Obtaining Foreign Currency Using Monzo Brainwave

foxthetaxi

I am shortly going to the Philippines to visit my fiancee.    

I will using my Monzo account for spending whilst there.  However  I will be needing cash too. The best exchange rate for acquiring PHPs is 72.5 according to Travel Money Max. 

But Monzo is showing an exchange rate of 77.6 , but they only allow you to withdraw £200 per month ... so not enough.      

I had the idea that if I transfer funds to my girlfriend (either before I travel or when I arrive) using Monzo , then we can obtain the great exchange rate and withdraw the cash at a Filipino bank.   

Is this a cunning plan or am I missing something ?   

Thanks  


 

eskbanker

Not sure I'm seeing the plan as cunning or Monzo-specific - surely cash withdrawals will always be cheaper for locals with accounts already denominated in the local currency?

You still obviously have to convert currency if transferring funds to her, does that exchange rate definitely apply to international transfers as well as debit card use, and are there any other fees involved?

la531983

eskbanker said:

Not sure I'm seeing the plan as cunning or Monzo-specific - surely cash withdrawals will always be cheaper for locals with accounts already denominated in the local currency?

You still obviously have to convert currency if transferring funds to her, does that exchange rate definitely apply to international transfers as well as debit card use, and are there any other fees involved?

The transfer fee within Monzo to an account in Pesos looks to be about the 2% mark (they use Wise to do it).  So he will get better than 72 but worse than 77, assuming the receiving bank dont charge a fee too.

Certainly wouldnt call it "cunning", mind. Just have to weigh up if the fee from transferring from ANY account makes it worthwhile.