Monzo international payments: how they work and what they cost (2026)

Whether you need to send money to a friend in Spain, support family abroad, or pay a supplier overseas, understanding your options is essential for keeping costs low.

While many customers use Monzo for their daily banking, Monzo international payments work differently than standard UK transfers. By partnering with Wise, Monzo provides a streamlined way to send money abroad, and this guide explains how the fees, exchange rates, and limitations are structured within their service.

This comparison is based on publicly available information published by other providers as of 27 April 2026.

You should visit their websites for confirmation of their most updated costs and charges.

How Monzo international payments work

Monzo doesn't process international bank transfers through its own internal systems. When you select the option to transfer money internationally within the Monzo app, your payment is powered by Wise. You can send money in 38 currencies, but you may need a Wise account depending on the currency you're sending.

How to send money abroad with Monzo

The process is designed to be straightforward and involves just a few steps. Here's how it works:

1. Select your currency
2. Enter the amount and see your rate
3. Select your payee
4. Confirm and send

Before you confirm any transaction, the app displays the total cost, the exchange rate they're offering you, and the estimated time the recipient will receive the money.

Monzo international transfer fees

Sending international payments with Monzo

Monzo's sending fee consists of a fixed component (which can be up to £9) and a variable component (between 0–1.80%), both depending on the destination currency and country. The exact fee is always displayed in-app before you confirm the payment.

For example, if you're sending GBP to EUR today, you'll likely pay:

• Fixed fee: £0.31
• Variable fee: 0.67% of the transfer amount

This means a £500 transfer to Europe would cost £3.66 in total fees (£0.31 fixed + £3.35 variable). A £1,000 transfer would cost £7.01.

You should also note that additional fees may apply in certain scenarios. In this case, if your transfer is sent via the SWIFT network rather than through local payment networks, an additional fee of €3.55 may be added to the total cost.

Receiving international payments into your Monzo account

If you need to receive money from abroad into your Monzo account, there are specific fees associated with the currency conversion process. Here's what you need to know:

• Receiving euros (SEPA): when you receive a SEPA transfer in euros, Monzo charges a 1% currency conversion fee to convert the money into GBP. This fee is capped at £1,000 per transaction. To receive these payments, you must provide the sender with your International Bank Account Number (IBAN).
• Receiving other foreign currencies: for other foreign currencies, the same 1% conversion fee applies (also capped at £1,000) when the money's converted into your account's primary GBP balance.

Important: Monzo only allows you to hold GBP. Any foreign currency received is automatically converted to pounds before it appears in your account. You can't hold euros or other currencies in your Monzo account.

Monzo international payment limits

Monzo imposes certain limits on how much you can send or spend abroad. Limits are often based on individual account activity rather than a fixed set of rules for everyone, so you should check your specific allowances in the app. Here's how:

1. Tap the 'Home' icon in the menu bar.
2. Tap the 3 dots next to your account and select 'Manage account'.
3. Scroll down to 'Limits and controls' and tap 'Limits' to see your daily bank transfer and card transaction caps.

Most Monzo limits refresh every day at midnight London time (UTC+0).

Monzo vs Revolut for international payments

¹Exchange and global transfer fees, fair usage limits, and T&Cs apply.

²Paid Plan Terms apply.

Is Monzo good for international payments?

Monzo is a solid option for occasional international transfers — the process is smooth, fees are transparent, and the mid-market rate (via Wise) is fair. But there are genuine limitations:

• You can't hold foreign currencies — everything converts to GBP
• Receiving euros costs 1% (capped at £1,000)
• No plan discounts on transfer fees

Where Monzo works well:

• Occasional transfers to friends or family abroad — transparent, simple, fair pricing
• If you already use Monzo as your main bank and only send money abroad occasionally
• Transfers where speed matters — some currencies arrive within seconds (but others can take up to 5 business days)

If you send money internationally frequently, need to hold foreign currencies, or want to receive euros without paying a fee — Revolut's international infrastructure gives you significantly more flexibility.

How do I get started with Revolut?

If you're ready for an international transfer experience that gives you more control, joining is simple. Here's how it works:

1. Download our app: head to the App Store or Google Play Store and download the app
2. Sign up for your account: enter your mobile number and follow the instructions to set up your profile
3. Verify your identity: upload a photo of your ID and take a quick selfie to keep your account secure
4. Add money: put money into your account via a bank transfer or debit card
5. Send money: select your destination and currency to see our rates and any fees before you send

18+. Exchange, remittance fee and fair usage limits may apply. For currency exchange, weekend fees may apply, depending on your plan.

Sources

• Monzo: Fee information
• Monzo Premium Terms and Conditions
• Monzo: Send money abroad
• Monzo Sending International Payments Fees
• Monzo: Currency Delivery Times and Cut-Offs
• Monzo: Deposit protection (FSCS)

This comparison is based on publicly available information published by other providers as of 27 April 2026 and is aimed at customers in the UK.

You should visit their websites for confirmation of their most updated costs and charges.

Please note that actual charges and services offered may change and vary depending on individual circumstances. For the most accurate and up-to-date information, we recommend visiting each provider’s official website.

This article and the information provided herein are not intended to constitute advice.