So far, using Monzo prepaid card… I have had no luck on any of these services.
Now the current account cards are out in the wild, has anyone funded Revolut or Transferwise with a Monzo current account debit card ? Or vice versa
Reason I am curious is I pay loads of (brit) contractors in mainland europe… I currently issue everyone pre-paid mastercard payroll cards. But then they have to get those Euros home to wives / families etc. I am testing the ability of different new banking service that may help…
I need to have 100 - 300 UK resident peoples wages, funded in Euros, paid to them so they can spend and withdraw in Europe, and also get that money back home to GBP easily and swiftly.
I know it will be a long time until theres Monzo EUR accounts or EUR wallets in Monzo, but looking at options.
Why you don’t just issue them all with Revolut cards right now. Pay them in GBP from any UK bank account and allow them to personally change it to Euros and then if they want to withdraw it by the card in Euros they can (up to the limit) or they can turn on the Revolut Euro IBAN and transfer it to their own Euro accounts or a UK bank account (up to £5000 per month I think). I have a Euro current account with KBC Ireland (with a mainland UK address) and I usually standing order from an English RBS current account to Revolut. Convert to Euro within Revolut and withdraw in Euros to KBC Ireland. I can’t see why this wouldn’t be possible with Monzo current account to Revolut as Revolut has UK/Euro sort codes and/or IBANs. Monzo however hasnt turned on direct international transfers on the current accounts yet.
My funding on this work is in Euros… the turnover on this runs into multi millions and I dont want either Fx risk or conversion… I pay (and bill) in Euros… Lost huge because of making that mistake before.
Revolut is one I am looking at, waiting on my revolut card in the mail to test it…
The 5k per month is a small part of the issue, these guys often earn more than that by a good chunk. Other issues is these are highly transient construction workers… Who are not often home when recruited to get mail (therefore cards) physically to them… I have to be able to cover every eventuality of when they lose / fail to get cards, dont have it set up etc… This is why my own payroll cards are great, I can order them in batches of 30 or 50, hand them out and turn them on in house, pay everyone with a file import. If they lose a card they can have another sent to home to get thier deposit, but I can hand them a new one at any location in europe and have them paid Euros in minutes.
The issue is getting ‘some’ of that money cheaply back to wives and family.
If only transferwise, Revolut, or Monzo accepted the pre paid mastercards I currently pay them with… All would be solved. But transferwise and Monzo dont, waiting on revolut card to find out.
This sounds like a business banking issue rather than a Monzo issue. I’m fairly sure they’ve said they’re not interested in business banking at the moment, if at all.
Like the prepaid card, the current account is for personal use only. The only business use should be claimable expenses.
Yeah thats why I am not using Monzo in my business, only personally…
And if each contractor had Monzo, they would be using it personally… Receiving wages to it and spending… Once I pay them, its thier PERSONAL money.
However Monzo isnt suited to the use case (it could be for my UK workers) as this one I have Euros, and need to distribute Euros, to British people…
However I am asking, as I figure on here theres many people using Monzo, and trying to link Monzo to lots of Fx services… My current Pre Paid payroll card solution seems just like a low quality feature poor Monzo… So if someones linked Monzo to Transferwise, or Revolut, or WU, or Starling, or N26, or any one of the 10s of banking / Fx / Transfer fintech startups springing up… It gives me a lead to chase and investigate. Theres no way I can test every banking app out there, so I am trying to see which ones if any Monzo Prepaid works with… Then I can check it with my own pre paid and see… Revolut is looking like it may have potential, but I am waiting on my own personal test card and out of the country too.
Also if any of those ‘integrate’ nicely with Monzo… Like I heard N26 and Transferwise does, I can tell my contractors ‘get your wife a Monzo, you have this, you can then Tx money instantly and cheaply’. Theres 2 sides to it the over there spending and the back home funding.
You are aware that Revolut doesn’t give the best exchange rates? The give mid-rate interbank rates which are generally less that the MasterCard FX rate.
Revolut also add an extra 0.5 - 1% on to the exchange rate at weekends. I don’t think your contractors would thank you for using Revolut.
How a look at Loot. They offer the same as Revolut (both are prepaid), a UK sort code and account number and the MasterCard FX rate.
Thanks… I will look into it… This is the ind of leads that I am seeking.
Ideally… Any service that allows you to bill the Monzo Pre Paid card, to send money to anothers account, is something I could look at using with my existing processing v easy.
Thanks… See theres just so many to try to keep up with and investigate, and its not like I don’t have lots of other things in my TTD list.
What I am doing now works, and is not so costly, and not ‘that’ inconvenient. Its one hell of a lot better than what we used to have to do. I just want to keep my eye on the fast developing services as the first one which has a strong app based interface, and a multi currency, will be a huge help.
revolut think my monzo current account debit card is denominated in USD
When I added it they did a debit of $1 then an immediate refund of $1
I then topped up my £ balance with £10 from the monzo card. The app popped up a warning saying the card is in USD would I prefer to use that instead. I declined and the £10 was added to my account.