International Money Transfers


(Arslan) #1

@simonb Can you shed some Light on this one…How much priority is being given to it?

International Money Transfers 🗺

(Colin Robinson) #2

It’s on the roadmap as Near Term:


(Simon B) #3

High priority, for sure! It’s being worked on :grinning:


(Danny) #4

When I do my International Money Transfers I like to use Western Union, it’s my favourite especially when paying $2000 to get my $150,000,000 (ONE HUNDRED AND FIFTY MILLION DOLLARS) inheritance from my late uncle King Jobby Bobby Ding Dong :upside_down_face:


#5

working on SWIFT and SEPA or just one of them?


(Nicholas Martin) #6

The only thing holding me back from the big fat switch is the fact I regularly receive payments from abroad, and need to provide an IBAN and BIC code to do so. Hopefully, this is part of the “international money transfer” task.


#7

How often do people use international money transfers? Personally I’ve never made one in my life.

But imagine people may have business abroad or family/ friends. Any other uses for international payments?

Surprised to see it being requested and so high on Monzos roadmap


#8

sending money to friends and family, paying for deposit on holiday hotel or villas, international journal subscriptions, rent or mortgage of holiday home, timeshare apartments, paying for holiday car rental, sending money to kids on a gap year tour, birthday and Christmas gifts, sending alimoney and child support… there are many reasons and I am sure others can suggest more. Personally I send money on average at least 3 times a month sometimes weekly.


#9

Well that’s more than a few reasons

Different circles eh :wink:


#10

You may find it is much more likely in either Brits who have lived or worked abroad, or those who have family living overseas, alternatively non-Brits who still have family in their home countries. If you neither come from abroad nor ever travel there you may never use this service. So I don’t think it averages out to so many transfers per customer, while some people may need to make a one off transfer and then never again, in most cases you will either be using them regularly or not at all.


#11

Yeah suppose so - thanks, I was intrigued


#12

So, it’s been more than 6 months now. Should we expect it to happen soon?

I’m personally looking forward for international transfers. I’m regularly sending money to my sister and every time the bank cuts £9 and it takes at least 2-3 business days, sometimes even more. I’m sure Monzo will do it cheaper or faster (why not both? :stuck_out_tongue: ) than the Dinosaur Bank. As soon as this happens I’ll go full Monzo and ride off into the sunset.


(Jorge) #13

In the meantime you should try TransferWise. They take around £2 when I move money and takes 2 hours to reach (if not instantly) :+1:


#14

Have you checked out Revolut? They do it free :grinning:


(Peter G) #15

I’m hopeful this will be one of the next things on Monzo’s list. They seem to be accelerating…


#16

Said on twitter 4 days ago to ‘keep your eyes peeled’ for it

It should be :soon: :crossed_fingers:


#17

I’ve just downloaded Transferwise app. It’s much easier than I thought. I can use my Monzo via apple pay with it. Not as fast as I hoped. It’s quite late at the moment but it’s saying estimated delivery at 16:45 Monday. Also prices start from £2. Still much better and even easier than the Dinosaur Bank. Thanks for the advice. I’ll also check out Revolut.

ps: Good news that they recently tweeted about this. Still hoping Monzo can revolutionise international money transfer as well.


(Richard Cook) #18

Hey everyone! :wave:

You might have seen the news already, but we just announced that we’re supporting international payments for 16 popular currencies, powered by our friends at TransferWise :tada:

This will lets you send outbound payments in these currencies. We’ll have more news to share soon on inbound payments - so stay tuned!