International money transfers will be introduced to the ‘Payments’ tab in the Monzo app, giving users the opportunity to make overseas payments to sixteen of the most popular foreign currencies, with more to be added in the future.
Currencies supported initially include the Euro, US dollar, Australian dollar, Canadian dollar, Indian rupee, Nigerian Naira, and Polish zloty, to name a few. Any time a payment is made overseas, TransferWise will charge a small fee – which is split with Monzo.
A TransferWise account is not required to use the service but users with an account can login to keep everything from both their TransferWise and Monzo accounts in one place.
The feature has arrived for some users today and will gradually roll out to the rest over the next few weeks. Customers that haven’t seen the ‘international’ option pop up when they tap ‘bank transfer’ yet can message the Monzo team through the in-app chat and ask for access now, rather than later.