International Payments - IBAN, BIC, SEPA, SWIFT, etc


(Marcos Scriven) #22

Any update @raymondoo ? Would be great to get my salary paid in to Monzo.

Although if it works, is it not rather curious Monzo themselves couldn’t provide that number?


(Ray Singh) #23

Hey @marcosscriven, I’m due a salary credit on 22/12/17 so will share another update if it works or not :slight_smile:


(Ray Singh) #24

@marcosscriven, @sjcrln
Update - I received my salary tonight at 1 am without any issues using the sort code, account number and dummy IBAN code as mentioned :smile:


(Marcos Scriven) #25

Can someone from Monzo acknowledge this and update guidance? Support told me this wasn’t possible!


(Marcos Scriven) #26

@raymondoo - what site did you use to generate IBAN?


#27

I would tread with extreme caution here. As far as I know Monzo simply cannot accept incoming SEPA or SWIFT transfers. Thus it is simply impossible for Monzo to receive incoming transfers from abroad, unless I’m missing something.

The most logical explanation I have for @raymondoo’s success is that his employer actually converted the IBAN back to sort order and account number, and did a domestic BACS transfer.

I would simply not take the risk of my money disappearing (or the transfer bouncing back, and then having to sort out alternatives anyway, which is by far the likeliest outcome). If you need to accept international transfers, then I’d look at other banks for now, including high street banks, revolut, or starling (which I believe do now accept SEPA).


(Ray Singh) #28

Monzo edit: Please don’t attempt to ‘reverse-engineer’ an IBAN this way. We don’t currently support international payments, and this will just create problems for us, and you. Thanks.

It’s IBANCalculator.net


(Ray Singh) #29

You’re absolutely right @nanos, my solution only worked because I was expecting a BACS payment however HR system won’t let me change bank details without completing the IBAN field even though it’s never used! This solution is not ideal for incoming IBAN transfers. But again, majority of uk salaries are paid using BACS which is a domestic service and I’ve never heard of IBAN BACS as such! It’s worth double checking with employers to avoid any confusion or being out of pocket :slight_smile:


(Hugh Wells) #30

Please don’t generate IBANs and use them to send us SWIFT/SEPA payments :no_good_woman:

We don’t support international payments and although the originating bank should detect this they sometimes don’t.
I’ve already had a couple of these this week and it takes a lot of engineering time to locate these failed transactions our end and send them back/credit them. It is obviously also stressful for the customer as they have often paid fees to make the payment and they money just seems to have vanished.

Tl;dr: please use Transferwise :heart:


Monzo IBAN and SWIFT?
(Marcos Scriven) #31

@hughwells can you provide some guidance as to when Monzo might accept such payments?


(Hugh Wells) #32

We don’t have an updated timeframe for it just yet I’m afraid, the best place to look would be the product roadmap


(Rob) #33

Looking in the trello link it does look like there is a timeframe for this as international transfers appears in the next 3-6 months section


(Hugh Wells) #34

Apologies, corrected :wink:


#35

To be precise, international payments were moved to 3-6 months section on 17th of July which brings us very close to the 6 months mark. :slight_smile: So it would actually be good to have some indication of when we can expect this :wink:


(Denis Flanagan) #36

oh what a can of worms I have opened !


(Sarah-Mae Lieverse) #37

So just to verify, very new to Monzo and understanding the infrastructures around banking and international banking, so I cannot as of yet put money straight onto my Monzo account from an international bank (in my case, my dutch bank), but this is something you are working towards? Its just transferwise is rather expensive and I am trying to ‘get rid’ of my standard UK bank which I had an account with up until I discovered the magic of Monzo??


(Hugh Wells) #38

Hey @SarahML :slight_smile:

Sadly we don’t have support for international (SWIFT/SEPA) payments at all, I’m really sorry about that, however, if Transferwise doesn’t work for you maybe you could keep your other bank account open just for international payments? I do exactly the same thing! :+1:
I’m really glad to hear your enjoying the service and we are working towards supporting international payments in the future :slight_smile:


(Elena) #39

Hey guys! @Naji @tristan Im new in Monzo and one of the reasons I took this card is because I work around the world as a model, so I definitely need no ATM fee. But than I have to ask one question,
Is there going to be a point( soon maybe?! )when we can get money transferred by bank but with swift and eban?
I would love to get the full payments on monzo card, for me It would be great if my agencys around the world could directly wire money to me on my monzo card. First thing is because everywhere I work I pay tax in that country and than when they wire my money to me Im paying another tax as well.
Thanks,


#40

Hello. IBAN payments are definitely on the roadmap. Should be :soon: :crossed_fingers:


#41

Welcome to Monzo