Receiving international payments with Monzo


(Bastiaan Koekkoek) #81

LoL…

It’s not that bad, it’s all quite new and I think that’s what Monzo will say about it, if they respond.


#82

This might be worthy of its own topic, but I’m super supportive of rethinking payments architecture.

But looking at the website, it starts with a buzzword technical solution which really doesn’t inspire confidence in me. What I want to know is how Ripple is different, what their approach to the problem is, and only then why blockchain is the right solution (and probably only then for geeks like me - the average Jo doesn’t need to know what the tech is…)

More generally on blockchain, I challenge anyone to come up with a use for it that can’t be met using other technology (I’m genuinely keen to see one!)

Oh, and before anyone says currency :wink::

Sorry, rant over! :slight_smile:


(🦡🦡🦡🦡🍄🍄) #83

“Blockchain - it’s not that bad, it’s all quite new” is probably not the advertising slogan they should go with :grin:

It’s all a bit Emperors new clothes, can’t argue against it as my eyes have long since glazed over


(Kevyn) #84

I think you seem to just dismiss RippleNet because it uses a blockchain out of hand. Without knowing much about it myself, I do know that many well known banks are now using RippleNet. The Bank of England is even testing it.

https://www.ft.com/content/a8d997a0-6605-11e7-8526-7b38dcaef614 (Title: Bank of England successfully tests new payment method )

From Wikipedia, banks and financial companies that use RippleNet payment protocol are:

Accenture, Akbank, American Express, ATB Financial, Axis Bank, Banco Bilbao Vizcaya Argentaria (BBVA), BMO Financial Group, Cambridge Global Payments, Canadian Imperial Bank of Commerce (CIBC), CBW Bank, CGI Group, Cross River Bank, Davis + Henderson (D+H), Deloitte, Earthport, Expertus, eZforex, Fidor Bank, Mitsubishi UFJ Financial Group (MUFG), Mizuho Financial Group (MHFG), National Australia Bank (NAB), National Bank of Abu Dhabi (NBAD), ReiseBank, Royal Bank of Canada (RBC), Santander, SBI Holdings, SBI Remit, Shanghai Huarui Bank (SHRB), Siam Commercial Bank (SCB), Skandinaviska Enskilda Banken AB (SEB), Standard Chartered, Star One Credit Union, Tas Group, Temenos Group, UBS, UniCredit Group, Volante Technologies, Westpac Banking Corp, Yantra Financial Technologies, Yes Bank

Banks testing RippleNet payment protocol are:

Aeon Bank, Aomori Bank, Ashikaga Bank, Australia and New Zealand Banking Group (ANZ), Awa Bank, Bank of England, Bank of the Ryukyus, Bank of Yokohama, Chiba Bank, Chugoku Bank, Commonwealth Bank of Australia, Daiwa Next Bank, DBS Group Holdings, Fukui Bank, Gunma Bank, Hachijuni Bank, Hiroshima Bank, Hokuriku Bank, Hyakugo Bank, Iyo Bank, Juroku Bank, Keiyo Bank, Michinoku Bank, Mizuho Financial Group, Musashino Bank, Nishi-Nippon City Bank, North Pacific Bank, Oita Bank, Orix Bank Corporation, Resona Bank, Royal Bank of Scotland (RBS), San-in Godo Bank, SAP, SBI Sumishin Net Bank, Senshu Ikeda Bank, Seven Bank, Shimizu Bank, Shinkin Central Bank, Shinsei Bank, Sikoku Bank, Sony Bank, Sumitomo Mitsui Trust Bank, Suruga Bank, The 77 Bank, The Daishi Bank, The Nomura Trust & Banking Co., Tochigi Bank, Toho Bank, Tokyo Star Bank, Tsukuba Bank, Western Union, Yachiyo Bank, Yamagata Bank, Yamaguchi Bank.


#85

No, I said:

Blockchain is in the hype cycle and is (in my view) a solution looking for a problem.

Instead of focusing on the tech, I’d like to know:

  • What Ripple is doing to fix payments
  • Why Blockchain is the best solution for doing it

I don’t think these are unreasonable questions.


#86

How about this?

Blockchain is really good for preventing information being changed or faked if it doesn’t matter if the information itself is made public.


#87

I’m interested for the international payments option as I work for a UK based cruise company but I’m paid in US dollars. This means NatWest charge me around £7 I think just for an international payment.

It’s crazy to think that the company is based here in the UK yet as the currency is in USD I have a massive faff each month with FX etc.

I can’t go #fullmonzo until international payments are fully implemented.


(Jolin) #88

In the meantime, you might want to check out TransferWise’s borderless account. Should be a good way to receive USD, convert to GBP, and then transfer into your Monzo account.


#89

If he gets paid from a UK based USD account, TW’s borderless account wouldn’t help much.


#90

Thanks guys.

I’ll see if there is a way to help as the company is based in Southampton yet they fire off the ol’ dollars my way once a month… even though I’m British. It’s just the way they pay and I’ve just felt with it. It can be good if the pound drops against the dollar (oh hello there brexit!). The problem is when the market is up and down I can lose a hundred quid or so.


(Jolin) #91

Their help just says that to receive money into your GBP account, it must be sent from a UK account. It doesn’t specify that it has to be sent in GBP. So it might be worth asking TransferWise, as I would think they just convert USD to GPB on arrival if sending from a UK account.


#92

Sounds like a plan. I suppose asking won’t hurt so I’ll get on the case over the next few days.


(Jamie 🏳️‍🌈) #93

Let us know as I have a TransferWise Borderless Account. Cheers.


(Mo) #94

Hi @bamesjerry, could you provide another update please? I’m stunned to find out I can’t get my wages paid into Monzo and would like to understand whether it’s imminent or not.

Edit: @HughWells please could you consider providing an update please as @bamesjerry doesn’t seem to have been online for a while


(James) #95

Hi @Terra_cotta, sorry for not seeing this earlier. We don’t have any updates to share at the moment but will keep you in the loop when we do :+1:

I’m assuming you’re looking to be paid in Euros?

I know it’s not an actual solution but, for the time being, I’d say that using a service like TransferWise is probably your best bet here - I understand they can provide you with a personal IBAN to receive Euro payments (after which, you can then easily convert and send over to your Monzo account if you wished).


SWIFT CODE and IBAN number
(Mo) #96

Hi @bamesjerry, no, I’ll be getting paid in £s which is why I was so surprised that I can’t get my salary paid in.

Surely I’m not the only one in this situation?


(MikeF) #97

I’d guess it was quite rare but I think it has come up somewhere on here before. I work for a French company but we’re fully embedded in the UK so I get paid via UK bank account number and sort code without the need for any of these ‘international payment’ details that your new employer seems to want.

It does make me rather curious as to what they’re doing!


(Dave) #98

No, you are not the only person in this situation. I get paid in GBP from a European country (not one that uses EUR though) and so I can’t get that paid in to Monzo yet either.

There is no presence for this company in the UK (apart from myself) so there is no way to be paid from their UK bank account because they don’t have one.


(James) #99

Ah, OK. We do already receive a large number of payments from outside the UK on a daily basis (sent to web-generated, Monzo IBANs) but, as mentioned in the initial blog post, they aren’t 100% reliable and so we’re not in the position to offer it as a ‘service’ just yet.

Whilst the vast majority of payments are processed correctly, I can obviously understand not wanting your salary to be delayed and/or returned to the sender.

We are working to address this (by connecting to SWIFT directly, amongst other things) but it’s not likely to be completed this year.


SWIFT CODE and IBAN number
(Mo) #100

Do you have any idea of the error rate please?

Also, if it works once, would it always work?