Receiving international payments


#1

Interestingly I was able to set up details of my Monzo account with a US based firm I consult for. Everything worked fine on the web. Except I overlooked the fact you don’t have an IBAN code yet.

So a payment to me in USD is currently lost or stuck somewhere…


(Andre Borie) #2

If they asked for an UK sort code and account number it means they’re connected to BACS/Faster Payments and you don’t need an IBAN… otherwise I can’t imagine how you set up your account on there - which IBAN did you use?

In any case your money isn’t lost, it will eventually bounce back and you can try again. :+1:


#3

Thanks. Just flagging it to the Monzo team. I’ll have to use a different bank account. Was hoping this was a loophole for my FX fees incurred with US clients


(Andre Borie) #4

Did you have a look at Transferwise’s Borderless account? Seems like the perfect fit for your use-case, and also, Transferwise to :monzo: current account works just fine!


(Hugh) #5

Very interested in how this happened!


#6

it didn’t require IBAN. Entering sort code was enough to identify the correct banking info.


(Andre Borie) #7

In that case they’re linked to BACS/FPS and it should work fine. :slight_smile:


#8

Hmm didn’t work though


(Andre Borie) #9

Did they tell you there was an issue? Otherwise it could just be pending manual review - this might happen if it’s the first time you’re transferring money from there to make sure there is no fraud involved. Once the first payment goes through they might let the other ones proceed automatically so they should be instant.


(system) #10

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