Monzo taps TransferWise for in-apps international payments
Currently, the app allows payment to 16 different foreign currencies, and the bank says more are on the way. Users can link up their own TransferWise account to Monzo’s, but it’s not necessary.
The roll-out will be gradual, starting today (25 June), to make sure there are not issues throughout.
International transfers are part of Monzo’s “Big List” of features to roll out. Receiving international payments is still to come, though.
Monzo says it chose TransferWise because of “its commitment to fair, transparent and low fees in an industry that typically charges extortionately”. Fees are detailed on the app.
Just a couple of months ago, Monzo’s arch-rival Starling Bank ditched TransferWise to build an international payments system by themselves. The payments company was quick to jump and change ship.
If you want to read more about other challenger banks in the UK, have a look at our own list.