Wise Platform and Monzo helping UK Businesses through fast, low cost, convenient international transfers

26 May 2022

In 2018, we partnered with Monzo to power international payments for their customers. In 2021, we saw how much users loved the convenience, and with the help of our customers feedback, we went back to the Monzo Wise lab to upgrade & create an even better experience for our customers.

 

One year later, we’re listening… You asked, and we delivered. We’re excited to announce that Monzo Business customers can now send international payments, without ever having to leave the Monzo app.

 

Monzo’s mission is to make money work for everyone, and now, thanks to the Wise partnership, business customers can pay invoices, employees and contractors in record time, making managing money even easier than before.

 

From today, over 100,000 of Monzo’s business customers will have access to cheaper, faster transfers abroad at their fingertips from the convenience of the Monzo app. The first of its kind in the UK, our partnership now allows all Monzo customers, both business and personal, to send money in 32 currencies such as USD, EUR, GBP & CAD from within the security and convenience of their app.

 

Managing cashflow and knowing the true cost of sending money overseas is critical for businesses. Through the partnership, Monzo customers have full transparency on fees and the mid market rate, making it easier and simpler for customers sending money abroad.

 

Jordan Shwide, General Manager of Business Banking at Monzo, said:

 

“We know how important easy banking is for Businesses. So we are excited to partner with Wise to offer quick and easy international payments.”

 

Wise Platform allows global businesses – including banks, financial institutions, accounting & expense management platforms and any other large global organisations that deal frequently with cross-border payments or inward remittance – to tap into the Wise infrastructure, via the Wise Platform API, to offer their end-users instant, convenient, low cost and transparent payments end-to-end from within their own products and services.

 

Wise Platform is now live with more than 20 banks and financial institutions across 4 continents, as well as 12 distribution partners and 11 enterprise partners. Other partners include Google Pay, N26 and Shinhan Bank, South Korea’s oldest and second largest bank.

 

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