SWIFT Payments


(Nasim) #1

Hi, when full current accounts will be available will we be able to make swift payments and receive swift payments. Also is there any ideas how much will this be charged at to make a swift payment.


(Alex Sherwood) #2

I don’t know the answer to this unfortunately.

But at Monzo’s open office event in December, Tom mentioned that they would be announcing a partnership with a provider of an international money transfer service (my guess is TransferWise but only because they also work with N26 & have an API). If you could use that sort of service, would that work for you?

If not, it would be interesting to hear what makes Swift payments, in particular, useful for you.


Monzo.Me alternative currencies
(Richard Müller, Consultant) #3

Is this for payments outside Europe? as SEPA payments in Europe tend to be cheaper and quicker than SWIFT payments


(Richard Müller, Consultant) #4

S.W.I.F.T. payments are a type of international transfer sent via the S.W.I.F.T
international payment network.

TransferWise CAN send or receive CERTAIN currencies via S.W.I.F.T. payment.


(Richard Müller, Consultant) #5

It is interesting to see that Transferwise will do Amount Lock Transfers for SEPA but not for SWIFT.

They can lock in a rate and know charges at the time a SEPA transfer is set up, but they can not finalise the rate for SWIFT until after the transaction is paid for and can not be sure of total charges until later due to the possible levying of additional charges by intermediary banks


(Nasim) #6

I make some times business payments in some asian countries, its suppose to be a secure way of sending money overseas


(Naji Esiri) #7

@nasimali Hey! We’re still working this one out!

Something like this,processing overseas payments in-app, via an international payments provider is likely. Our current accounts won’t have IBAN’s when we first launch.


Current Account launch features
SEPA Payments / Transfers
What We Know About the Current Accounts & Debit Cards / FAQ :bank: :credit_card: (open Wiki)