On the Current Account can I receive money in GBP from cryptocurrency exchanges like Bitstamp , Coinbase , Bitfinex or does Monzo block them ?
Thanks
If it’ll allow payment to a UK Sortcode + Account number, then it should work (i.e. I don’t believe they are explicity banned by Monzo). However, I know that Coinbase needs IBAN codes which Monzo does NOT currently support (Transferwise does ban Coinbase and cryptocurrency exchanges).
Coinbase also require 3Dsecure (Mastercard Securecode/Verified By Visa) for purchases which is NOT supported by Monzo.
So: It’s not blocked, but actually using Monzo with a cryptocurrency exchange will probably be near impossible.
In the meantime, I’ve just setup a Revolut account which can give you a EUR IBAN account (which can be used with Coinbase) and then just shuffle money from Coinbase<>Revolut<>Monzo.
2 Likes
Hi Richy,
It is becoming a serious problem to be able to cash IN money from exchanges MONESE is blocking incoming payments from crypto exchanges and REVOLUT does the same as I have closed my account yesterday with them , I hope that Monzo are smarter than their competitors but I would like to verify this properly before opening an account.
1 Like
When did Revolut introduce that change? I did two transfers from Coinbase in December (last one being on 13th December to my Revolut EUR account: it did take about 4 days from the Coinbase withdrawal to show up) without issues. I know Revolut have introduced their own cryptocurrency storage/exchange system in December so I’ll be very surprised they are now blocking others.
I’m not aware of anything in Monzo’s terms and conditions stopping cryptocurrencies trading (again, Monzo do NOT currently offer IBAN codes, EUR accounts or 3DSecure so actually using Monzo on an exchange will be difficult).
1 Like
Same as @richyb I use Revolut to transfer between Coinbase and a Revolut Euro IBAN without issues although I’ve not done that in a month or so. I have opened a bunq Euro current account to transfer to and from Coinbase if the Revolut route did ever dry up.
Monzo cannot accept transfers from abroad right now so unless the exchange you have is in the UK or accepts paying out with a UK sort code and account number it won’t work.
I have been told this by the customer service yesterday that they would have not accepted payments from Cryptocurrency exchanges like Bitstamp or Coinbase.
Monese previously let me do it but last week they stopped a payment from Bitstamp.
I believe these are new regulations and it would be great if you could check it personally.
Thanks
1 Like
We do not block or ban users from using Crypto exchanges 
As long as the money comes in via a UK clearing scheme (BACS credit, FPS, CHAPS) and the exchange doesn’t require 3DSecure for card payments you should be good to go 
3 Likes
As far as I’m aware they do not block incoming payments.
But Coinbase requires a small one time payment (€1) to be sent to their own IBAN to confirm your EUR account. Until it’s confirmed, you can’t withdraw money from Coinbase. Revolut blocks outgoing payments to that IBAN. Which effectively means new Coinbase customers cannot confirm a Revolut account anymore. If your account with Coinbase is already confirmed or was opened before Coinbase required verification, I imagine theres no disruption to your service.
1 Like
Yes. Monese are not blocking. It is just that their GBP account uses a shared IBAN (a common account). However, those with a Monese EUR account have an individual IBAN. Coinbase require you to have your own account not be using a shared account.
Monese have blocked an incoming payment from Bitstamp.
I have told them that I would have closed the account.
This is the screenshot with the customer service.
1 Like
Hi Hugh
When does Monzo plan to introduce IBAN and 3d security? Exchange I’m using is asking for both…
Thanks in advance!
Yeah, SEPA transfers are essential as well as being able to transfer funds via the debit Mastercard, I mean having a nice app is great but I can just use Yolt for that with my existing accounts I’m far more concerned about potential headaches over transfers from Exchanges.
This topic was automatically closed 180 days after the last reply. New replies are no longer allowed.