Looks like IBAN/SWIFT is coming

So to be clear, can a Monzo account receive

  1. Electronic transfer euro payments (IBAN/SWIFT)?
  2. Euro cheques?

Thanks.

At the moment whether or not you can receive euro payments depends on the sending bank. Right now we have a correspondent relationship with another bank for euro payments, but this only works for non-SEPA euro payments. If the bank you send the money from is able to send non-SEPA euro payments and can discover our correspondent, the money will reach your account.

Right now we can’t receive SEPA payments as we haven’t joined the SEPA Credit Transfer Service. If the sending bank only attempts to send euros in the form of a SEPA Credit Transfer then they will refuse to send the payment as they will see our BIC cannot receive them. We are currently working on joining the SCT service, so this should become a lot more reliable in the coming months, and we’ll talk more about that closer to the time.

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Thanks for the update, @nickrw.

A cheeky extra question: are you able to tell us if there might be any Brexit impacts here? Can non-EU banks join the SEPT Credit Transfer Service as easily as an EU (or eurozone) bank?

Thanks Nick.

And what if I have a cheque in euros - can I lodge them?

Sorry for the delay! No, this isn’t something we can support right now.

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A cheeky extra question: are you able to tell us if there might be any Brexit impacts here? Can non-EU banks join the SEPT Credit Transfer Service as easily as an EU (or eurozone) bank?

It has complicated things for sure, but we’ve found a way :smile:

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“So-called ‘SEPA’ standards will continue to apply to UK-based banks post-Brexit, regardless of whether an agreement is reached on the terms of the UK’s withdrawal from the EU, according to recent plans outlined by the UK government.”

^ Excerpt from some article.

Switzerland is not part of EU but it is accepted in SEPA. There shouldn’t be any problems with that I think.

I am very happy with my Monzo account, but if I can’t receive swift payments I’ll eventually have to switch to another bank. I don’t want to keep multiple bank accounts.

Hi Nick, have Monzo Bank have set a date to be able to hold account in euro? or alternatively to be able to receive Euro and make an automatic currency exchange into gbp which will end in your account? Thanks in advance

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The EPC has approved UK Finance’s application to stay part of SEPA in a no-deal scenario:

Of course, in the event of the withdrawal agreement being ratified and the transition period kicking in, the UK will stay subject to all EU law, and thus will remain part of SEPA automatically for the duration of the transition period.

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I don’t know if it’s in order to mention competitors here, but hopefully it’s OK. :blush: Why is Starling so far ahead when it comes to SEPA integration?

Do you plan to support SEPA Instant Credit Transfers from day 1 of your SEPA support? Starling doesn’t currently support these, so this would be a way of catching up with them.

Everyone wonders at any time to start the international External transfers
With IBAN !?

I checked the IBAN calculator and it says Monzo supports SEPA Credit Transfer (not instant). To test it I sent €1 to my Monzo IBAN number and received the money today (1 business day later).
I sent the money from my bank account in the Netherlands ING.

https://www.ibancalculator.com/bic_und_iban.html

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:eyes:

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There is a strong warning here.

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Yes note it’s not announced officially yet, but that warning is from December 2017. I expect a official launch soon.

Thanks,

You said

Any more leak news on this?

Thanks, Rika, I get paid from an international Company and they kept asking for Monzo IBAN details. I believe strongly in Monzo and I would like to switch to Monzo but as long there is no IBAN I can’t do this at all.

Any expectation for IBAN soon?

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There was a mention of IBAN in the strings on the android beta 2 weeks ago. No context that I could see but :crossed_fingers: there will some movement on that soon

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Hopefully they will go straight to supporting SEPA Instant Credit Transfers, coz I mean why wouldn’t they want to?