Receiving USD in the UK


(Ilja) #1

So I need to receive USD from the US and I wonder if there’s a way to do it via Monzo?

The problem with paypal is the horrible conversion rate.
The problem with Barclays (my high street bank) is that they charge 2% on any money in / out of the USD account (stupid if you ask me).
TransferWise does not work for the company on the other end (they have tried multiple times but something keeps going wrong).

If you can’t receive USD via Monzo just yet, can somebody recommend any other solutions?

Thanks!


Receiving USD to Monzo Account
(Tommy Long) #2

They can send you USD through Monzo but you’ll receive GBP. To do this they can use monzo.me using their card or they can potentially use a bank transfer.


(Ilja) #3

Thanks Tommy this is helpful! One question - if they pay using an American card, doesn’t that mean they’ll get charged in GBP and so the conversion rate will be set by their bank not Monzo? And will be horrible again…


(Marta) #4

@imoisejevs Yes, charges/fees/conversion rates in this situation will always be on the person SENDING the money. If you have Monzo on receiving end - doesn’t help at all!

I’d recommend checking few more currency conversion, especially in startup department :slight_smile: , Transferwise is quite popular, but not the only one. Maybe azimo.com?

If you could explain what problems you had with transferwise, maybe we can help more! :smiley:


(Ben) #5

I wonder if you’d be better off waiting forthe current accounts and getting a cheque and paying it into your Monzo current account.

Not sure what rate you’dget though.


#6

The cost of banking American USD cheques in the UK (as they on a different clearing system) is astronomical so better to send it electronically


(Jolin) #7

If you’re not having any luck with TransferWise, give World First a try. Their rates are excellent (sometimes a bit better than TransferWise), though I think the initial account setup is not a slick. However, once you have an account, you can set up transfers online, and they have US bank details that the person sending the money can use to deposit into. They will then convert at the booked rate and deposit in your UK account (which could be your Monzo card, using the details for Topping up by bank transfer).


(system) #8

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