting…

I thought linking with my Transferwise account would mean it would pull my payees from there and I’d kind of get like an app within an app screen - basically being able to use Transferwise through Monzo by just selecting my existing recipients. Then Monzo automatically makes the payment.

What you get…

A very basic transfer screen where you have to manually type in the account details. The details are not saved, so you have to type them in as new every time.

Even though the details aren’t saved with Monzo, this creates a new recipient on your Transferwise account. So if you then open the Transferwise app you’ll see the recipient in there. In my case this created duplicates in the Transferwise app even though the details were the same as an existing recipient. Since nothing is pulled through to the Monzo app from your Transferwise account I’m guessing that every time I make a transfer it will create another duplicate in Transferwise…

It’s so much easier to just use Transferwise separately at the moment.

Also, you can’t enter an amount in the currency of the account you’re sending to (as you can in the Transferwise app). This means you’re sitting there repeatedly entering slightly different amounts until you get the right amount that you want to be received at the other end.

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