I transferred some GBP from a foreign IBAN account to my GB Monzo account through SWIFT.
The money arrived in less than 48h but with 25% fee.
Is there any documentation regarding this kind of transfer ?
Would it be better if my GBP Monzo account was an IBAN ?
Monzo don’t support IBAN. They’ve integrated with wise.com so recommend using that for sending.
Yeah, Googling anything to do with international transfers will provide this topic:
and this one:
That should explain everything
hi @Ordog thank you the second link helped.
It basically means I should not use Monzo to receive any international payment.
Pretty much yeah. A year or so ago when I needed to receive international payments I opened a starling account. You could try that and then transfer it to your Monzo account like I did?
thanks agains for confirming my thoughts. yes at the moment it seems to be best option Starling Customer Service
Are you sure that it’s not the sending bank that’s charged you a 25% fee? I know since the UK left the EU a few overseas banks do now charge hefty sums to send money to the UK.
The fees and charges section of the Monzo terms doesn’t state any charge of this kind. If it definitely is a Monzo charge, you need to speak to them on chat and challenge it as you’ll be due a refund. It’s more likely it’s the sending bank though.
thanks for your input @RichardL
The sending bank is Swiss.
According to them is it caused by SWIFT.
I’m still requesting more details from both sides.
I have already used SWIFT with USD and the fees were rather low.
You can vote for the feature here:
Maybe if enough of us voted they would add it.