Transferring money abroad


#1

I couldn’t find a topic that deals with this issue after current accounts are launched. Will current account holder be able to transfer money abroad right away after the accounts are activated? Would there be commission etc like traditional banks or would it be the MasterCard rate only?

If transferring money abroad is not on the cards yet, could Monzo do a tie up with TransferWise in app to transfer money abroad? As most of the customer base is tech savvy I doubt they’ll pay transitional fees for transfers anyway with prolification of cheap money transfer services.


(Alex Sherwood) #2

Don’t worry there isn’t one :slight_smile:

Great guess, Monzo are partnering with TransferWise & you will be able to use the integration in Monzo’s app -

when Tom mentioned this at the open office, he said that this would be available when the current accounts launch so I assume (hope) that it will be ready straight away.

Based on Monzo’s past record with fees, I expect you’ll only pay TransferWise’s fees. But I could be wrong.


PS - If you’re wondering about any of the other new functionality for the current accounts, it’s listed here -


(knows someone who knows Tom quite well) #3

I’d like tie ins with multiple currency trading platforms - competition is good!

What about currency fair, azimo etc - a screen showing who’s cheapest for your particular transfer would be fabulous


(Alex Sherwood) #4

Me too :slight_smile:


(Robin Holmes) #5

I find TransferWise to give the best rates for sending money abroad. I did try OrbitRemit, but they were quite useless. and for transferring £6.5k only £2.00 cheaper. Anyone that knows better I’m all ears.


#6

I found Monese and Fidor cheaper than Transferwise


#7

This would be great, I have to verify a bank account for a transfer with an EU company and Natwest charge £10 to send a few pence as proof of my bank. So ridiculous!