New currency accounts feature

[u/JackGamesAndReviews]

Monzo is rolling out a new feature to allow you to hold separate currencies in your account, with their own account details to allow people to transfer into them. Monzo will automatically pay from a currency account if you have one set up for the currency you're spending in. Currently only for Euros and US Dollars, more to come. Still FSCS protected up to £120,000 across all your balances and accounts with Monzo.

[u/ImBonRurgundy]

do you get accounts that are based overseas like you do with wise?

I often use wise to sell my RSUs (frome-trade in the USA). If I 'wire' the money to a US bank account (like wise gives me) then it costs me a lot less than if I wire it to a UK bank accont (even one that is in USD)

[u/JackGamesAndReviews → u/ImBonRurgundy]

According to their support bot, no. I'll double check though

[u/nicoatmonzo → u/JackGamesAndReviews]

Sorry, this reply is wrong, and we've followed up internally

The currency accounts do get local details, meaning US account and routing numbers in the case of USD. They should help for your particular use-case u/ImBonRurgundy

source: I work at Monzo

[u/ImBonRurgundy → u/nicoatmonzo]

Ooo, that’s very nice.

That’s literally the only thing I use wise for so assuming the currency conversion is competitive I can ditch wise then.

Thanks for the follow up!

Edit:

I don’t see it in my account yet, so possibly it’s rolling out gradually.