International payments - USD receipt fees

Monzo Chat Business Banking
1

Just checking something as I get started with my business.

Am I reading it correctly that international payments will attract a 1% fee? Has anyone spoken to Monzo about possible reductions on this?

From what I can see Revolut has an option for £19 / month that allows up to 5 fee free payments which would be a very big difference for us. (1% on £210,000 annually is a big pill to swallow)

It’s a shame if this is the case with no exceptions - I like Monzo for personal banking and really wanted to use the business part for my business.

2

I don’t mean this disrespectfully, but you are not a big enough fish to get a reduction.

3

Yeah, I expect that’s the case - hence asking here rather than going to Monzo.

4

Have you checked Wise (TransferWise)?

5

That is an amazing shout. This might be the answer - open a Wise account, get paid into that then send to Monzo UK. Worked with Wise a lot for moving money between personal US and UK accounts and never considered them for this.

Thank you for the idea!

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