We’re partnered with Wise to give you a simple, cheap way to send money overseas. Always using the real exchange rate, with no hidden fees.
On average, you’ll spend 8x less to make international transfers than you would with high street banks. Clearly see what it’ll cost you, how much the recipient will get (in the foreign currency) and best of all, you don’t even need to leave the Monzo app.
We just released a load of improvements to the experience, which we’re here to tell you about. You’ll need to be on the latest Android or iOS update to see the changes in your app.
We’ve made 4 key improvements to sending money overseas
We first partnered with Wise back in 2018 so Monzo customers could make use of low-cost, fast international bank transfers from inside the Monzo app.
It worked well, but now we’ve made it even better. Here’s how.
1. We’ve made the quote screen even more transparent, so you know what you’ll pay and how long it’ll take
This screen now comes earlier in the process so we’re clear upfront about what you’ll pay. It’s got a fresh new design, which shows the most important information in big, bold letters – how much you’ll send and how much the recipient will receive. The numbers also update in real-time, making it easier to try out different amounts quickly.
You can see your available balance at the top of the screen so you know what we’ll deduct the transfer from, and you now have the option to change the currency you want your money to be sent in. And, we give you an estimated arrival time so you know when the recipient will get the money.
2. You can save payees, instead of re-entering someone’s details every time you want to send them money
Pretty simple, this one. Having to enter someone’s details every time you send them money is of course going to make the whole process take longer. Plus, it’s more likely that you’ll make a mistake.
Well, not any more. Save someone as a ‘Wise payee’ and they’ll be there ready for you to use next time.
3. We’ve moved international transfers to the Payments tab so it’s quicker to get started
Before, you had to select ‘bank transfer’ and then toggle over to ‘international transfer’. But now they have their own spot in the main set of actions on the Payments tab. And rightly so too.
4. We’ve added the option to download a PDF receipt once you’ve sent the money
There are lots of reasons why you might want a receipt for an international transfer. This wasn’t something you could do until now, and we think the experience is much better for it.
As ever, we’d love to know what you think
We normally tell you to go and play around with a new feature so you can let us know how you got on with it. For fairly obvious reasons, don't send money overseas just to test this out. Please wait until you actually have a reason to.
I’m sure your cousin in New Zealand would be happy to receive £50 from you, but we can’t guarantee they’ll give it back.