Fintech Monzo Integrates with Wise for Cross-Border Business Payments

The team at Fintech Monzo notes that you can now send funds abroad from your Monzo Business account.

Monzo confirmed that they have partnered with global Fintech firm Wise (LSE:WISE) in order to give clients a simple, affordable way to send funds overseas.

The money is sent by always using the “real” exchange rate, with “no hidden fees.”

As explained in the update, Monzo says clients are able to clearly see what it’ll cost them, how much the recipient will receive, and how quickly the recipient will have the money in their accounts.

It will be typically lower cost when compared to providers like Western Union, MoneyGram and Xoom, as well as high street banks.

As noted in the announcement, you may do it all directly from the Monzo app.

As mentioned in the update, you’ll find this new feature in the ‘Pay’ tab, where clients may get set up in just a few easy taps. And once you send someone the funds, they’ll save them as a payee – so you won’t have to enter their details out ever again.

As covered earlier this year, UK-headquartered digital bank Monzo revealed that they’re opening up their Open Banking-powered gambling block to “all Open Banking providers, following a pilot last year with Truelayer.”

As mentioned in the update from Monzo, this extension will let all licensed UK Open Banking firms to “integrate with [their] block, to help strengthen the protection [they] give [their] customers struggling to control their gambling spending.”

The Fintech firm also noted that it will help their customers “not only stop them themselves from making card payments to gambling firms but Open Banking ones too.”

As reported in December 2021, Fintech firm Monzo noted that you can now choose to set your contactless spending limits “to levels you’re comfortable with.”

Or you may choose to turn contactless off completely if you want to, the team at Monzo writes in a blog post.

In October 2021, UK banking institutions (including Monzo) and card providers “upped the contactless spend limit from £45 to £100 to make paying more convenient,” the company revealed.

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