Hello Monzo, TransferWise here! [Discussion]

Financial Chat Fintech Q&A's
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Hi guys,

Ask us anything TransferWise related, we will try our best to answer as many questions as possible.

Sam and the TransferWise team.

P.s If you are interested in getting a debit card, you can add your details here: https://transferwise.typeform.com/to/DSD2WV

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Hi, Come on in!

Why would I use a Transferwise Borderless debit card rather than Monzo when travelling?

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Hey

When will you support Qatar Riyals?

Looking forward to any integrations you do with Monzo.

Thanks :smiley:

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Hi hi,

Thanks for your question.

We never want to compare ourselves to any other services. As there are benefits to using both depending on your needs.

But we will say that the toxic green of the TransferWise debit card looks great beside the fluro of the Monzo card. So why not have both. :wink:

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We try to be as democratic as possible when launching new currencies.

This means we always put the maximum resources into the most requested currencies. This allows us to provide the best possible service to the most possible people as quickly as possible.

Accordingly, the more people that add their wishes for QR to https://transferwise.com/wishes, the quicker we will work on launching it.

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@SamuelClennett Refreshing approach with your answer :+1: . 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 :smirk: . 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. :wink:

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Thanks… I filled in the form some time ago.

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?

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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?

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Hi Samuel,

I think it’s great companies come on and allow the customer to ask them questions which might take forever to get answered otherwise.

However… Lets say someone didn’t want to carry 2 cards when they were abroad (humour me).

Is there an advantage to using a Borderless Account Debit Card when abroad (say… Europe), over the likes of Monzo, Starling or Revolut?

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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 :wink:

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When will you offer your new debit card to more users? And why was I not offered one to test :grinning:

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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.

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Publishing the numbers is definitely something we could look into. I’ll investigate.

As for future integrations, I cannot comment on what the other teams in TransferWise are working on. There is always something interesting cooking. What kinds of integrations would you like to see?

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Yeah, I did pick up on that in his initial reply.

But with the two services (Monzo/Transferwise) being so close to each, I’m not sure how else to go about the question…

I would have thought that fielding questions on a competitors forum would yield those sorts of dilemmas…

**** Edit*****

I see other people have said the same, and the answer has been given! :slight_smile:

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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.

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Hi there! Thanks for asking.

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.

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Hi,

I often send money to China, but until now I have to use WesternUnion because TransferWise only allow CNY transfers to Chinese nationals. Are there any plans to change this?

Many Thanks :smiley:

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Hi there,

It has changed already! You can now send CNY to Businesses in China

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Seems like someone repeatedly flagged your posts and they’ve hidden pending manual review. :sob:

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Thanks I’ll ask the team to unflag these :soon: in the meantime, the discussion in this thread can carry on.

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