Monzo SEPA Payment sender name?


#1

Hi guys.

I searched the forum and didn’t find this question.

Since Monzo is using transferwise to do international transfer, does that mean Transferwise will appear as the sender on recipient’s statement?

There are lot’s of companies do not accept 3rd party transfer, thus this question.

Thanks.


(Alex Sherwood) #2

Hi, the reason why you can’t find the answer to this question is that the TransferWise integration is only being launched with the current accounts so we don’t have any details about it yet :slight_smile: watch this space!


#3

Thanks Alex.

I really wish the integration with transferwise is not just simply to embed transferwise API into Monzo.

That could cause quite a lot of trouble.

If my name is going to be displayed as the sender, I will just cut my Fire and Revolut cards.


#4

Is Monzo integrating Transferwise for SEPA payments or also for SWIFT payments? i.e. will it be possible to transfer funds outside the SEPAzone to for example Australia or USA?


#6

I believe it’s for both. Transferwise can do SWIFT, so there is no point for Monzo to castrate that.


(Alex Sherwood) #7

Given Monzo’s excellent track record for designing features so far, I think it’s safe to say that we should reserve judgement, on whether this will work the way we need it to, until the feature’s launched :raised_hands:


(Alex Sherwood) #8

Again, we don’t know that yet.


#9

Great. Aware of Azimo but not sure what Transferwise could do other than hearing issues as to how the Sender’s name appears at the destination account


#10

The reason for Sender’s Name issues is caused by how transferwise works:

You send money to transferwise --> transferwise send money to destination.

In that way, you don’t have any direct contact with the destination.

However, if the integration is deep enough,we can expect our name to be displayed as the sender.

Maybe this way: when we decide to transfer some USD to someone else, Monzo contacts Transferwise to exchange the currency and temporarily deposit it into our “hidden” USD account, then transfer USD to the destination.

However, I don’t know if that complies with financial regulations since Monzo only supports GBP .


(Bruce) #11

This has just become of interest to me for the first time … Tezos are crowdfunding and only accept bit coin and other cryptocurrencies… so heading over to coin base I can see the cost effective way to purchase but coins is using SEPA … so I tried to use revolut, but it’s not actually yet set up with accounts fully… obviously neither is Monzo… so had to fall back to Barclays…

To link my account to coinbase I had to send an initial payment with a reference. 6 Euros. Barclays charged me £5. Not cool. Not sure if unavoidable though.


#12

Crazy! Handelsbanken UK (who have branches in the South in places like Colchester and Chelmsford and London) only charge 20p for a SEPA payment


#13

Next time try Pingit, it’s free.

However, exchange rate is terrible. For example, when revolut is 1.1396, Pingit 1.1058. Fee is about 3%.

You can also use Fire.com. Exchange euros at revolut and send it to Fire (two working days), free; Use Fire to do SEPA to Coinbase/Kranken (Same day if sent before 2:00 pm), free.

If this takes too long for you, transfer money from Barclays to Fire (few hours via bank transfer, instant with debit card but 200 pounds daily limit), free; exchange at Fire at a fee of 1.25%, instant; then SEPA, free.

Another solution from Monese. Monese is launching euro account with your personal IBAN. When this launches, you will be able to top up GBP by bank transfer (typically 2 hours), convert to EUR at a fee of 0.05%, do SEPA. Dont know how long SEPA takes since it is not out yet.

Again, wish Monzo is heading to unique IBAN.


(Bruce) #14

Massive thanks for spending the time to write this up!


#15

You don’t need to convert with Revolut and then send to Fire as Fire provide GBP and EUR accounts linked to one card and you can top up either account by Debit Card or transfer money between the two with them converting


#16

With Monese if you only want to send you don’t need to wait for their EUR account as you can use their GBP account and send SEPA from there in EUR at good rates. If you want to receive money by SEPA the GBP account currently has a common account IBAN where you need to quote a reference to route money to your account but if your sender are jobsworths they may not do this in which case you will need to await individual IBAN or try the EUR account mentioned (which currently has people joining a short list queue)


#17

As I said there is a 200 pounds limit.


#18

Shared IBAN is not accepted by either of those exchanges. Fire is the only cheap option available.


#19

Moreover, tried to link fire with Revolut and Monese cards, both rejected.

Basicly I have done two weeks research and tried whatever available, no better options.


#20

Then they won’t accept accounts at many building societies or credit unions as a lot of them have a membership roll number quoted as the payment reference.


#21

Other options include Dutch bank bunq.