IBAN / currency conversion fee

Possibly staggered mailings, to avoid large numbers of customers potentially contacting support at any one time?

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I suppose it’s still a while off, being April n all.

(I just want to see my IBAN).

Should be correct here. The check digit formula (for the 2 digits after the country code) is known.

Edit. You probably knew that, and meant “want to see it in the Monzo app”… Me too.

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The first 0 from the sortcode makes the Monzo name complete. GB39MONZ040004xxxxxxxx


That’s kinda neat.

Neat but huge potential for confusion.


Given it’s the sort code it should be fine … it’ll also fail validation if you used an o instead of a 0

Fair. Although I think most folk will copy paste from the app when it’s in there.

I think the bigger potential issue is what happens when you send money to the IBAN from outside the eurozone. Would a dollar transfer, for example, just get lost? (Or would you use something else entirely for that transfer?)

Its really used in SEPA (Single Euro Payments Area) transfers which is all done in Euros.

Sure, but wiki says that 77 countries use IBANs:

What happens in a non SEPA / euro denominated transaction comes through? Or is there a way of preventing that?


Im not sure, that wiki has an interesting section on Adoption though with non-EEA

Reading this page if you were sending from dollars to a country then its a case of selecting the currency of where its going.

If you get it wrong i guess it might be loss :person_gesturing_ok:

Hope they add USA as well as Euros for international transfers.

About time, being waiting for this since beta… so many years :joy:

Shame about the 1%. That is a lot to many and to me.

I know a lot banks charge for it, but would expect more like 0.something% fee instead of 1%


Does anyone have a list of UK banks that don’t charge to receive international transfers?

Revolut is one and Starling are cheap but I can’t use either as I closed my accounts and they won’t let me reopen for some reason.

Do any other fintechs or high streets do 0%?

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Would Wise serve your purpose?

I thought it’s not free either?

With Wise, all you do is receive the funds in Euro/USD and then convert it yourself. There will always be a small fee here.

Banks also charge a fee I think but you don’t know what it is because I think it is inbuilt into the exchange rate they use.

You are getting charged one way or another. Either the bank uses a jacked up exchange rate, or you get a real exchange rate but with a small fee (Wise).

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I had a while ago when I sold some graphics cards to someone in a discord group that was in the EU and my generated IBAN worked fine.

I got this it seems before most people did despite this being over 2 years ago.

For some people, generating their own IBAN resulted in payments going missing. And not being supported, there was no recourse.