Foreign Currency Pot/Account

Feedback & Ideas
1

I travel to and from the Eurozone pretty regularly. With the increased volatility in the £ due to Brexit I’ve taken to using Revolut to convert £ to € in advance and in bulk, so I’m able to control how much I’m exposed to currency exchange fluctuations.

It would be nice if I were able to do this all within Monzo itself. Ideally this would, for me, be in the form of gaining the ability to open a linked € denominated account that I could either:

  • choose to prioritise € payments from
  • choose to link my card to the € account manually when I’m abroad
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2

@pjf do you find Revolut better than Transferwise?

3

I do, but that’s primarily because the majority of people I know in the eurozone use Revolut for personal transfers.

In addition, for what I use it for, Revolut’s fees are lower than Transferwise’s, but that is somewhat anecdotal usage for low volume transfers. Which will end up being cheaper will depend on your use case.

That being said, both are significantly better than what is offered, from a currency exchange point of view, by the high street bank I use (in addition to my Monzo account).

4

With Revolut you can exchange to a max of £5000 without any extra rate instead of Transferwise that will always charge you 0.5% for every FX.

5

@PauloSG Transferwise’s rates are actually 0.35% + £0.80 for transfers of up to £100,000, and 0.35%*£100,000 + (Transfer amount - £100,000)*0.2% + £0.80 on anything over that (as of looking at it today).

Revolut charge you 0.5% above their “Standard Exchange Rates” if you are above the £5000 threshold you mentioned. In addition to this Revolut also charge you a premium of between 0.5% and 2.0% per transaction in their “Standard Exchange Rates” if you are transacting while the currency markets are closed (ie the weekends).

This is why I mentioned that it depends on your use case in my reply.

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6

Having recently bought a holiday flat in Spain I now have a Spanish bank account. It is appaling how much these bandits charge for just about everything! I want a Spanish Monzo account. Transferwise have been fine at moving money across cheaply but that is no good when you are being ripped off big time by Spanish banks. Move in to Spain Monzo, you’ll clean up.
PS I realise this is just an irrelevant grumble on my part, but thank you for listening.

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7

The TransferWise borderless account would give you a euro account. Maybe you could use that instead of your Spanish bank (and close that account)? You’ll have to see if the fees are better for your use:

8

I’m fairly sure Transferwise don’t offer direct debits. I’ll be happy if I’m wrong, though :+1:

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9

Thanks for that, I’ll look into it. Gil.

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