Monzo switches on support for TransferWise

Monzo switches on support for TransferWise

App-based challenger bank Monzo has switched on international money transfers with TransferWise for 16 foreign currencies.

Embedded within the payments tab on the Monz app, the TransferWise integration is being gradually phased in to user accounts, with the complete roll out scheduled to be accomplished over the next few weeks.

Monzo will take a share of the TransferWise fee, typically charged at 0.5% on the most popular currency routes, for each payment made using the app.

In a blog post announcing the tie-up, Monzo states: "We’ve specifically partnered with TransferWise because we love their commitment to fair, transparent and low fees in an industry that typically charges extortionately."

Having initially launched as a bank-baiter, TransferWise is now actively courting incumbents to embed its API within their platforms.

Earlier this month it announced that France’s second-largest bank, BPCE Groupe would integrate with TransferWise to offer mobile money transfers to its 15 million customers by early 2019.

Monzo competitor Starling Bank, which trumpeted a planned integration with TransferWise back in March last year, quietly quashed the deal due to overlapping and competing interests.

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