@SamuelClennett Refreshing approach with your answer . We all want to be friends really, just some companies/competitors are really toxic and I had seen it drive some Monzonauts mad.
However, I don’t think you can avoid answering the question, I had the exact same thought as @Anarchist . I can phrase it differently though. If you had to sell the idea of Transferwise (especially Borderless account), what are things that you think would excite users?
I’m already Transferwise user, I had the need to send few transfers to my family. Actually, I learned about Transferwise on Monzo forum in the first place.
Would you ever consider publishing the number of requests for each currency on your website? I think that would be cool.
Aside from the ability to transfer money abroad, are there any other integrations with Monzo that you would like to do?
(Press ‘Help’ search ‘Contact us’ or email firstname.lastname@example.org or call 0800 802 1281)
I do have both. I’ve used the Transferwise debit card on a recent trip and the only (for me very minor) benefit of using Transferwise is the ATM fee structure. Your card is completely free to use whilst in beta (although there is a small fee to change the funds in the first place) and you will then have a 2% fee as opposed to Monzo’s 3% fee after £200. Is that the only benefit?
As far as I can work out, Using Monzo to withdraw £400 of Euros will result in a fee of £6, whereas (after the Beta phase) with Transferwise it would be £5.60. Is that correct?
It might be worthing figuring out a different way to ask this question so that if TW reply, it doesn’t look like they’re comparing themselves to / inferring that they’re better than the other providers
We won’t cause any issues, don’t worry about that. We are as big fans of Monzo as you guys are.
As for the benefits of the TransferWise Borderless account and by extension the debit card, we feel that some of the biggest values comes from the local account details it offers.
These are especially beneficial for freelancers, digital nomads and other people who might be doing business in multiple markets.
Another big benefit for our customers is the use of the mid-market rate. This differs slightly from the MasterCard rate that Monzo use and differs greatly from the doctored rate that a lot of banks use.
Thanks… it would be nice and transparent to see that metric.
Not sure really, I’ve been a TW user for a good while, and was happy to hear that Monzo may do an integration to be able to transfer money internationally in the future.
Maybe we could all share our ideas here to give you some ideas going forward… Here are some thoughts.
Would be great to set up regular international payments rather than just one off payments
Notify when the exchange rate is higher than usual
I regularly send money to my Bangkok Bank account. The problem is that I don’t have internet/telephone banking access for the account so there is always a nagging doubt that maybe the money didn’t arrive for some reason. Could TW/Monzo do an open banking integration here to notify when the payment hits the account. This could also be expanded to show the balance of other accounts within Monzo.
Just thinking out loud here… hope its helpful and keep up the good work.
We’re currently in a beta testing period.
If you live in EEA or UK, you’re eligible to get a card, please contact our support team to get indications on how to order, and we’ll be happy to hear your feedback!
Once we’ll be confident enough to launch publicly, I’m pretty sure you’ll be amongst the first ones to know.