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,



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)


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:


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

I’d still also recommend getting a quote from (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.


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.


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: