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Why was I charged a 1% fee for my international payment?

For payments received in non-GBP currencies, you’ll receive the true market currency exchange rate plus a 1% conversion fee, with a maximum fee of £1,000 per transaction on payments we do convert. So, for example, if you receive a non-GBP payment worth £100, we will take a £1 fee.

We recommend asking the sender to send the payment in local currency or GBP. Please check whether it’s cheaper for Monzo to convert your currency.

There is no fee for receiving an international payment in GBP What fees are charged for receiving international transfers?

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Monzo Bank Limited is a company registered in England and Wales (No.09446231). Monzo Bank Limited is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Our financial Services Register number is 730427. Our address is Broadwalk House, 5 Appold St, London EC2A 2AG.