27th Jun 2018
Monzo customers will now be able to make international payments after the challenger bank joined with TransferWise to enable users to send money in 16 currencies direct from their Monzo app.
The international payments function will be introduced to Monzo’s 750,000 customers over the next five weeks, with those on Android and iOS among the first to see this as an option in their payments tab.
“We’ve been eager to bring international payments to Monzo customers for a while,” said the company’s chief executive, Tom Blomfield. “Thousands of our customers have friends and family living abroad, and they shouldn’t have to pay over the odds to send them money.”
More than three million people already use TransferWise to transfer in excess of £2bn each month. It is the second new bank partnership that the fintech firm has unveiled in recent months, following an announcement that it had begun working with France’s second largest bank, Groupe BPCE.
“Monzo is our first UK bank partnership to go live, and joins a suite of European partners dedicated to offering their customers a better service, including French bank BPCE and Germany’s N26,” commented TransferWise CEO and co-founder Kristo Käärmann. “Together, we’re setting new standards for retail banking, creating smart, low-cost services that truly meet the hopes of the modern consumer.”
The new partnership is just one of the ways Monzo is looking to improve the service it offers. Last month, following feedback from customers, the bank enabled Apple Pay for its users, meaning it is now possible for Monzo cardholders to make purchases in-store, online and in-app.