![]() You can read our blog post to find out what SEPA is and how it works, but it basically lets you receive reliable, fast Euro payments from across Europe, into your Monzo account. To make sure you can send Euros across Europe, we need to improve the reliability of bank transfers made within SEPA. We want to make sure you can reliably receive payments from Europe and the rest of the world, so we’ll be doing some work over the next few months to make this better. When that happens, we either have to work it out manually or return the payment to the sender. That means we don’t automatically know the correct bank account to credit. So they sometimes come through from the sending bank in the wrong format or with important information missing. ![]() But international payments often aren’t, because they’ve usually been routed through a few different countries or payment schemes. Payments made through SWIFT or SEPA need to be sent in a standard format. Some payments aren’t sent in a standard format ![]() Right now the sending bank chooses the route they use, which isn’t necessarily the fastest or most reliable. We also haven’t published any ‘routes’ that show sending banks where they should send the money if they want to get the payments to us accurately. We need to show other banks how to send us payments accurately We've explained what SEPA is in detail in this blog post, and Wise have put together a useful guide to SWIFT. These payments aren’t as reliable as we’d like, because we aren’t directly connected to SEPA or SWIFT, the two networks that let banks reliably move money around Europe and the rest of the world respectively. There are a few reasons why you can’t reliably receive international payments into your Monzo account. ![]() Why aren’t international payments reliable yet? And we might not be able to help track down any missing payments. Payments will either take a few days to go through, or return to the original sender after a few days. You can try to make or receive payments this way in any currency, but unfortunately they aren’t very reliable yet. Or if you’re sending money to yourself, make a bank transfer or set up a Direct Debit to your Monzo account by entering that IBAN Share this IBAN with the person who needs to pay you Then, to try and receive a payment, either: You can use an online IBAN generator to generate an IBAN. It’s a combination of your account number, sort code, and your bank’s Bank Identifier Code (BIC). To receive international payments into your Monzo account, you need an IBAN.Īn IBAN is a unique identifier that’s used to distinguish your bank account from all the others around the world. Payments might take a few days to go through, or they might not reach your account at all. ![]() But they aren’t as reliable as we’d like. You can make inbound international payments to Monzo already, from Europe and from the rest of the world. Next on the list is adding the ability to receive international payments, so we wanted to explain what you can do at the moment through Monzo, and our early plans to improve it. You can find out how it works and how to send international payments here. In June we partnered with Wise and started rolling out the ability to send international payments from the Monzo app. When we published The Big List, one of the things we committed to doing was giving you the ability to send and receive international payments from your Monzo account. This blog post was accurate when we published it – head to or your Monzo app for the most up to date information. ![]()
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