Who would like to see Monzo let us have different currencies in pots to spend abroad?
They give you the MasterCard rate with no markup when you spend abroad, so there’s less of a need to lock in rates.
Just remember to NEVER go with the suggested exchange rate at the Point-Of-Sale - it’s always more expensive than letting Monzo do it. Always pay the local currency amount, not a converted amount.
I’ve never understood the use case for this. Why convert a random amount of money at a random time as opposed to having it converted automatically when you spend (or transfer) it?
Something about locking the rate in is the usual answer
If you can see into the future, then great. If not, it’s just currency speculation and I can’t see how that is worth Monzo (or any general-purpose bank) spending time building.
It’s useful for me because I get paid in several currencies - it makes sense to pay in the native currency, as applicable (which is what starling let you do with euros)
First it would be nice to accept international payments properly. Then holding currencies makes sense if you can send and receive them natively.
If they don’t want to implement it themselves they could do it as pots provided by Wise with international numbers. Wise has borderless account that is that.
And although Monzo is using MasterCard, even MasterCard rates have higher spread on weekends.