IBAN / currency conversion fee

Received the below from Monzo


From now on, we’re going to make it easy for you to get paid in euros through the app – we’ll also generate an IBAN (International Bank Account Number) for you.

We’ll tell you how to find your IBAN in the app and where to find this feature as soon as it’s released.

We know some customers have been getting payments in euros already, so we wanted to give plenty of notice before we start charging a currency conversion fee from Monday 3 April 2023.
We’ll charge a 1% conversion fee, with a fee cap of £1,000 per transaction.
So, for example, if you get a payment worth £100, we’d take £1.00 and you’d get £99.00. And the fee for any amount over £100,000 will be £1,000.

Here’s the updated fee information sheet for each type of Monzo account:

This only applies to payments sent to you in euros.
Team Monzo


Quite surprised they have decided to charge a fee, feels a little anti-Monzo. I know they need to become profitable though.


I have never seen a bank charge a recipient a fee. Way to go, Monzo.

Nothing to see here, move on please. :man_police_officer:

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Is it not normally the sender paying fees? :disguised_face:


I’d never until today.

Shockingly common apparently.


Yea a lot charge. Not sure on the % though that Monzo are charging. Some offer free euro payments etc.

I rarely use international payments. So doesn’t bother me. But I wonder if it’s all deliberate to offer it as a premium benefit down the line or whatever.

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Well I stand corrected :clown_face:


At least some other providers offer a euro account to get around that fee. I guess 1% in the grand scheme of things, isn’t that much.


Is the Wise option still there or is that going as part of this?

Not hugely effected, but interested to know

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What service is monzo providing to be taking £1 in every £100 worth

Surely its a fixed cost for providing the conversion if that’s 50p a pop for processing its the same regardless of the amount £1 or a million pound?

Am i missing something?

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Costs involved to be part of the international payment network maybe?

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Um maybe :man_shrugging:

With that Starling example you’d be crazy not to open a free Starling Euro account and then its like 0.4% on the conversion. :sweat_smile:


Absolutely. Or revolut is 0% I think, also wise?


Another reason to get a global money account :eyes:


Monzo becomes good value at the £1000 cap if you plan on receiving 275,000 euros+


As someone who has received thousands of Euros for free into my Monzo account over the years, it’s nice that this is officially supported now, but the fee does suck a little.

We’ll reevaluate our position though and go with the most competitive option going forwards.

I hope Monzo eventually look to expand this to cover USD at a competitive fee. A good chunk of my pay is in USD, and converting this is always a painful experience, so especially with Monzo having a US arm and subsequently some of the technology required to handle this already, I’d love to see a better way of doing this.


Another win for Revolut, I guess. The customer numbers would suggest most of Monzo’s demographic already agree.

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I haven’t received this.

Are they only sending it out to those who have received euros via the (unpublicised) IBAN?

Nor me, but I can follow the links in the OP. Perhaps if that’s being emailed out to every customer they’re doing it in batches, given the large number of emails that would entail.

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Me neither. But the feature flag on my device currently shows

<boolean name="iban_enabled" value="false" />
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