🇳🇱 Monzo in The Netherlands [Discussion]

Monzo Chat Travelling with Monzo
19

Okay, let me try to answer with all variations! :smiley:

  • Topping up from UK legacy bank to Monzo prepaid will be free. That can be done directly in the app using legacy bank’s debit card, or by sending bank transfer from legacy UK bank to Monzo account and quoting 9-digit user code. This is done online, so you just need internet connection, doesn’t matter where you are.

  • Topping up from UK legacy bank to Monzo Current Account will be free. Top ups from legacy UK bank via bank transfer works right now, but top-ups by card are not supported yet.

  • Using Monzo prepaid or debit card (from Current Account) in Netherlands will be:
    ** free for purchases in shops/restaurants/etc (and Monzo rate)
    ** free for now to withdraw from ATM (with Monzo rate), but some ATM fees are planned. Please see @alexs’ summary here.

  • You can’t send money from Prepaid Monzo card to any other bank, UK or Dutch. You can only spend it.

  • You’ll be able to send money from debit card (current account) to Dutch bank eventually, but it’s not available now. We don’t know any details or fees for now. In the future, Monzo Current Account might be integrated with Transferwise at some point in the future, then it would be using Transferwise’s rate. Fees are quite low, so Transferwise should be cheaper than sending money from UK Legacy bank to Dutch account.

It seems like only problem left to solve is expensive international transfers from legacy UK bank to Dutch bank, as this is something that Monzo Prepaid won’t support it, and Monzo Current Account doesn’t support it yet.

Key word: Transferwise! :smiley:

You can’t use Monzo prepaid card for send money via Transferwise, and there’s no option for bank transfer from Prepaid Monzo, so that avenue is out. BUT!

You can use your legacy’s bank debit card, or Monzo debit card (current account) to use Transferwise like normal human being :wink: . Monzo integration will allow you to do this faster/nicer, but nothing is stopping you from using Transferwise as proxy service, you could transfer from UK legacy bank or debit Monzo (current account) to Dutch account even right now. You’d need to register on Transferwise, verify with photo id, and just send the money. :tada:

There are few other options to Transferwise, like Azimo, but it would probably make sense to go with Transferwise, as most likely that’s what Monzo will support in the future.

If I missed anything, please let me know! :smiley:

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