Monzo UK/US


I currently have an HSBC global account which means I have a US and a UK checking/current account. In general this works well for me - I can do direct debit on both sides, have loans and credit cards with them, can do bill pay on both sides etc. However, the FX rates are not good and so I have to transfer USD out of the US account into a 3rd party US FX processor, then convert to GBP, then transfer into my UK current account… a pain to say the least.

Will Monzo allow me to have a global account - i.e. if I open a US and UK account (I don’t currently have a UK account with you) will I be able to have full functionality on both and easy management / money transfers between them?


a great question and certainly one I hope will have the answer of “yes” :smiley:

You’d need to have a us address and social security number to open the US account.

This could change in the future though

I am a dual citizen so I can open accounts with no issue - but really need an account (or joined up accounts) that work(s) across both countries.

Who knows. Such a thing doesn’t exist now and won’t for a while I suspect. Maybe one day.

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Why do you go this way about it?

I also have HSBC Global View. HSBC’s ‘fee-free’ exchanges aren’t very good, as you say, but I find it simple enough to use something like TransferWise to make a simple bank transfer which is then deposited into my UK / other global account. It works very well and quickly.

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you are right, I use transfer wise as well and it is better than alternatives. But I would rather have it all in one place.

Monzo already have TransferWise integration so I suppose it would be possible.

I do have a feeling though that the US and UK accounts are going to be distinctly separate.

“Distinctly separate”. I get the logic i’ve read elsewhere that it needs to be market focussed but at the same time Monzo need to be really careful not to do what the legacies have done and develop in silos. The UK and US should be closely linked up. One example that comes straight to mind is just to run aggregated customer analysis across the whole of Monzo in the same format on the same tool. Otherwise whole cottage industries are spawned in the middle when the bank grows. The legacies have hundreds of such examples of cottage industries.

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I think it’d be too difficult for Monzo to complete full KYC to the satisfaction of their partner bank in the US with us being non-US citizens.

It’s not about what Monzo want here as they’re at the mercy of the partner bank making the majority of decisions.

Isn’t there a US legal requirement to only open an account if you have a US social security number or proof of residence? When I tried to open a US account a couple of months ago, all the banks asked for one or the other (I spent a couple of months there so I thought it would make life easier).

In the end, I used workarounds:
Monzo for spending and TransferWise to receive incoming payments.

The only thing I couldn’t do was use Venmo (they require a US account number and they did not accept the TransferWise US account).

As one who moved to the US last year to study I’d to open up a US bank account in order to pay by bills, the rent and electricity could only be detucted using ACH-transfers or checks. In order for me to open a bank account all banks required that I gave them proof of residence (rental contract), proof of ID (passport) and a my student visa showing them I was there legally. I’m sad to see while Chase (And all other American banks) would let me open an account without a SSN, Monzo won’t.