International Transfer tracing / source of funds

Keep up the random chuntering, you’re making even less sense now.

1 Like

Well, one thing I learnt is not use Monzo’s international payments systems, as there are issues with payment transparency and traceability.

But Monzo have no intentional payment systems? :woman_shrugging:

1 Like

I learned that before even signing up for an account, it’s there in black and white. You either choose to use it or do one to another bank that has full support.

3 Likes

My point is more that the statement ‘You can only receive GBP to your Monzo account’ was incorrect. A Monzo account can technically receive deposits in a currency other than GBP even if international transfers are not recommended.

The reason I point this is some banks do specifically block deposits in other currencies. My bank in the Irish republic will only accept Euro to Euro transfers so deposits of GBP are rejected and not converted on receipt as a Monzo account can do.

2 Likes

Maybe I missed where its written clearly in black and white on the international payments, and the fees involved. It vaguely says, Monzo will add some extra charges on top of Wise, but no mention of exact figures or percentages etc.

You can’t use something that doesn’t exist so that’s a pretty straightforward lesson!

To summarise:

You can use Wise directly, Wise through the Monzo app or someone else entirely. If you chose either of the first two you’re best off asking Wise about how they manage things, what numbers they report and what banks they use since it’s their system and not Monzo’s.

On the reception of funds, Monzo don’t support international transfers so you’ll need to look elsewhere.

I think there’s not much more that can be said here so maybe @AlanDoe might want to close this as it’s run it’s course.

2 Likes

There are some potential for innovation and improvements. So asking.

The fee quoted in app when you send a transfer includes the Monzo fee

1 Like

But for that, I will need to transfer money into Monzo first and then see if I like the fees. If I don’t transfer money back to old bank account. That’s not the best way of working. Ideally the fees should be known upfront.

Slightly harsh. No ones making judgements of the services offered, just telling you what’s available since that’s what you asked.

Edit. Whoops! Crossed over with another comment.

Interestingly I can see the fees, yet I don’t have 1 billion in my account. I wish I did though!

1 Like

Nice. I didn’t know you could do that. Btw, how much does Monzo add on top of Wise?

I promise I don’t have this amount of money, wish I did though!

Edit: @ndrw beat me to it!

@phineas maybe you do have £100m, else no wonder you have so much free time for chit chat :joy:

As far as I know, and provided that you compare the transfer types on a like for like basis (ie: the same service), there is no extra, Monzo’s fees comes out of Wise’s (although I’ll stand corrected if that’s wrong)

1 Like

The exact reason why I don’t have £100m is because I spend so much time with chit chat :joy::joy::joy::joy:

1 Like

I don’t mind paying little extra to Monzo, however for me source traceability is important.

As it has been suggested, and at the risk of beating a dead horse, your best shout to find that out would be to contact Monzo (or Wise), directly.

I must admit, I have not seen any bank making available the “routing” banks of international transfers though, it seems to be (in my somewhat limited experience with Wise, Lloyds and Barclays), a fairly opaque process.

Opaque to the naked eye, anyway, I’ve never enquired about it, I must admit.

Edit: as far as GBP USD, Wise is usually instantaneous, and if I recall correctly, they don’t technically send your money through intermediaries, but instead “match it” with a similar payment in the other direction. They used to do that anyway, maybe things have changed with the scale of Wise itself though.

1 Like

For inbound international transfers we have no way of knowing which banks it will pass through, it depends on so many different factors that it’s impossible to predict.

We don’t support inbound international transfers, we haven’t since launch and although we’ve always wanted to I don’t believe that it’s work we’re currently prioritising.

If it’s a transfer in the the SEPA area then it should work, but we don’t guarantee it and we can’t provide support if the transfer doesn’t work.

We recommend all customers use Wise to both send and receive payments internationally.

You can’t make an outbound international payment directly with Monzo, and if you want to know about specific routing details with Wise then you’d have to ask them. I’m not sure whether that’s something that they can, or would, provide.

There are other banks out there that provide a better international transfer experience. If you’re going to regularly be making and receiving international payments then I’d recommend using those. As mentioned above Wise offer an account which gives you your own account details, and is competitively priced.

Starling also, AFAIK, offer international transfer support but I have no idea what the fees are.

8 Likes