Monzo Money Transfer Review
Monzo Money Transfer is a peer-to-peer, or P2P, payment platform based in Las Vegas, NV. It was founded in 2015
and offers money transfers
to 37 countries.
What money transfer methods does Monzo Money Transfer support?
Monzo Money Transfer allows you to send money to the following destinations:
- Bank accounts.
- Foreign Countries
- Personal transfers without the need of a bank account
How long does it take for the money transfer to arrive with Monzo Money Transfer?
Typically, money transfers will take 1 day to arrive. However, this may vary depending on the amount, currency, and destination.
How much money can you send with Monzo Money Transfer?
Monzo Money Transfer does not have a minimum transfer amount.
The maximum amount you can send per transfer is $49,999.
What fees and commissions does Monzo Money Transfer charge?
- Monzo Money Transfer offers free peer to peer (P2P) money transactions. However, you may have to pay a fee if you use certain payment options, such as a credit card, or if you exceed their transaction amount limits.
- Monzo Money Transfer charges a flat fee of $3.
- There isn't a processing commission fee.
- Monzo Money Transfer does not charge a currency exchange fee. Instead, Monzo Money Transfer makes a profit from the spread between the buy and sell price of the currency you purchase. Compare the exchange rates offered by money transfer services as well as fees when calculating the total cost of the transaction.
Monzo Money Transfer Fees
|International Transfer Fee
||Starting at 0.06%
|International Transfer Fee ($)
|Processing Commission Range
|Processing Fee Range ($)
|Premium Processing Fee
|Foreign Currency Transaction Fee
How does Monzo Money Transfer compare to other money transfer services?
Pros & Cons of Monzo Money Transfer
High daily transfer limit.
Transfers can be initiated in minutes.
International transfers are handled by TransferWise.
Funds can be sent internationally to your recipient’s bank account only, with no option for cash pickups.
A Social Security number is required to send money internationally.
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