I would be moving to the UK this week for work and staying at a hotel for the first 2-3 weeks while I search for an apartment. I have already signed up for Monzo and had it delivered to a colleague’s address.
By the time my UK payroll gets set up and I have an address proof for the high street banks it’ll be almost a month. I wanted to transfer some of my savings from my home country to Monzo so that I could pay for the first month of expenses including the security deposit, etc.
What is the easiest way I can transfer money from my current account in India to my Monzo current account? (I came across A mention about using Transferwise and an IBAN but nothing very comprehensive.) If someone could a share a dummy’s step by step guide to doing this, it would be very appreciated.
Thanks in Advance.
PS: I will be setting up Monzo as my salary account. I hope not to need a high street bank account at all.
Transferwise is probably your most reliable option, just create an account over there and you’ll get bank details to use for sending money from your existing account, you can then transfer from Transferwise to your Monzo account.
I have used Transferwise and Revolut for moving money quickly and easily to a variety of accounts and people, but only Australia so far. But I have found both excellent. The advantage with Revolut is you get real time exchange rates in the App, coupled to an auto exchange facility. This allows you to set your preferred exchange rate (within reason of course) and when reached your allocated amount is exchanged instantly, giving you the best rate possible.
I love it, especially the fact that you can exchange into any one of 32 currencies.
Money exiting India is highly regulated and if you’re non-PR/citizen the rules are again different I believe. If you have an Indian bank it might be best asking them for the process and requirements.
