Receiving international payments with Monzo


(Paul Griffin) #61

Hi James, does this mean NatWest will support paying cash into Monzo accounts too?


(MikeF) #62

Almost certainly not, or at least if it does it will be down to a seperat agreement not yet considered, as is being discussed elsewhere on the forum.


#63

What @Feathers said!

I think, when it launches, it’ll be pretty transparent so it’s unlikely we’d know it’s Natwest if it hadn’t been shared with us.

This is a short term, tactical contract so I don’t think anything should be read into it about a wider relationship with Natwest/RBS.


(Bastiaan Koekkoek) #64

why not use ripple for this instead? @bamesjerry


(Christine Snowball) #65

What’s curve?


(John Biondini) #66

Would love seeing Monzo using XRP for this! :slight_smile:


(If there's the wrong end of a stick, you'll find me holding it.) #67

It’s a card aggregator. So you could add several credit or debit cards to your Curve card and just carry one card around. You can also move purchases from one card to another and make cash withdrawals free of charge with a credit card. So, quite handy.


(Christine Snowball) #68

Thanks for the info, not so sure about all in one place is security ok?


(If there's the wrong end of a stick, you'll find me holding it.) #69

I’m not an expert, but it’s as secure as a wallet full of cards, I guess :man_shrugging: You can lock the Curve card from the app, which is good.

I mainly use mine to withdraw cash from ATMs using my cash back credit card.


#70

I haven’t tried it yet, but if you had a bad month, would you be able to make the minimum payment for a credit card with your credit card via Curve?


(If there's the wrong end of a stick, you'll find me holding it.) #71

It would be great if you can do that. Wouldn’t even have to be a bad month; if you can pay off the full amount with a cash back card, you’ll even make money!


(Andy) #72

Yes! And if you have cash back or points etc, those get credited too. Obviously its a short term option but very handy.


#73

I wonder if it defers interest? As with some cards that isn’t applied till 30 days after the transaction, so if you effectively cleared it and it re-added via curve, would it just roll on for another 30 days interest free?


#74

Whilst you can technically cycle money using Curve it’s prohibited in their terms and conditions - I think if they see someone doing it they may close your account :open_mouth::slightly_frowning_face:


(Andre Borie) #75

I’d say there is little risk if you do it occasionally and the amounts are inline with your legitimate transactions.


#76

It wasn’t something I planned on doing, just figured it might be possible.

I changed jobs a few months ago and initially cut it rather close with the payment gap and some repayments. Would have helped if I could have even just saved £100 through cycling :stuck_out_tongue:

I guess the other option could have been to get a 0% purchase card and cycle that way to make payments and keep interest low?


(Bastiaan Koekkoek) #77

Why does Monzo not sign up with Ripple’s tech? Seems a much better choice then the outdated SWIFT…
@bea


#78

What is this Ripple tech of which you speak?


(Bastiaan Koekkoek) #79

It’s a global payments solution using block chain, super cheap and super quick!


#80

You had me until blockchain

(Will read)