Receiving international payments with Monzo


(James) #101

Unfortunately, there’s no way of recording every payment attempt made but, when we did some testing internally (admittedly with a very small sample size), ~85% of non-EUR payments were successfully received.

It should do! Though this is more down to the sending bank and whether they send it via the same route the next time.


#102

Any reason you’re connecting to SWIFT and not Ripple’s XCurrent?

Interested to know what the advantages of each one are.


(Mo) #103

@bamesjerry, forgive me labouring this please, I understand you don’t support it yet, but I don’t fully understand the risk

The picture above is from a helpful page by Transferwise.

If IBANs are in a standard format, why is there potential for them to fail please?

If it did fail, is it immediate or does the money disappear in the ether

Finally, is it something I can test for myself, and if it worked for me, does that mean it would work for my employer?


(Kate Colquhoun) #104

I want to have someome in China pay into my Monzo account. They are asking for a SWIFT CODE AND IBAN number … anyone know what it is?


(Dan) #105

I always oversimplify and think of them as the equivalent of an international account number and sort-code.

Issue you’ll have though is Monzo don’t currently support international payments so you won’t be able to get them.


(Mo) #106

Hi @kate6490
If you scan this thread it’ll become apparent. Upshot is, they don’t support them at the moment, but I’m quizzing @bamesjerry to try and understand the potential (but not recommended By Monzo) workaround


(Jack) #107

This may be worth a read:

When a payment needs to be sent internationally it often bounces around many banks on its way. And it’s making sure those banks know the best route to take.


(Mo) #108

Thanks, I’ve been hunting for that!


(James) #109

Hi @terra_cotta, hopefully the blog post mentioned above answers most of your questions.

There’s also the fact that a sending bank will use the IBAN you’ve entered to derive the BIC and look that up in a some form of 'routing table’ (e.g. with SWIFT themselves or EBA for SEPA Credit Transfers) - this will then determine that BIC’s ‘reachability’ to a certain scheme or routes for certain currencies.

As we haven’t yet published specific routes for banks to take, they will decide how they send the money themselves (as opposed to using a standardised route).

I haven’t personally looked into Ripple, but considering SWIFT’s global reach, it seems the right first step for us - Ripple might be something to look at a bit further down the line.


(Peter Greening) #110

Hi James
I just changed how my employer in Hong Kong pays my monthly wages (via International Payments in £) - it was to my old Natwest account now it’s to my Monzo account. Stupidly I didn’t check whether this would be an issue until now when I found this blog post.
Hopefully it will all go OK & you will shortly improve the system.
However in the meantime others might be interested in my real world experience + time scale.
Previously they would make the payment in HK approx midday HK time (05:00 UK tim) & it would appear in my UK account by 10:00 UK time.
Today they’ve made a payment as normal but I haven’t seen it yet this morning…
Fingers crossed.
Peter


(Mo) #111

Good luck!


(Jack) #112

Good luck! Worst case it will either bounce back or take longer than usual. Keep us updated.

If it comes through ok the first time subsequent payments should too if they use the same route.


(Peter Greening) #113

Hi all
payment just arrived at 11.48
Approximately only 2 hours slower than Natwest - brilliant!

The other benefit is I get notification to my Apple watch instantly hence can use the money immediately rather than having to check the Natwest A/C (which is a pain) i.e. in the real world it’s quicker than previously. (I do like Monzo…even though I’m probably 30 yrs too old for the demographic)

ps forgot to mention it’s from HSBC in HK.


(Colin Robinson) #114

60+ here, loving my :monzo: since March 2016 :slightly_smiling_face::+1:


(Bruce) #115

Thanks for this, someone I know is holding back on going full monzo because - not reliable - is quite scary - so this helps a bit


#116

I just went to “create a beneficiary” in my foreign bank account, and I have to select the bank name. In the dropdown, Monzo Bank is there! That’s a good sign that it should work…right?

Does this mean they have a route calculated to reach Monzo?


(Andy) #117

Possibly. Try it with a small amount and see if you receive it.


#118

It worked. Transferred in just over 12 hours!


(Shariq) #119

Just reporting that I made an international transfer too. My overseas bank (in India) had a SWIFT code for Monzo that showed up in their search. That plus the sort code and account number did the trick. I didn’t need an IBAN so haven’t tested that yet.

Set it up on Friday morning and the money was in on Monday morning.


Slow support responses
(If there's the wrong end of a stick, you'll find me holding it.) #120

Good question. It’s not the first time Monzo have done this. Foreign transfers spring to mind.


Slow support responses