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.
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
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.
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.
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
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)
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?
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.