Monzo vs Wise for outgoing & incoming

For sending wire

  • Wise charges 0.35% fee for FX conversion + variable wire fee
  • How much is overall Monzo charge?
  • Will recipient see my Monzo account number as the source of payment will my full name?
  • In case of issues, how will the tracing payments work with Monzo?

For receiving wire

  • Wise is free
  • How much is overall Monzo charge?

Any limitations on Monzo that Wise doesn’t have?

Any benefits on Monzo that Wise doesn’t have?

Monzo use Wise to send international transfers. To receive them you need to use wise directly

Not sure if your name will show, never sent internationally

But you asked this back in august

I didn’t get my answer back then. Maybe Monzo knows the answer now. Skeptical to be the first guinea pig trying it and the spend months tracing lost payments.

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I found that the list of available currencies/countries for sending is less in Monzo.

On fees - you can see the fees and exchange rate yourself within Monzo app. Go to the transfer internationally page within Payments tab.

Monzo uses Wise’s “Fast and Easy” fee/option. There are additional cheaper options if you use Wise directly.

Advantage of Monzo is convenience.

Don’t know what info recipient sees.

Asking here isn’t asking Monzo. The online community is mainly other Monzo customers. If you want to ask Monzo, best to use the in-app support.

You won’t be. Monzo has been using Wise for sending international payments since 2018.

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There are no particular tangible benefits to using Monzo over Wise. It’s one less app to download, and your transfer can be done in your banking app. Also, if you have Plus/Premium, there a bit of cashback available.

To add to this also, the time quoted in Monzo isn’t even close to reality or the expected time via Wise direct, Monzo said 4 hours, I got an email from Wise at 8:57 saying my money was with them. Yet still not arrived after 6 hours, a quick peak on my wise account confirms they expect arrival at 4:05pm, 3 hours longer than Monzo quoted, I may have decided on another means if they had divulged this.

Surely wiser to under promise and over deliver?

My recent Wise transfer to a European account took much less than an hour.

I guess it might get longer for some currencies or if it’s your first transfer to a particular account.

…Which of course is fine - on the scale. It is more about the attempt to give me a time frame at all and one that isn’t realistic at that. But yes it was my first, though an EU account but not Euro.
To conclude, if anyone is interested or fearing their money may take days to appear, it turned up when Wise predicted, so 3 hours longer than the initial Monzo based prediction.