Does anyone know (or is willing to wildly speculate) if International Payments for the Business Bank account are in the offing or at all likely now? Looking back in the forum there has long been talk of them ‘coming’ but no updates. To me Intl payments feels like quite a fundamental part of being a bank (even if many customers won’t ever need it).
I have just acquired a customer who will be paying in Sterling from a foreign account and if Monzo can’t accept this I will have to leave for Starling - where I will get intl payments and lower my monthly fee to zero…
Update from the Monzo Business Account trello - https://trello.com/c/983f5Ybt/19-international-payments-outbound
" [speaker] An update from the Monzo Business team:
Hi everyone, thanks for sharing your thoughts!
To give you an update, we’ve started exploring what it would take for Monzo and Monzo Business to make international payments and IBANs a reality. It’s a huge project, and it’s one we don’t expect to be finished in the short-term. We know how important international payments are for so many of you, and I appreciate that many of you will need to find workarounds until then - but I wanted to reassure you that we’re definitely prioritising it thanks to your feedback.
It’s a big project, so we’re aiming to have them live within the first half of 2021. We’ll let you know if that changes.
IBANs live in the first half of 2021? Would be amazing if they could keep to that. They’ve been promising it since 2018.
Does anyone know if there’s even been any movement on this recently? “First half of 2021” was mentioned, but that’s been & gone. It’s becoming critical for me, and I’m seriously considering having to leave and join a bank that can support this.
It’s clear from the forum posts that resource is in other areas that make Monzo money. So to be honest it looks like new bank time for you.
I would have thought that the monthly Business Bank Account fee would make them money…?
Was hoping to come here and see some positive news… but indeed does look like it’s time to move to a different business bank
Sadly, I’ve had to set up a Starling account to receive international debits, and transfer money there to cover them.
As all mine are euro debits, being able to store currency in £ and € on that account is a plus.
But I’d far prefer Monzo to do all this, it’s a gaping hole in the offer in 2021 when both Starling and Revolut already do it.
Looks like this is now live!