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:
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.