Personal Finance Money transfer

How to make international payments with Monzo: A guide

Wise

15.12.22 (updated more than 1 year ago)

Read time 3 minutes

What is Monzo?

Monzo is a fully regulated bank based in the UK, with over 6 million users. Unlike traditional high street banks, Monzo doesn’t have any physical branches. Instead, you can operate your account, check your balance, make payments and access other financial services via the Monzo app.

Who can get an account with Monzo?

You may be eligible to open a Monzo account if you’re over 16 years old, and a UK resident. Terms and conditions apply.

Can you use Monzo abroad?

You can use your Monzo card anywhere in the world and pay in any currency that accepts MasterCard. Withdrawals from ATMs within the EEA (European Economic Area) are free if you use Monzo as your main bank (criteria for main bank user here) or are a Monzo Plus (£5 per month • 3 month minimum • Must be aged 18+ • T&Cs apply) or Monzo Premium (£15 per month • 6 month minimum • Must be aged 18-69 • Ts&Cs apply) user. Otherwise, you can learn more about cash withdrawals here.

Sending money abroad with Monzo. How does it work?

You can send money to a friend or family member with a bank account overseas using Monzo. Since 2018, Monzo has partnered with Wise to provide a simple, cheap way to send money overseas, and have recently made improvements to make it an even more streamlined experience. While international payments are powered by Wise, you can make all your transfers directly from Monzo’s app.

Simply choose the ‘Transfer internationally’ option in the Monzo app, where you will find a transparent breakdown of what you’ll pay to make a transfer. You can then enter your recipient’s details, and send the money. It’s as simple as that!

If you haven’t made an international payment via the Monzo app before, you will first need to connect your Monzo account to Wise. If you already have a Wise account, you can connect your Monzo account to that one straight away. If you don’t have one yet, you can set it up via the Monzo app.

The best part? You don’t have to manually transfer your money to Wise. At the last step, you simply confirm your payment in the Monzo app, and they will automatically send the funds to Wise as a Faster Payment , meaning it should arrive with us in a few minutes maximum.

Your international Monzo payment always has to be from GBP, but there are currently 35 currencies supported that you can send money to - here’s the full list:

What are the fees for an international payment with Monzo?¹

Like Wise, Monzo believes in transparency. That means there are no hidden costs when you make an international payment. Wise charges a Transfer fee (of which Monzo gets a portion) that consists of the Wise fee and a Partner fee.

The fee consists of a small fixed fee and a variable percentage — the larger the amount, the smaller the percentage. The Partner fee is 0.30%, which covers development and maintenance costs, and a small margin for Monzo to offer this product sustainably.

Let’s say you’re sending pounds to euros - so making a payment from your Monzo account to a friend in France, for example, with a euro denominated account. Transferring £500 will cost £3.74 in fees, while a £1,000 transfer comes in at £7.27.

It’s now easier than ever to see the costs for your transfer in the Monzo app before you decide to go ahead - no surprises, and no sneaky fees.

Which exchange rate will Monzo use for your international transfer?

When you make an international transfer with Monzo, it will be processed using the mid-market exchange rate. That’s the rate you’ll see if you google your currency pairing, and the one that banks use when they trade currencies between themselves.

Most banks and international transfer services don’t offer this exchange rate to their customers. Instead, they add a markup, which they then keep as profit for themselves. That means that it’s very hard to see the true cost of an international payment - and often you pay more than you have to.

International payments with Monzo come with a low, transparent fee, and always use the mid-market exchange rate, so you can see exactly what the transfer will cost you before you get started.

Make international payments to your Monzo account with Wise

With Wise, you can make a payment from your local bank account to Wise’s local bank account.

We will then convert the money at the mid-market exchange rate to GBP, and will then transfer it with a local transfer to your Monzo account in the UK. So there will be no need to generate an IBAN or use the SWIFT network, you can just input your UK Monzo account number and sort code to make the payment. The same fees described above apply.

So there you have it - all you need, to get started making and receiving international payments with your Monzo account. Competitively priced services, with no hidden costs² - so you know you’re getting a fair deal every time.

Monzo Bank Limited is a company registered in England and Wales (No. 09446231). Monzo Bank Ltd is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Monzo’s Financial Services Register number is 730427.

Notes

¹ https://monzo.com/features/travel/

²Please see Terms of Use for your region or visit Wise Fees & Pricing: Only Pay for What You Use for the most up to date pricing and fee information.

*Please see terms of use and product availability for your region or visit Wise fees and pricing for the most up to date pricing and fee information.

This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Wise Payments Limited or its subsidiaries and its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional.

We make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date.