- Monzo addresses need for international money transfers
- Challenger bank is using TransferWise’s API
- Company promises faster and cheaper transactions
Monzo has just rolled out its international money transfer service using TransferWise’s API. The feature, according to reports, is now available on both iOS and Android and a small group of Monzo users can finally send cross-border payments through TransferWise’s network. TransferWise holds 16 different currencies including USD, EUR and AUD.
Monzo promises its users that it will deliver faster and cheaper transfers as compared to brick-and-mortar banks. According to Monzo representatives, recipients of the money transfers will gain access to their funds in just a few hours while those who send money abroad can track the transfer right on the app. What is great about this development for customers is the fact that Monzo users are informed of all fees upfront and also benefit from paying the mid-market exchange rate.
Monzo CEO Tom Blomfield said in a statement: “We’ve been eager to bring international payments to Monzo customers for a while. Thousands of our customers have friends and family living abroad, and they shouldn’t have to pay over the odds to send them money.”
TransferWise users who also happen to be a customer of Monzo can log in through the app. For those who do not have a TransferWise account, Monzo representatives say that Monzo will create an account for them. Blomfield added in his statement: “Both TransferWise and Monzo are committed to building fair, transparent and easy to use products. TransferWise has disrupted international payments, and we’re so pleased our customers will now have access to fast, low cost and convenient international transfers, straight from the Monzo app.”
It is noted that Monzo has been cautious about making this service available, according to reports. However, due to insistent demand, the new feature is now available to some Monzo users. According to Monzo’s CEO, its 750,000 customers will have access to the international money transfer feature over the course of the next few weeks.