We’re getting close to launching this for everyone, but before we do – would anyone else like early access?
We’d love to try a few more transfers in a few more currencies to make sure we’ve caught all the bugs (we think we have, but it’s always good to be sure!).
If you do fancy road-testing this for us, drop me a message and I’ll get you set up
Wise always charges a fee even with Euro to Euro transfers (or indeed GBP to GBP). Generally not a huge amount (28 cents minimum for Euros), but if you are transferring a couple of Euro, as I sometimes do, it’s not really feasible.
Revolut does not charge a fee, which is why I use the latter when making IBAN transfers. It doesn’t look as if Starling charges for Euro to Euro transfers (at least not to Bunq or my Wise account), nor Monese. I don’t know if any of the above load their exchange rate to cover the fees.
I wonder if Monzo will charge me to transfer to my Wise account (using Wise…) ?
Should we expect to see the new UI’s when clicking on a transfer that’s been done via the PISP?
Also, will we be able to see transfers made from Monzo when logged into the wise web acc?
Should we expect to see the new UI’s when clicking on a transfer that’s been done via the PISP?
No, the UI changes we’ve made are for when you initiate a Wise payment from within the Monzo app itself. The screens you see when Wise swaps over to the Monzo app to fund a payment via Open Banking are the usual OB screens, and haven’t changed.
Also, will we be able to see transfers made from Monzo when logged into the wise web acc?
Yep, all transfers made via Monzo will show in your linked Wise account. And all payees from your Wise account will be listed in the Wise flow in your Monzo app (on a per-currency basis).
UI changes we’ve made are for when you initiate a Wise payment from within the Monzo app.
I guess my comment is now a suggestion
Twould be awesome to see more info pulled through
Is this on personal accounts only at the moment? Just went to check and it looks like my Business acc doesn’t have an “International” tab when initiating a payment?
(Happy to have a more in-depth discussion via DM if you’ve got any q’s)
Yeah outbound international payments aren’t possible for business accounts yet - I believe the team are working on it, but I’m not sure on any timelines I’m afraid.
Just gave it a look. Not sure if this is because I’m on TestFlight but on the latest iOS14 after authenticating with Wise in Safari it just booted me back to the Monzo timeline/Home Screen. However manually going back to the transfer feature I was successfully logged in.
I have noticed that if you transfer directly from you Wise account, the fees are cheaper than if you transferred from Monzo. I don’t think this should be the case, so Monzo should be aware of this. You can see my attached screenshots which were taken seconds apart.
The Fast and Easy Wise transfer fee is higher because you can top up wise using a debit/credit card. This is not the case with Monzo because you are using your bank balance, so the transfer is equivalent to the Wise ‘Low Cost Transfer’.
Monzo should fix this, otherwise it will always make sense to use Wise directly rather than use Monzo. This used to be the case previously with the old Monzo interface I believe.