Why was I charged a 1% fee for my international payment?
For payments received in non-GBP currencies, we use a third party to convert foreign currency you receive into British pounds, and they set the exchange rate. You'll see the rate used in the transaction details after receiving the payment. We charge 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.
