From XU Magazine, 
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Euro transfers to your Monzo account

April 3, 2023

Euro transfers to your Monzo account from 3 April 2023. All you need to do is share your IBAN (International Bank Account Number) with whoever’s paying you.
This article originated from the Xero blog. The XU Hub is an independent news and media platform - for Xero users, by Xero users. Any content, imagery and associated links below are directly from Xero and not produced by the XU Hub.
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From Monday 3 April, you’ll find your new IBAN in the Manage tab of your Monzo app next to your other account details, like sort code and account number.

If you’ve got more than one Monzo account (for example, if you have a joint or business account), you’ll have a different IBAN for each.

Inbound euros

We’ll charge a 1% conversion fee, with a fee cap of £1,000 per transaction.

So, for example, if you get a payment worth £100, we’d take £1 and you’d get £99. And the fee for any amount over £100,000 will be £1,000.

The fee only applies if we’re converting euros to pounds for you. If the bank that’s sending the money has already done that, we won’t charge you.

We use Currencycloud's exchange rate, which closely tracks the mid-market rate.

You can use this feature to get euros through the Single Euro Payments Area (SEPA) Credit Transfer scheme.

It’s a trusted method for transferring money digitally across Europe, and it covers a group of countries that support euro payments.

The scheme currently covers 36 countries and territories: all 27 EU Member States plus the United Kingdom, Iceland, Norway, Liechtenstein, Switzerland, Monaco, San Marino, Andorra and the Vatican City State/Holy See. *

We’re looking into how you can get transfers in other currencies with Monzo.

We’re looking into how we can make getting transfers in other currencies just as easy as euros. Watch this space!

You can also send money abroad with Wise from your Monzo account at typically lower costs than Western Union, MoneyGram and Xoom, as well as high street banks.**

We’ve already partnered with Wise to give you a simple, cheap way to send money abroad.  You’ll find this feature in the ‘Pay’ tab, and it takes a few taps to set up. Clearly see what it’ll cost you, how much the recipient will get, and how fast the recipient will have the money in their account. And once you send someone money, we’ll save them as a payee – so you won’t have to type their details out again.

*Correct as of 28 March 28 2023

** 500 GBP transfer to EUR collected on 28 March 2023 You can read more about how Wise compare their prices to other international transfer services here, and read their comparison disclaimer here.

Why leave it there?

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