Transferring Money from UK Monzo to US Monzo

Hi guys,

Apologies if this has been answered before.

Just thinking ahead a little - it’s likely next year I’ll be relocating to the US with work. One question I always had regardless of Monzo or not is the best way to transfer any money / savings from a UK account into a new account based in a new country without spending half of your savings in fee’s just to transfer it across.

If Monzo is available in the US by the time I moved, I guess it should be fairly simple to do a complete transfer of all funds - pots, savings, current account balance into a new US account, right? Or would it just be a case of using the in app “send money internationally” option?

Kind regards,

Max

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I don’t know for sure but I would have thought you would need to have a UK and open a new US account and use the TransferWise within the UK version to send it to your US account. Then recreate all the pots again.

I don’t know how much you are moving but £37 to transfer £10K atm.

Would be ace if Monzo makes the process a lot smoother or give a better rate :crossed_fingers:.

Edit: If you are going to be moving serious cash from a sale of a house etc then I’d use a specialist currency broker otherwise you’ll be paying a grand to move a few hundred thousand. ( £2,793.22 for £1m with TransferWise)

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I didn’t realise how reasonable the cost would be for TransferWise to be honest!

Even so, a smooth Monzo > Monzo process would definitely be a huge selling point to “convert” users that move countries (especially if Monzo establish themselves globally in the future) :slight_smile:

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Would still have costs associated but at least Transferwise sets the bar for those.

I’d still also recommend getting a quote from https://www.westernunion.com/gb/en/send-money/app/start (selecting bank account) depending on how much you are sending (> £50k). It’s usually fairly close but might give you a few extra :dollar:

This is bit off topic, but maybe someone knows why does EU/UK banks ask if you have US bank account before you open account with them? Does that put you in a spotlight for probable money laundering or something like that?..and if you have, they might not allow you to open account with them. :thinking:

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They ask this to comply with the US’s FATCA legislation. The US treasury is very, very interested in what their taxpayers are doing with any money overseas.

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Hey Max! Thanks for asking, it’s a great question.

Effectively, what we are launching in the US should for now be considered a separate product to our UK product. The main difference is that what we are launching in the US, isn’t a bank, but a financial services app and debit card in partnership with an existing sponsoring bank.

Because of that, a “migration” such as what you’ve described isn’t quite as simple and isn’t something we’ve scoped out. It’s also not something we anticipate a huge amount of demand for - since most UK users won’t be in a position to open a US account.

It sounds like a very cool idea though! But realistically speaking, if you are moving to the US and opening one of our US accounts, it’d most likely just be a straightforward international transfer.

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Hey Simon!

Thanks for the prompt response.

Makes total sense :slight_smile: Maybe you should consider an incentive (like we’ll cover 3% of your international transfer charge in the form of a payment to your account) as a thankyou for sticking with Monzo when relocating to a company that supports it? :slight_smile:

Qualifying criteria could be:-

  • Must have held a UK Monzo account for over 2 years
  • Must be transferring a minimum of £10,000
  • Must have a positive UK Monzo balance (no loans outstanding or overdraft)

Not that you guys I guess need an incentive - but I know my company are pushing me to open up a bank account before I move with the big guys like Bank of America, and I’ll stand firm and stick with Monzo - just a thought :slight_smile:

Max

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