Monzo Card will this work

sparkiemalarkie

Hi my son is in Australia at the moment.
I have £5000 of his money from the sale of his UK car. If I put the money into his account that tops up his Monzo card will he be able to transfer that money onto the card and deposit the money into his Australian bank account?
Only asking because the exchange rate is awful at the moment and he's looking to buy a car in Australia but hasn't found one yet, in fact he might even change his mind.
Any thoughts would be great
thanks
sx

ischris85

Have you thought about looking at a forex provider like transferwise?

Archi_Bald

I believe Monzo use Transferwise. There might be better deals. Check on Monito.

https://www.monito.com/

eDicky

You would be sending the money to his Monzo Bank account, making it available to use with his card and/or to send on to his Australian account. You could also send it directly there yourself, TransferWise as mentioned is a good choice of service for this.

jonnygee2

In the UK you can't normally deposit into a bank account using a card, with a few exceptions. I don't know if you can or can't in Australia, but that would be the first thing to check.

If you can, and there's no fees for doing so on the side of the Australian bank, then it would be the cheapest way to transfer money. Otherwise you'll have to use transferwise.

dr_adidas01

As others have said use Transferwise, I use it to send money from my UK account to my Australian account, the fees are far cheaper than sending it via your own bank to an Australian account.

Archi_Bald

As I have posted above already, Monzo are using Transferwise as their transfer mechanism. There is therefore no advantage in setting up your own Transfetwise account if you are happy with the Monzo rates. 

Monzo/Transferwise rates aren‘t presently the best for sending money from the UK to Oz, as can be seen from the monito link I have also posted above. The rates may or may not matter much to the OP.

sparkiemalarkie

Thank you all for your comments and suggestions.
I have just compared the money transfer providers using Monito. Transferwise seem pretty reasonable and the money should arrive in his bank account next day.
Is this scenario possible and/or sensible? 
1) I could put Sons £5000 into his Santander 123 account (His Monzo Linked account)
2) When the exchange rate has improved or he has found a car  he can load his Monzo with cash
3) He can then use Transferwise / Monzo to transfer the required amount of cash to his Australian bank account.
I know it involves extra steps in the process but then he is in control of his own money and at least it's earning a bit of interest in the 123 account. If he decides not to get a car he can leave the cash where it is and live off his Australian earnings.
Is there a maximum that you can transfer onto a Monzo card at one go? and how long does the process take?
many thanks
sx

jonnygee2

Is there a maximum that you can transfer onto a Monzo card at one go? and how long does the process take?

To be clear, Monzo is a bank account, not just a card. There's no incoming transaction limit but there is a single transaction outgoing limit, it's usually 10k.

What is a 'monzo linked account'. As Monzo is a bank account you can transfer to it from any other account with the sort code and account number.

sparkiemalarkie

jonnygee2 said:

What is a 'monzo linked account'. As Monzo is a bank account you can transfer to it from any other account with the sort code and account number.

I've got myself in a muddle I think.
My daughter had a Revolut card and was able to go into the app and move money onto the account from the linked account.
Or have I got that wrong too.I somehow thought thats how it all worked

colsten

sparkiemalarkie said:

Thank you all for your comments and suggestions.
I have just compared the money transfer providers using Monito. Transferwise seem pretty reasonable and the money should arrive in his bank account next day.
Is this scenario possible and/or sensible? 
1) I could put Sons £5000 into his Santander 123 account (His Monzo Linked account)
2) When the exchange rate has improved or he has found a car  he can load his Monzo with cash
3) He can then use Transferwise / Monzo to transfer the required amount of cash to his Australian bank account.
I know it involves extra steps in the process but then he is in control of his own money and at least it's earning a bit of interest in the 123 account. If he decides not to get a car he can leave the cash where it is and live off his Australian earnings.
Is there a maximum that you can transfer onto a Monzo card at one go? and how long does the process take?
many thanks
sx

You can put the money directly into his Monzo account, as it's a full bank account, just like the 123.

Monzo don't specify what the limit for transfers is https://monzo.com/help/payments-getting-started/bank-transfer-how-to. Best ask them directly whether the usual Transferwise limits apply to international transfers initiated in Monzo. 

I do have a verified Transferwise account myself, and they do have limits - but they lift them for verified accounts, and they seems to be significantly higher than what you need. https://transferwise.com/help/14/currencies/2932154/aud-transfers