SEPA Payments / Transfers


(Alex Sherwood) #1

Just a quick heads up, I spotted that one of the tasks for the Payment Scheme Manager, who’s being recruited at the moment, includes

Managing projects that involve payment schemes: direct Bacs membership, joining SEPA, and testing.

so it looks like we will be able to make SEPA payments / transfers at some point in the future :tada:

But since it’s probably not quick / simple to join the scheme, I’m assuming that they won’t be ready before the full rollout of the current accounts is completed.


What We Know About the Current Accounts & Debit Cards / FAQ :bank: :credit_card: (open Wiki)
Transfers to the Current Account
#2

That is great news for many (unless they leave when a 3% charge is slapped on withdrawals in Europe) good to hear :hugs:


(Bob) #3

IMO the users most likely to leave Monzo for that reason are the users who use the prepay card primarily as a long-term travel card, and probably won’t be interested in the current account anyway. I say bring it on :smirk:


(Ben B) #4

Any idea when it will become possible to receive SEPA payments using SWIFT/BIC? Is this something we can expect to see during the preview, or later on?


(Alex Sherwood) #5

I’ve moved your post here, hopefully my first post in this thread helps answer your question :slight_smile:


#6

Will there be an option to make international , SEPA payments in the future?


(Ben) #7

Hello there :wave:

Yes, international payments are on the Roadmap, and it’s in the near term.


(Michael Jenkins) #8

I assume if Transferwise is an international payments plug in, I would assume SEPA payments would be made through Transferwise’s Borderless accounts? Does anyone know if N26 has this functionality in the Transferwise plugin?


(Alex Sherwood) #9

N26’s TransferWise integration was launched before TransferWise launched their Borderless Accounts. I don’t think it’s necessary to use the BAs to make transfers?


(Michael Jenkins) #10

True, but for example to receive a SEPA payment in euros or GBP?


(Alex Sherwood) #11

I’m pretty sure the integration is for making transfers, not receiving them :slight_smile:


(Michael Jenkins) #12

The point is although international payments is on the roadmap, the current plugin for only sending payments is only half a feature.

To complete it, customers would need to be able to receive International payments. As I see it, there are 2 options:

  1. Add a standard BIC/IBAN code to the Monzo Account. This opens questions like - what are the fees and exchange rates to receive a foreign currency. If you can receive a SEPA payment through Monzo directly, should you be able to send one, right? …duplication.
  2. Use an extended plugin to use Borderless accounts to be able to receive international payment in multiple currencies.

My opinion both options should be possible, but borderless accounts seems more flexible if you are receiving money in many different currencies. Additionally, I would imagine Monzo may charge for a SEPA transfer and exchanging currencies. Maybe we will get the opportunity to vote again :roll_eyes:


(Alex Sherwood) #13

I’m not assuming that the TransferWise integration will be used to receive international transfers.

I’m not aware that anyone’s said you will be able to send SEPA transfers using Monzo? My understanding is that the TransferWise integration is the alternative solution that we’ll use instead.

We do know that Monzo will be adding IBANs for the accounts to enable users to receive international transfers via SEPA.

That depends on the cost to Monzo of processing those transfers. I have a feeling that this is another one of the areas where banks take advantage of users by charging them fees that far exceed the cost. If the cost for Monzo is low & the volume is low then I’m optimistic that they’ll absorb it, at least for a while. But I guess we’ll just have to wait & see :slight_smile:


(Michael Jenkins) #14

I would assume there are certain functionalities that are mandatory for a bank to be able to do when they provide IBAN/BIC codes. e.g. send and receive. This seems like something @MIROW would know…


(Alex Sherwood) #15

I think we’ve spent enough time talking about assumptions for one day!

I don’t see the point in worrying about them when they could turn out to be wrong. And in the meantime, it’s time consuming to have to keep explaining what we do know so that no one else (who might miss what’s going on) worries about this stuff.

Why not just enjoy your Saturday instead? :slight_smile:


#16

There is no obligation on both Send and Receive. Most banks do both but some just one of the two. The is no compulsion in the rule book but obviously a commercial or business pressure if competitors provide these options


(Michael Jenkins) #17

I assume you didn’t mean that to sound aggressive and patronising, but since we’ve spent enough time talking about assumptions, I have flagged your post to the admins. Enjoy your Saturday :slightly_smiling_face:


(Alex Sherwood) #18

As always Michael, please comment on the content of user’s posts, not the tone, which is easy to misinterpret online.

Moderating the tone of other user’s posts generally causes more argument so do flag any posts that don’t meet the community guidelines. I’m confident of course that mine does but obviously the ‘admins’ will be the judge of that.


#19

While the Enjoy your Saturday comment could come across as sarcastic and hence rude I am sure it was not intended that way. He is a real nice guy and I am sure would never mean to offend.


(Alex Sherwood) #20

In case anyone’s looking for an alternative method of making / receiving SEPA or SWIFT transfers then I’m reliably informed that you can use TransferWise’s borderless accounts, connected to your Monzo account for now.

Please do us know how you get on :slight_smile: