Trying to transfer salary from international bank


(Sam) #1

Trying to send money from my salary onto my Monzo pre-paid account as I am due to start traveling soon.

On my bank screen, there is a multitude of different boxes that I am unsure about how to fill it in as I’ve tried a couple of times with no success!

Cheers!!


(Valeri) #2

If you haven’t upgraded to current account then you won’t be able to use this. You should send your money to another ‘bank account’ and top-up in-app.

If you have upgraded (you really should, it only takes 1 minute in-app) you could use Account Number & Sort Code option to transfer money, which is pretty much the biggest difference between Monzo’s pre-paid (which is being shut down in 2 months) and the current account.


(Ben) #3

I notice you are off travelling soon too, so you want to get upgraded before you go. Not sure how long you’re away for, but the pre-paid cards will stop working once they are shut down.

I notice this has already been mentioned above, my bad!


(Peter Roberts) #4

If you’re trying to do an international payment then that isn’t supported yet I’m afraid :frowning:


(Kevyn) #5

This might actually be possible if @shumble is using the prepaid card.

You can bank transfer to the prepaid card from a bank account and I think Monzo use a Barclays bank account as a holding account for the prepaid card (which technically should have a UK IBAN attached).

I will not try to explain how to do this as it is very at your own risk, but it should be simple to work out the IBAN. I will put below the details how to do a UK bank transfer to a Monzo prepaid card.


(Hugh Wells) #6

We wouldn’t advise setting up your salary to come into the prepaid account, I’m afraid! :see_no_evil:

In order for us to identify whose card a topup is meant to be credited to, we need a customer to enter the 9 digit number of the bottom left of their card as the payment reference. Typically, companies sending money won’t let you do that :frowning: and without it you would have to contact us every time to get it credited!

The other potential issue would be if you were to hit the topup limit for the prepaid programme - we’d then have to return the money to your employer and it all gets a bit messy!

As @valbg mentioned, the best thing to do is sign up for a Current Account (if you’re on prepaid, click on the blue banner at the bottom of your app) and in a few days you’ll get a new card, which, once activated will give you your very own Monzo Bank account number and 04-00-04 sort code, which you can absolutely get your salary paid into coming from another UK bank! :tada:


(Allie) #7

Can they? That screen looks like it’s trying to do an international payment.


(Hugh Wells) #8

Hmm, not entirely sure. If it is an actual international payment then no. But the form seems to have options for Account Number and Sort Code separately :thinking:

Many big payroll systems take IBANs and BICs despite paying via Faster Payments - I don’t know why but I wouldn’t say it is unusual.


(Allie) #9

How odd… but yet, totally unsurprising. Simplification isn’t in some places’ dictionary…


(Valeri) #10

The form has a choice between IBAN and account number - he just needs to choose account number to use UK Faster Payments, I think. Where is your employer based, @shumble ?


(Allie) #11

oops I didn’t notice that. Still, I don’t see a place for a sort code, unless that’s the same as bank code?


(Valeri) #12

If the employer is UK based yes, otherwise he will have to upgrade and use Transferwise(or similar) to transfer the money. Not overly complicated but still one extra hurdle.


#13

I have my salary paid into UK bank account (current) from a company based in Italy. They use the Iban and swift code to make the payment. Is it possible to have this paid into my shiny new monzo current account? How do I find out the swift and Iban? Can I pay euro I to the account… And… Hmmm… Can I keep the euro amount as euros, to enable me to avoid changing to sterling and then back to euro as I spend a good deal of my time in europe


(Change Works) #14

There isn’t a SWIFT or IBAN so you can’t (yet) have your pay from Italy paid directly into your account.


(Change Works) #15

And you can’t keep euros in your Monzo account.


(Peter Roberts) #16

I’m not an expert on these things but maybe look into transferwise borderless accounts or revolut


#17

Or Monese or Bunq or Fire…they all have Euro accounts

Monese works well if you want to transfer funds to another bank account, and have BACS direct debits on GBP account and SEPA direct debits on EUR account.

So for spending, it’s good, and could easily replace a current account.

All funds are ringfenced in a 3rd party bank as per FCA rules.


(Change Works) #18

Transferwise Borderless can be used to receive funds in one currency and spend via a debit card (or withdraw at an ATM) in another currency if you want. It doesn’t work too well if you want to transfer funds to another bank account, doesn’t have standing orders or direct debits.

So for spending, it’s good, but it wouldn’t replace a current account.


#19

So how about if I transfer euro into my account from a UK bank… Can I spend those euro directly from my card (I’m current account with contactless) or will they be converted to pounds? I’m with HSBC and now have a euro account attached to my main current account but there is no facility to issue a card for the euro account so I can only transfer it (trying to minimise the rip off charges converting to sterling and back to euro). But thanks all for the info


(Change Works) #20

AFAIK Monzo will change your euros to pounds.