IBAN Help

Hello

I’ve had a search on the Forum under IBAN & I can’t see any recent posts (last post is from August).
I’m starting a new job and they’re a American company so will be getting paid from the USA.
I can’t see the IBAN anywhere on my statements & on the transfer wise website it was able to generate a Monzo IBAN. - Just wondering if this is reliable? The in app help (as usual, has been unhelpful)

Does anyone rely on on their payments coming through on a IBAN?
I’d hate to have to change bank.

There is no iban yet

No one can guarantee that you won’t have problems , and there’s the risk of the money bouncing or worse.

I would use a TransferWise account and then transfer to monzo.

This. It will give you both wire and ACH transfer info for your employer so they will not need to do international transfers at all. You will then convert your USD inside of Transferwise to GBP and then transfer to any UK account you wish.

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Echoing everyone else here! You can use an IBAN generator, and it totally can work, but if it doesn’t on any occasion, then there’s very little anyone at Monzo can do to help get your money back! Which is why we recommend and teamed up with Transferwise :raised_hands:

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Are they paying you in pounds or dollars?
Whilst the above advice is good you certainly won’t want to be using US account details to receive pounds.

If you’re being paid in dollars then TransferWise will be perfect. If in pounds to an IBAN then I would highly recommenced using Revolut.

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Apologies for dragging up old threads. I probably check back a few times a year for updates on the IBAN solution. I get paid in £ however my company portal requires an IBAN for their records, even though I’m 80% certain they do not use it (below). It is a US company, though everything is done via Ireland/UK.

My payroll has said:

You are being paid out of a UK account however I believe Accounts Payable require IBAN and BIC for all batch payments (including expenses and one off payments). From a payroll specific perspective account code and sort code is sufficient

I could use the IBAN generator to essentially bypass this but is that still too risky?

As I don’t understand IBAN and banking enough, I’m keen to understand if Monzo will ever add IBAN at all or is adding this a massive under taking. I cannot tell you how much i want to ditch Barclays.

Thanks
Cam

I don’t think anyone would want to be the one at fault if your money goes missing,

The general consensus is that it will work most of the time, if it fails it usually goes back to the sending bank, then you have to chase up your work, obviously there’s a chance of the money going missing and would probably be a massive headache for you.

I would stick with Barclays and just transfer the money over each month.