International transfers (when you're a real bank)

Maybe it’s too early to be asking this, but I’m sending money to Sweden in SEK and being royally striped up on the GBP-SEK exchange rate (basically a 4-5% markup).

When Mo (your new name, of course #momoneymoproblems #votemo :laughing:) is a real bank, will you use the same exchange rate for international transfers as you use for international purchases? Is there likely to be a fee?

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Good question! To be honest, we don’t yet know – we’ll definitely try to keep it as cheap as possible for customers :slight_smile:

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@jmap you should use TransferWise to get the real mid-market rate :wink:
Fees are transparently shown separately from the rate (for GBP > SEK it’s only 0.5%)

Plus, if you sign up from transferwise.com/matteo you’ll be able to transfer the first £2000 without any fees (employees’ friends perks eheh).

@tristan you should definitely think about integrating Mondo with TransferWise Number26 in Germany :wink:

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You should speak to us - international transfers is what we do. :slight_smile: http://www.earthport.com

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You guys should speak to https://uphold.com

Do you have to be a bank already in order to offer international transfers? Revolut offer this as a prepaid debit card, which is one of the main reasons that I still use it, namely to send money to friends and family in the States. Does Mondo plan on offering something similar?