Just got my Monzo card. How do I transfer money into my account? Do I get an IBAN/BACs number?
You can use your sort code & account number to transfer money from another account via Faster Payments, which are instant (unless the other bank is really legacy).
There is no IBAN at the moment as Monzo is not yet connected to SWIFT, though that’s coming at some point in the next half year or so. If you need to receive a payment from abroad it would be best to use Transferwise - either tell the sender to send the money with TW directly, or if they can’t and require an IBAN then get yourself their Borderless Account and send them the IBAN from that.
Don’t try to generate the IBAN from the sort code*, as the payment will be lost in the ether and will take lots of time & effort to reverse and get your money back.
Unless you’re 100% sure it’s going to be an UK Faster Payment and it’s just because of a stupid legacy system that insists on asking for an IBAN.
If you’d rather pay money in via a Debit card then use monzo.me to manually send it over to your monzo account
Thank you. Is this free or are there charges?
There are charges but they’re very reasonable. We’re looking at a few quid worth of fees per 1000£ transfer.
Are there fees if i send £30 over via bank transfer from Barclays to Monzo @anon23935806
Monzo doesn’t charge any fees for incoming (and outgoing) bank transfers, so it all depends on the sending bank. Now it’s very unlikely any UK bank charges fees for local transfers but technically it could happen.
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