USA/UK Monzo Transfer

Hey all! New user here, currently on the wait list for the full app/account access, and doing research.

I am a current US resident who is looking to move to the UK sometime within the next 12-18months(a plan that’s been in the works for years). Recently I’ve been trying to figure out how I should best handle paying for visa application fees(can’t apply for a Tier 2 visa until 3mo prior to planned move date+having an offer of employment, which is why I haven’t done it yet), and I was wondering if it might be a good idea to start a Monzo US account, and then transfer to a Monzo UK account when I move.

I debated using purely TransferWise when the time comes to pay fees, as I read they aren’t a bank account, but frankly my current bank has become more and more ridiculous to deal with since a recent merger/rebranding, and I’ve been tossing around the idea of moving for a while now. I read that Monzo utilizes the same transfer/exchange rates as TransferWise when going from one currency to another, so that + Monzo being a full banking service is what piqued my interest.

Is there any news/prior discussion about moving US->UK or vice versa within Monzo? Has anyone done it before either way?

Welcome @A.J.Martlock! The US and UK Monzo accounts are completely separate. The only ‘integration’ between them is that you can switch between them in the Monzo app. But in terms of transferring money between them, or transferring a US Monzo account to a UK one, that’s not possible. Having a US Monzo account won’t make any difference to the process of opening a UK Monzo account when you get here.

So in terms of whether or not it’s a good idea for you to open a US Monzo account now, that depends on:

  1. Would it be a useful account for you to use now while you’re still in the US?
  2. Would it be useful for you to have the US Monzo account as a way of maintaining an account in the US after you move?

The answer to those questions depends on your circumstances and preferences.

In terms of moving money between US and UK accounts, I highly recommend doing it directly through TransferWise. Their app and website are good, easy to use, and then you have a history of all your transfers (and you can keep the details of recipients, etc). Their costs are very low and seem to get lower over time. You might also find their Borderless account (which can give you both US and UK bank account numbers) useful at least during the transition from one country to the next. Again, it will depend on your circumstances, but worth having a look.

Good luck with your plans and eventual move!

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