Hi. Can someone advise if Monzo accept an AED (Arab Emirates dirham) salary transfer. I tried transfer wise but they don’t accept payments in AED. i want to get my salary paid into Monzo as opposed to HSBC UK as i don’t want to be hit with the ludicrous rates that HSBC apply. I have also setup a currency account in my HSBC UK account so i can transfer the AED directly from that account into the Monzo account, or i can instruct my employer to pay directly into Monzo. Please someone advise as payday is coming up.
At the moment receiving international payments in to a Monzo account is not reliable - it may take time or it may bounce back to the sender so for salary you may want to wait until Monzo have a reliable system in place to receive international payments
That’s one thing if monzo is capable of doing would be even better. Is there a reason why we can’t accept international payments yet…
Not that I get any anyway but a interesting question
Accepting international payments is a complex process. Monzo are doing what starling have done and working with NatWest to allow them to receive international payments destined for Monzo and forward them on to Monzo. This will make receiving international payments reliable until Monzo can build the systems needed to do it themselves.
Is there any competitors that can accept international payments reliably? I.e ones that use SWIFT or SEPA?
If that’s the case most high street banks can recieve international funds…why don’t you try them till monzo sorts it out
This is the most recent Monzo update:
wait for Monzo or use www.transferwise.com
Transferwise accept payments in various different currencies but not AED. Starling only accept payments in GBP and EUR. Therefore in order to make any payments i would need to use my banks rate to convert AED to an accepted currency, consequently i would be taking a hit in hundreds of GBP, don’t want to do that, need to find a better solution. Thanks