Hi all,
So I tried to transfer over 1500 USD from a netbenefits Fidelity stock account and after about 8 days it went back and got an email from Fidelity stating it was rejected.
Is there an issue with Monzo from receiving USD? Should I pre-convert in Fidelity?
Thanks!
There are a few people reporting the same here:
Pre-converting will probably be expensive. Best to open an account with Wise, open a USD account in there and then use that to receive the funds and convert to GBP. Wise, Revolut and HSBC Global Money tend to come out on top for USD>GBP.
Gotcha. Thanks! So Monzo just isn’t able to receive USD then?
No I wouldn’t say so, I think it’s more the case that the routes from certain banks aren’t working as Monzo would have expected.
I guess the choice you have is reporting this via chat to Monzo and waiting for them to fix it (although the timescale for that could be anything from hours to months) - or just using another service and having your money much faster.
btw Wise doesn’t seem to allow receiving USD… I press Receive or Request, choose USD and from outside UK and a popup shows “we’ll notify you when this is available” or something like that? I’ve done all the KYC etc
I’ve received USD into Wise with no issues and no charges.
You don’t click send or receive. Click the account number at the top of your USD account screen to get the account details you need to send the money to.
Do you see this option in the balance slider at the top?
Tap the square to select the currency you need, pick balance, then pick USD.
Once you’ve done that you’ll be able to select your USD account and get your account number and routing number. Give these to your stock provider and send the money as a local transfer.
Ugh sorry for the wild goose chase. I’ve just read here that they’re paused.
You do still have the option of an international Swift payment into your Wise GBP account. It will be more expensive since Swift attracts correspondent fees, but should be close in cost to an international Swift into Monzo.
Other alternatives are Revolut and HSBC Global Money. I’m guessing the money has come from an RSU vest or similar and this will be a fairly regular transfer you need to make? If so, these alternatives are definitely worth a look.
