Hi, Monzo offers great forex rates through Wise. What I can’t work out is whether it is possible to transfer (USD) to an account which I have in that currency with another UK bank. Wise seems to be geared up for transfers abroad.
Do you mean transfer USD to Monzo (GBP)? Or USD to another USD account? Wise offers similar ACH transfers I think. Revolut also may have similar.
All the above is well and good if you intend to spend in USD. conversion will be something else though wherever you go as the sending bank handles the conversion not the receiving bank so you may get less favourable rates at some point.
Hi, I mean convert GBP at Monzo to USD using Wise and transfer USD to another UK-based USD account. Can’t see that Wise provides for transfer to a UK account rather than transferring abroad.
Does the UK based USD account not have the option to top up by debit card? As monzo would then handle the conversion first hand.
Who is the end USD account with? And can’t you just use monzo to pay for whatever it is you want to pay?
This is definitely possible to do, but I would advise downloading the Wise app and running the transfer directly rather than having Monzo involved.
Once you’ve done that you’ll be able to add in your UK USD account details and have the transfer funded from your GBP Monzo account.
Depends on the goal. Some people, especially now, may rather hold their money in USD if they’re not going to spend it than GBP. Or perhaps it’s in advance of a holiday or a large foreign currency payment and wish to hedge.
It’s a gamble, but the idea is, if the recent trends continue to hold, your money will be better off in USD over time, and you’ll be able to buy more of it for your £ now, and you’ll be able to get more £ back than what you converted. It’s a bit like playing the stock market in a way. As I say, a gamble. But hedging is never a bad idea. Lessens your risk, but lowest your potential gains/losses later. I always do it before going holiday.