Monzo vs Transferwise borderless

I have both a Monzo and a transferwise borderless account. Is it more cost effective to use my Monzo account or transfer GBP to HUF in my borderless account?

Edit: travelling to Budapest


It’s the same . There’s no extra or hidden charges. Monzo integrates with TransferWise for their international payment. Monzo to foreign bank account.

So far I have sent money to Malaysia, Singapore, India and USA. It works flawlessly

Can I ask how long it takes to reach the recipient through Monzo? Using TransferWise it takes my payment about 10 minutes to arrive. If Monzo was identical then I’ll use that instead.

That varies to which country you send

To Malaysia - a day
Singapore - 10 mins
India - around 10 mins
Usa - a day

1 Like

Monzo uses TransferWise to make this payments internationally and they will receive small commission from TransferWise. In terms of customer using the service there’s no additional charges. It’s exactly the same speed and same fees.

Sorry I don’t think I was clear.
Is it more efficient for me to spend on my Monzo card - so using the GBP I have in there and using the MasterCard rate that Monzo gives. Or am I betting transferring GBP to HUF with my transferwise borderless account and then spend in HUF using my Transferwise borderless account card?

As in is the mastercard rate better than the fees to transfer and rate given by transferwise?

Or is this difference going to be negligible?

1 Like

For day to day spending, I’d say you’d be hard pushed to justify one over the other. I’d do whichever is most frictionless.

1 Like

If you want to “lock in” a set amount of HUF then go for TransferWise. If you’re happy in the knowledge that GBP may go up or down in value in relation to HUF then stick with Monzo.

1 Like