LONDON: London based challenger bank Monzo has announced to partner up with British international payments unicorn TransferWise.
International payments was a key feature not available on Monzo.
The partnership will allow TransferWise to power the international payments service for Monzo’s 750,000 customers in United Kingdom.
The two companies announced that Monzo customers will be able to send money in 16 different currencies.
Tom Blomfield, CEO of Monzo said in a statement “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.”
The firm added international payments will be cheaper than a traditional bank transfer.