International inbound payment in GBP

I have money that needs to be sent from potentially a foreign bank ( which requires an IBAN and BIC code, by law the money has to return back to the account that it was initially sent from (to prevent money laundering) however all information in terms of whether it works that I have found is quite vague. I’ve generated an IBAN and I have the BIC code (MONZGB21) however it seems from what I’ve read that there’s a chance the payment won’t work, the money inbound is in GBP however the source of the money is potentially an international bank, what would be the best course of action for this?
And should the payment be succesful, what is the waiting time for the money to arrive in my account?

Best to contact Monzo, use the in-app chat, or phone them maybe?

I’ll try phoning them thanks, I tried the in-app chat but yesterday but so far haven’t recieved a reply

This is somewhat complex :sweat:

If they are paying you in GBP then it’s likely that the payment will go over the UK payments network and therefore will reach us with no problem.

The absolute worst case is that the payment is rejected whilst making it’s way through an international system - it would then take a little longer for the sender to know it has been rejected and to get the money back.

However, in most cases it would (should) just be rejected outright, or will suceed :slight_smile:

You could ask them to try sending you a smaller amount first, and check that it arrives successfully before they send the whole balance?

Indeed, they’re London based and I know that the money is stored in GBP, I’ve tried a smaller withdrawal, which on their side has been sent and processed but no confirmation from Monzo, what would be the cut off time to know that it wasn’t successful (processed on their side at 9am this morning), and is there a workaround method if it isn’t successful?

I would wait until Tuesday/Wednesday next week :slight_smile: Sometimes these can be sent in batch files to be processed, or it could go via Bacs etc.

You would have to ask them about that I’m afraid :confused:

I think this should be fine though. Some companies take an IBAN/BIC and then turn it back into an account number and sort code :man_shrugging:

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Alright I’ll wait it out, thank you, hopefully them using the account number and the sort sode is the case, thanks for the help :innocent: