MONZO BANK GBP vs EUR MONEY TRANSFERS
Compare Monzo Bank UK pound and euro exchange rates for sending payments abroad between GBP and EUR, money transfer alternatives to Monzo service. Evaluate Monzo Bank money transfer options and alternatives to make sure you’re getting the best deal.
| Monzo Bank | GBP to EUR | EUR to GBP | Minimum Transfer + Fee | TrustScore (Trustpilot) | More Details |
|---|---|---|---|---|---|
| Currencies Direct | €1.197 to €1.201 | £0.819 to £0.822 |  |  | |
| TorFX | €1.2 | £0.822 |  | | |
| Wise | €1.202 to €1.203 | £0.823 to £0.824 |  | | |
| Monzo Bank | €1.191 | £0.815 | |  |  |
Monzo Bank UK pound vs euro exchange rate is GBP/EUR: €1.191 – EUR/GBP: £0.815
Sending money abroad with Monzo Bank
The required information to send money abroad with Monzo depends on the destination country, as banking protocols vary internationally. However, some details are commonly needed for popular transfer destinations from the UK:
For Monzo Bank SEPA euro transfers or other currency payments to Europe, you need:
– Transfer amount
– Recipient’s full name and address
– Recipient’s IBAN
– Recipient bank’s SWIFT/BIC code (for non-SEPA transfers)
Before initiating any international transfer, double-check the specific requirements for the destination country.
Receiving money from abroad to your Monzo Bank account:
To receive an international payment into your Monzo UK account, provide the sender with your IBAN and Monzo SWIFT/BIC code.
European money transfers with Monzo Bank
For euro payments, Monzo Bank will use the SEPA (Single Euro Payments Area) scheme when possible. The SEPA scheme allows for faster and easier euro transactions within Europe. With SEPA, the recipient gets the money on the same day.
Monzo make SEPA payments to over 30 European countries including:
Austria, Andorra, Belgium, Bulgaria, Cyprus, Croatia, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Iceland, Ireland, Italy, Latvia, Liechtenstein, Lithuania, Luxembourg, Malta, Monaco, Netherlands, Norway, Poland, Portugal, Romania, San Marino, Slovakia, Slovenia, Spain, Sweden, Switzerland and the UK (including Guernsey and the Isle of Man).
What is the time frame for an international money transfer through Monzo?
How long a Monzo international bank transfer takes will depend on the destination, payment method, and meeting the daily cut-off time. If you submit a transfer after the cut-off, processing may be delayed until the next business day.
Monzo European and international transfer times are not the same:
Monzo has different transfer times for payments within the EU versus international payments outside the EU. Transfers within the EU can take 1 or 2 working days, while transfers outside Europe may take up to 4 or 5 working days, depending on the destination and receiving bank (if not Monzo Bank).
How much does Monzo Bank charge for UK Pound vs Euro Rates?
When sending money abroad, Monzo will convert your funds to a different currency if the receiving account uses a different currency than the sending account. However, this currency conversion process comes at a cost beyond just up-front fees.
Monzo applies a margin above the mid-market exchange rate when converting between currencies, which is known as an exchange rate markup.
Sending money to another currency – Monzo Bank transaction fees:
When sending money to countries in the European Union (EU) or European Economic Area (EEA), the payment will go through using the shared charging option (also known as SHA), regardless of currency.
Receiving money from another currency – Monzo Bank transaction fees:
When receiving an international payment with Monzo, there are two possible fees to consider – a charge for the inward payment itself and an additional fee if currency conversion is required.
Monzo charges various fees for international transfers depending on the payment type. These include upfront fees, exchange rate fees, and third party charges. When sending international payments, be aware of all fees that may apply, as they are not always obvious.
Still have questions?
Doing some research and evaluating options will ultimately save you time and money: Compare money transfer providers
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