My transfer of USD from the states was also returned to the sender, something broken here. Back to using Wise.
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Any updates on this ?
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I was very excited to see this feature but I know lots of people from the company I work at that tried using Monzo to move USD to their Monzo account in GVP and every single transaction was returned with the statement āAccount does not accept USDā. A few people opened complaints around it to find out more but there doesnāt seem to be an update yet. Could we please have confirmation that this feature is actually working, or that there was an error and it is now fixed, please.
GVP?
You mean GBP?
You can send USD to the iban, are you converting it to GBP before sending it to monzo?
To send GBP I believe it needs to go to native account details, not international?
Wise might be an alternative, though to send GBP from abroad to a UK GBP account is unknown to me in fairness.
Sounds like monzo need to convert it not the sender.
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Hey! Yes, I meant GBP. This new feature specifically states that it can receive international transfers from other currencies, including USD.
We do have the option to get the sending bank to change to GBP before hand but then we lose out on the main reason to send to Monzo, which is having the actual exchange rates of the day.
The problem was that over 10 people I know tried this (they sold some US shares) and did international bank transfer from the US using the IBAN/Swift, expecting the Monzo exchange rates and paying just the 1% fee. But each one of them got rejected with the error message saying the receiving bank (Monzo) did not accept USD transactions.
I am now reluctant of trying myself for that reason and was hoping someone at Monzo could confirm if there were some issues that had to be ironed out or if there is a current issue, etc
So for clarity youāre sending from US account in USD, to your monzo IBAN but itās not working?
Apologies if I misunderstood your initial post.
No worries! Yes, thatās correct. Which, leads me to believe this feature is actually not working. Just like the couple of comments before who also had issues. Would be great to have some update from Monzo around this.
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Youād need to ask them directly or as youāve done, raise a formal complaint.
Hopefully resolved soon.
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I have also tried to receive a USD payment, which failed with āthis person does not hold an account at the beneficiary bank with the account or routing number providedā. Though the details all match whatās in Monzo.
Worth being aware that failure seems possiable though no fault of your own if there are high fees involved in the transfer.
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Hi @Kai_Smith , do you know of any issues with Monzo receiving international transactions in USD with iban/swift? If so, has this now been fixed?
As you can see there are several people in this thread with examples of incoming USD transactions being rejected. Just wondering if there is any updates on this. Many thanks!
Hey all,
Apologies for my absence, I was away in April.
Iām sorry to hear about the trouble with receiving USD transfers, some of the challenges with being a receiving bank for cross border payments is the reliance of the sending bank to use up to date information on payment routing. We have been receiving a very high volume of USD payments successfully, but we have limited visibility of when USD payments have not been reaching us.
@Javi1 @samuel.parkinson would it be possible for you both to let me know who the sending banks were for these USD payments? I can then reach out to them and ask that they use the correct routing information to send us USD payments.
Weāre doing proactive work on our side to reach out to as many banks as possible that we suspect might not have up to date routing information.
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Hey @rasasu really sorry for my late reply on this.
I followed up on this and similar to INR, MYR isnāt a currency that can be sent offshore, because of restrictions from Malaysiaās central bank. As a result MYR needs to be exchanged within Malaysia before it can be sent to the UK.
You can still receive payments from Malaysia in our accepted currencies, Iāve checked and we do currently have many customers receiving payments from Malaysia, the majority are sent in GBP, but some have been USD and Euros.
Sorry to disappoint on this one
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Hi Kai,
Not a problem. Thanks for responding and for the information.
The bank in questions would be Citibank Europe plc (Ireland). The entity sending the transaction is Fidelity Stock Plan Service LLC, if it helps.
Thank you!
Hey @Kai_Smith, sorry I do not know the sending bank details, but they were using Bill.com.
Hi Kai,
Are there any updates on this? I am in the exact same position as Javi1 and am still unable to transfer USD into my Monzo account.
Thanks
Hi @Kai_Smith,
Just to add that 2 more colleagues have reported back to me that they also tried the USD transaction, from the same bank I mentioned above, both failed.
Just as a heads up, there are close to 1500 people in my UK office who could potentially use Monzo for these quarterly international transfers, if these transactions were working.
I was hoping this issue would be fixed by August so I donāt have to use a different bank for mine.
Thanks in advance for your support!
Javier
Are there any updates, and has anyone managed to get this working yet?
I assume there is not (yet) any advantage from sending money from a Monzo US account to a Monzo UK account? I know HSBC makes it really easy to move money from their US to UK accounts and vice-versa, and Iām hoping Monzo does the same in the future. I live in the UK but I get paid in USD into a US account. I would love to move my US banking to Monzo but at the moment Iām sticking with Capital One and moving the money over with Wise.