3 minMonzo - send money abroad
Monzo is a challenger bank based in the UK. Many people use it for their day-to-day payments, as well as sending money to friends and family both in their own country as well as abroad.
Although Monzo’s primary function isn’t as an international money transfer service, it is very useful for people who already have money in their account and want to send money abroad. Before you choose Monzo for your international payments, you should do your research to make sure there aren’t better options for you which could save you money when compared to Monzo.
This blog will give you the information you need about the company, so you can choose whether you want to sign up with Monzo, send money abroad with them, and use the service as your regular transfer platform. We hope that by the end of this blog you’ll know whether Monzo is right for you!
How to send money abroad with Monzo
To use Monzo for international transfers you’ll first have to sign up by downloading the app and adding funds from your card or bank account.
Head to the Payments tab and you’ll be given the option for sending internationally. You’ll have to tick a box to confirm that you know the person you’re sending to, as Monzo won’t be able to track the payment and you may be at risk of fraud.
You then need to enter your recipient’s international bank details and make your transfer.
What are the pros and cons of sending money with Monzo?
Monzo is great for some people but not the ideal transfer service for others.
Here are some of the pros and cons of using Monzo for your international money transfers:
Pros:
- Can be really easy to send money if you already have a Monzo account with funds in
- The fees are usually low - although they can get bigger the more you send
Cons:
- Monzo isn’t available in a number of countries - so many people around the world are unable to use it
- You need to know several bank details to send money, rather than simply card details
- You’ll need to have a smartphone to send money - Monzo isn’t available on your web browser
Is there another option to Monzo?
You should check out a number of options for international money transfers so that you know you’re getting the best deal!
Paysend is a fast and simple money transfer platform that lets users send money directly to bank accounts or straight to cards - all you need is the recipient’s name and card number! You can use Paysend via a smartphone app, or access it on your chosen web browser.
Money transfers to bank accounts with Paysend have zero transfer fees, and to cards it costs just £1, €1.5 or $2 (or equivalent amount) to send money. Paysend uses excellent, competitive exchange rates, so if you send money with Paysend you might save yourself some money when compared to Monzo!
On the Paysend homepage you can find a useful tool to help you find out if your money transfers with Paysend are cheaper than with Monzo. Click here to visit the homepage and get started.