The prepaid Mastercard can be used anywhere in the world, whether online or in person, accepting Mastercard. This includes transactions in foreign currency, which will be subject to a 0.5% currency conversion fee. Non-GBP transaction amounts will be exchanged to GPB using a wholesale rate set by Mastercard.
It is also possible to receive and send international transfers at a low cost.
In order to receive an international payment, you need to use the IBAN and BIC/SWIFT details of a dedicated Monese account for all business account users. Monese will then forward the transfer to your account as long as you have provided your Monese ID.
This is a relatively painless way to receive money from abroad, as certain other e-accounts either do not have the option or suggest external methods for cross-border transfers.
It’s only possible to receive transfers in GBP and EUR currencies. The latter will be converted into GBP at the mid-market rate when the funds arrive.
When you send an international payment, the money will be converted at the wholesale exchange rate plus a currency exchange fee shown in the app before submitting the transfer. Currency exchange fees start at 0.5% of the transaction value (the minimum fee is £2).
You can send payments to around a dozen different currencies across the world incl. US, Canadian, Hong Kong and Australian dollars, euros, Brazilian reais and misc. European currencies.