Transfer money between international current accounts


#1

A Monzo competitor allows to link to its account international current accounts in three different currencies ($, £ and €). That allows users with current accounts in different countries to move money in the various currencies internationally without paying any commission and using (in their case) the interbank’s exchange rate (I.e. the best available). For instance, a user with an account in Finland (whose banks are part of SEPA) and a Monzo account in the UK would be able to transfer money from one to the other without having to pay any fee while using a very good exchange rate. It would be so good to have the possibility to do that with Monzo too!


(Alex Sherwood) #2

It’s good of you not to say the competitor’s name but you don’t need to worry about that in this community, Monzo isn’t worried about the competiton :muscle:

To me, it looks like the services related to international accounts / transactions etc. are Revolut’s main selling point, whereas at the moment Monzo is focused on building the core services that users typically rely on from a bank at home (but better :wink:). The fee free transactions & ATM withdrawals abroad are the obvious exception but it’s just one of the benefits & not always the primary selling point.

The good news is Monzo are testing Euro accounts at the moment & international expansion is definitely in their plans.

But it could be a while yet before they’re ready for that -

So while that would be a great feature to have, I wouldn’t count on it being developed too soon…


Differences between Monzo and other similar products?