Monzo Business international payments: fees before and after 1 November 2026

The short version

Monzo Business is a sterling account that handles occasional foreign payments well. It is not a multi-currency account. Here is what each international action costs, from Monzo’s fee information (Version 1.16, 18 August 2026).

International payments are included on every plan, including free Lite. Nothing on this page needs Pro or Team, although the accounting integrations that sync foreign payments to Xero, FreeAgent, Sage or QuickBooks do. The full list of charges, domestic and international, is on our Monzo Business fees page.

Sending money abroad

You can send a payment abroad from the app in four steps: choose the currency, enter the amount and see the rate, pick the payee and confirm. Monzo’s international payments page says you can pay suppliers in over 40 currencies, including US dollars, euros and New Zealand dollars, and links to the full currency list.

Before you confirm, the app shows the exchange rate, the fee and the amount the recipient will get. It also gives a personalised estimate of when the money should arrive. Monzo says many transfers land in seconds, but payments to countries on the SWIFT network can take several working days, so leave a margin before a supplier’s due date.

The details you need depend on the destination: an IBAN for most of Europe, an account number and routing code elsewhere. Saved payees make repeat payments quicker. If Monzo cannot send in a currency you need, its fee sheet points you to Wise.

The 1 November 2026 fee change, explained

From 1 November 2026, the fixed fee on most international transfers falls, and Monzo starts setting its own exchange rate with a margin built in. The headline fee looks much lower; the real cost is now partly inside the rate.

In Monzo’s own words: “For most currencies, the fee is less than £0.80, but it may be up to £11 in some cases.” The fee sheet links to a live fee breakdown by currency, and the app is the only place to see the rate you will actually get.

What it means in practice

• Small payments should get cheaper. Under the old pricing the fixed part could reach £9 on a payment of any size. The new, lower fixed fee helps most on small, frequent payments, such as paying a freelancer abroad or a low-value subscription by transfer.
• Large payments depend on the margin. A margin is a percentage, so on a big payment it can outweigh the saving on the fixed fee. Monzo does not publish one margin for all currencies, so check the quote.
• Comparing gets harder. Before, you could compare the fee directly. Now you need the mid-market rate at the moment of the quote. Searching “GBP to USD” and comparing with Monzo’s quote within the 30-minute window is enough.

What a payment costs: worked examples

These are illustrations built from Monzo’s published figures. Real fees depend on the currency and destination; the app shows the exact charge.

Paying a supplier £2,000 in another currency

Before 1 November: the most the fee can be is £9 plus 1.8% of £2,000, which is £45.00, at a rate that is usually mid-market. Many currencies cost less than this maximum.

From 1 November: the fixed fee is small for most currencies (see the quote above), plus whatever margin is in the rate. Monzo does not publish the margin, so here is the arithmetic to apply to your quote: every 0.1 percentage points of margin on £2,000 costs £2. If the quote is 0.5 percentage points below mid-market, the margin is costing you five times that. Add the fixed fee and you have the true cost.

Receiving a £3,500 invoice paid in euros

Monzo converts the euros to pounds and charges 1%, so about £35 on a payment worth £3,500. The payer’s bank may also charge them to send, and that is outside Monzo’s control.

Taking £500 in cash outside the EEA in a month

The first £200 in a rolling 30 days is free, and 3% applies to the rest, so £300 attracts a fee of £9. Paying by card instead would cost nothing in Monzo fees.

To compare a full year of banking costs, including international payments, against other accounts, try the business bank account cost calculator.

Getting paid from abroad

Overseas clients can pay you using the IBAN and BIC shown in the app, next to your sort code and account number. Monzo converts the money to pounds before it reaches your account and charges 1% conversion fee on incoming euros and other currencies, capped at £1,000.

Most euro payments arrive through the SEPA Credit Transfer scheme from European banks. Payments in other currencies use the same IBAN. Because everything is converted on arrival, you cannot keep euros or dollars to spend later, and you cannot choose when to convert. If you invoice in a foreign currency regularly, that 1% deduction on every payment adds up, and it is the clearest case for a specialist account (see below).

For bookkeeping, Monzo syncs international transactions to your accounting software as pound amounts on Pro and Team. The invoicing guide covers sending invoices from the app, which are issued in pounds.

Card spending and cash abroad

Spending on the Monzo Business card abroad carries no fee on card spending abroad, in shops, restaurants, hotels and online with overseas merchants. Many traditional business debit cards add a percentage to every foreign-currency transaction, so for a director or team who travels this is a useful saving, and it covers foreign software subscriptions too.

Two habits keep it free. First, when a terminal or website offers to charge you in pounds, decline and pay in the local currency; the merchant’s conversion is usually worse. Second, use the card rather than cash where you can, because cash outside the EEA is free up to £200 every 30 days outside the EEA, then 3%. Within the EEA, cash withdrawals are free in the UK and EEA as far as Monzo is concerned, though the machine’s operator may add a charge.

On Team, expense cards let staff spend abroad on the same terms, with spending limits per person. The features guide explains expense cards and virtual cards.

Before you send a payment abroad: a checklist

A few minutes of checking before a larger international payment saves money and avoids payments going astray.

1. Confirm the payee’s details directly. Changed bank details on an invoice are a classic fraud. Check new or changed details with the supplier by phone, using a number you already hold.
2. Pay in the supplier’s currency. If you send pounds and let their bank convert, you lose control of the rate. Sending in their currency through Monzo means you see the rate and fee up front.
3. Check the quote against the mid-market rate. From 1 November 2026 this is how you see the margin. Do it within the quote window so the comparison is fair.
4. Allow time for SWIFT payments. Use the arrival estimate in the app, and send early if a due date matters.
5. For large sums, get a second quote. Compare the total cost (fee plus margin) with a specialist such as Wise before sending a big payment.
6. Keep the record. The pound amount and fee appear in your transaction history and, on Pro and Team, sync to your accounting software, which your accountant will need for VAT and Corporation Tax.

When Wise or Revolut Business suit better

Monzo Business is the better fit when foreign payments are occasional. If they are a core part of how you trade, a specialist usually wins on cost and flexibility.

Wise Business is built around holding and converting many currencies at the mid-market rate with a transparent fee. It gives you local account details in several currencies, so a US client can pay you like a domestic supplier and you can hold dollars until you need them. If you invoice abroad every month, look at Wise’s business pricing.

Revolut Business offers multi-currency accounts with a monthly allowance of currency exchange at the interbank rate on its paid plans, then a fee. It suits businesses that exchange a predictable amount each month. See Revolut Business plans and our Monzo Business vs Revolut Business comparison.

Many businesses run both: Monzo Business as the main account for UK banking, tax pots and the card, with a Wise or Revolut account alongside for foreign receipts and larger transfers. The Monzo Business alternatives page covers that set-up, and the freelancers guide looks at getting paid by overseas clients.

Who Monzo Business international payments suit

Monzo suits a UK business that earns mainly in pounds and sometimes pays a foreign supplier, buys overseas software, or travels. The free card spending abroad and the lower fixed fee from 1 November 2026 make the occasional payment cheap and simple.

It suits less well if you are paid in foreign currency every month, need to hold balances in euros or dollars, or regularly send large sums abroad, where the margin matters. For those businesses, keep Monzo for UK banking if you like it and add a specialist.

If Monzo fits, opening through our link means we both get £50. That is only for people who have never had a Monzo account of any kind and who download the app, apply, add money and make a first card payment within 30 days. The limited company accounts guide compares the wider field if you are still deciding.