Hello Monzo, TransferWise here! [Discussion]

[Anarchist (Press ‘Help’ search ‘Contact us’ or email help@monzo.com or call 0800 802 1281)]

@SimonBerry

Having a pop-up message asking our customers to confirm that they’re sure not to be sending money to a wrong account, or to a fraudulent recipient will totally discourage them, I’m sure you wouldn’t like that either.

Actually, I think that it would be a reassuring message and quite a good idea. Prompting customers to check one more time could save someone thousands of pounds.

[Gaoler]

I don’t see why reminding customers that it might be better to pay e.g. using the debit card for certain types of transaction is such a bad idea.
It looks like a lot of people are starting to use bank transfer for transactions they would previously have done on a debit/credit card, so making it 100% clear that there is no protection would probably be a good idea!
This is going to be more of a problem, I think, if the whole industry moves away from card transactions to account-to-account ‘payment’ transfers.

[anon40728597]

@Vladislav

Once Monzo introduces international transfers, given they are free and at Mastercard interbank rate, I will most likely go with it because #FullMonzo.

You think TransferWise/Monzo integration will be cheaper than they’re own app, and free? I think you’re dreaming…

[Vladislav (Vladislav Kozub)]

I would assume Monzo will negotiate a great macro deal with TransferWise and offer (at least) a limited (like with cash withdrawals) sum of international transfers for free whilst absorbing the cost themselves.

Do not like praising Revolut but they have that, over 100 currencies and absolutely free regardless of the volume. I cannot see why it cannot be done.

[MRMR (Marcel Ruhf)]

@Vladislav

Do not like praising Revolut but they have that, over 100 currencies and absolutely free regardless of the volume. I cannot see why it cannot be done.

Yeah, but they also have a premium offering at £6.99/month, as well as business accounts starting at £25/month.

[Vladislav (Vladislav Kozub)]

I do not have one so speaking from a ‘free’ customer perspective

[MRMR (Marcel Ruhf)]

Noted - I was mainly referring to that they are still profitable even while offering the same services for free. The same couldn’t be said about Monzo, Starling or TransferWise, who don’t have any premium offerings.

[Vladislav (Vladislav Kozub)]

One would have thought marketplace would bring enough revenue to absorb customers’ freebies. Plus the overdraft fees.

[MRMR (Marcel Ruhf)]

Yeah, but not yet. Maybe when Marketplace launches (properly, not just the referral links), they’ll be able to absorb the cost.

[Vladislav (Vladislav Kozub)]

If international transfers arrive before the marketplace at a cost, do you think there will become cheaper/free eventually? Would be a good gesture though

[MRMR (Marcel Ruhf)]

They might, but I have no insider knowledge.

[anon23935806]

I’ve got a quick question regarding the Borderless account - how do I get an IBAN for an UK “balance”? I’d like to receive GBP payouts from Airbnb and they’re asking me for an IBAN.

Also, what would happen if I received a GBP payment on an Euro “balance” (which does have an IBAN)? Will it be converted by Transferwise to EUR upon receipt? Will it end up in my GBP balance instead?

Thanks!

[alexs (Alex Sherwood)]

Don’t forget that Monzo also needs to make a return for its investors at some point so there’s only so much cost that they can absorb. And they absorb the cost of U.K. ATM withdrawals, top ups by card etc. already. The overdrafts still haven’t enabled them to break even.

[MRMR (Marcel Ruhf)]

Currently, only TransferWise’s Euro account gives you an IBAN.
The Euro account only accepts incoming Euro payments - any other currencies will bounce.

I think your only options, in this case (until Monzo offers IBANs), are Revolut, Starling or a legacy bank account.

[anon44204028]

@MRMR

only TransferWise’s Euro account gives you an IBAN.

You can also get an IBAN on a EUR account at Monese, Fire and bunq.

Apart from your own unique IBAN for a EUR account at Monese, if you have a GBP account they have common IBAN where you quote a reference for the money to reach your account. But I think that both accounts accept GBP and EUR and they just convert it for you.

[MRMR (Marcel Ruhf)]

Yes, with the difference (at Monese, at least), that the unique Euro IBANs can only be used for SEPA transactions, whereas TransferWise also supports SWIFT (I’m not sure about Fire or Bunq).
For SWIFT Euro payments, you need to specify Monese as the beneficiary, and specify a reference number, similarly to Revolut.

[anon44204028]

Monese also have card top up and accept a wider range of cards than Monzo (i.e. from any non-embargoed country)

[alexs (Alex Sherwood)]

Confirmation

Fintech friends: Monzo partners with TransferWise for international payments

Discussion here - Fintech friends: Monzo partners with TransferWise for international payments

[glasgow]

Awesome to see that if you don’t have a TW account one will be created once you have a need to use the service. No needing to manually create accounts or having one created for you when you have no intention of using the feature. Even more awesome that it’s rolling out today!

[bplatt (Barry Platt)]

This does indeed look very interesting. Looking forward to hearing more when it is formally announced and to see it in action.

I’m curious though about GBP IBAN for incoming payments. It doesn’t look like that would be addressed by a TransferWise integration - indeed TW’s own borderless accounts don’t support incoming GBP IBAN payments either. This point is the one remaining reason I need to keep my legacy bank account around since my expenses are reimbursed from France by GBP IBAN transfers. Hopefully there will be some news on this soon.