Did you know you can make super cheap international payments to five different currencies right from your Monese app? When you make an international transfer from your Monese account, we always use the real exchange rate – the one published on Google and xe.com – and we only charge a tiny fee of 0.5% of the transacted amount (minimum of £1).
When you start making a new payment, you can choose from any of the six currencies available right now to make a transfer to – the British pound, the Polish zloty, the Danish krone, the Swedish krona, the Norwegian krone and, of course, the euro.
Once you’ve chosen the currency you wish to send to, the app will automatically prompt you for the recipient’s account details you need to provide. For instance, if you want to send money to a euro account, you need to enter the recipient’s IBAN account number and the bank’s BIC/SWIFT code.
Before making an international payment from your Monese account, the app will tell you exactly how much the recipient will get, so there are no surprises. Also, if you look at the bottom of the screen, you will see the tiny fee we take for the conversion (that is already included) and the real exchange rate at which your funds are converted.
So what is this real exchange rate? It’s the real interbank rate, sometimes also called the mid-market rate, for a currency at any given time. As you may know, if you’re using a high street bank to make an international transfer, they always use their own rate to convert your funds, which is often very different from the interbank rate or the actual exchange rate. So even if they say the transfer is free, you’ll notice that once you’ve made the transfer, the recipient gets a lot less money than expected. That’s because the fee is hidden in the poor exchange rate the bank offered you.
The rate we use for all our currency conversions is the real exchange rate. If you look at the bottom of the screen again on the picture above, you’ll notice we made the conversion exactly at the same rate as you’d find if you googled it or went on the popular live exchange rates site xe.com – 1 euro for 0.70 British pound. There really is no funny business.
And this is just the beginning. We’ll be adding more currencies very soon, so stay tuned!
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