Transferwise announces partnership with UK challenger bank Monzo on international money transfer

Challenger bank Monzo has announced a partnership with fintech unicorn Transferwise on international payments.

It marks the second big tie-up for Transferwise in recent weeks, after confirming it was working with France’s second largest bank BPCE Groupe.

Today, the companies said the partnership will mean Monzo customers can make international payments after the challenger bank integrated with Transferwise’s API to help customers send money in 16 currencies straight from their Monzo app.

International payments will be rolled out to Monzo’s 750,000 customers over the coming five weeks, with those on Android and iOS starting to see them as an option in their payments tab from today.

Tom Blomfield, chief executive of Monzo said: “We’ve been eager to bring international payments to Monzo customers for a while. Thousands of our customers have friends and family living abroad, and they shouldn’t have to pay over the odds to send them money.”

Read more here.