Top 10 Monzo alternatives for international money transfers

Monzo, a digital bank based in the UK, serves over 6 million users with a platform that challenges traditional banking models. 

While primarily designed for domestic use, Monzo’s app also allows you to send money abroad via a partnership with Wise.

This article explores the top ten alternatives to Monzo for international money transfers, focusing on the pros and cons of each, to help you choose the best option for your needs.

Whether you’re looking for lower fees, broader global reach, or specific service features, this guide covers all the available services in the market.

What is Monzo?

Monzo, a UK-based challenger bank established to innovate the traditional banking sector, serves over 6 million users through its app. 

Without any physical branches, it focuses on providing comprehensive and convenient financial services digitally.

Monzo is known for its user-friendly app that allows customers to manage their finances completely online, including international money transfers. 

Partnered with Wise since 2018, Monzo has enhanced its international payment process to be more streamlined.

However, despite offering conversions into 35 different currencies, payments must originate in GBP, which could be limiting for users holding funds in other currencies.

Key features of Monzo

• Digital banking: Monzo eliminates the need for physical branches, offering all banking services via its mobile app.
• International transfers powered by Wise: Users can send money abroad directly through the app, with transparent fee structures and competitive exchange rates.
• User-centric design: Designed for ease and accessibility, the Monzo app focuses on providing a seamless user experience.

Pros and cons of Monzo

Pros:

• Ease of use: Sending money is straightforward for those already using Monzo.
• Low fees: Costs are competitive, although they may increase with larger transactions.

Cons:

• Limited accessibility: Monzo’s services, including international transfers, are only available to those who have an existing Monzo bank account.
• Smartphone dependency: The app is necessary for transactions, with no web browser support.

When to consider using Monzo

Monzo is ideal if you’re looking for a quick, easy way to manage everyday finances and occasional international transfers without leaving the app.

When Monzo may not be the best option

Looking at alternatives may be a good idea if you do not have a Monzo bank account, need to send large amounts regularly, require services in a country where Monzo is not available, or prefer a platform with physical branches for in-person service. 

Top 10 alternatives to Monzo

1. TransferGo

What is TransferGo?

Established in 2012, TransferGo has rapidly evolved into a significant online alternative to conventional banking services. 

The platform has attracted over 6 million customers globally and processes around £1.4 billion annually.

TransferGo offers affordable transfers from more than 30 countries to over 150 countries, guaranteeing that your funds are directly deposited into recipients’ bank accounts efficiently and securely.

TransferGo key services

TransferGo sets itself apart from Monzo primarily with its competitive pricing structure. 

It regularly provides attractive rates for international transfers and supports a variety of payment methods, including bank transfers and debit or credit card transactions, as well as mobile wallet options.

Depending on their needs and how quickly they need the transfer to be processed, customers can select from standard, expedited, or even fee-free transfer options.

TransferGo pros and cons

Pros:

• Offers some of the most competitive rates for international money transfers.
• Recognised and regulated, managing billions in transactions each year.
• The mobile app enhances user convenience for on-the-go transactions.
• Customer support is quick and accessible via chat, email and phone.
• Transparent fee structure, providing all necessary details upfront for informed decision-making.

Cons:

• Although TransferGo’s digital customer service is efficient, the absence of physical branches or local agents might be slightly inconvenient for some users.

Who should use TransferGo?

TransferGo is an excellent alternative to Monzo for those seeking quick, secure and economical options for sending money internationally. 

Accessible either through its website or app, it offers flexible transfer choices with transparent pricing.

Joining TransferGo means becoming part of a thriving community of expatriates and digital nomads who frequently manage international transactions. 

Whether it’s paying bills, transferring emergency funds, or handling business payments, TransferGo provides a dependable financial solution.

2. MoneyGram

MoneyGram key features

MoneyGram enables users to send money to more than 200 countries, offering diverse payout options like bank deposits, cash collections and mobile wallet transfers. 

Its global network includes numerous agent locations worldwide, ensuring accessible cash collection points. MoneyGram also supports in-person payments, catering to users who prefer engaging in face-to-face transactions.

MoneyGram pros and cons

Pros:

• Wide-reaching network: MoneyGram’s operations span over 200 countries with more than 350,000 agent locations and kiosks, ensuring extensive access.
• Rapid transaction processing: Funds are typically ready for cash pickup within minutes, and same-day bank transfers are possible in certain regions.
• Versatile delivery options: Beneficiaries may receive their money through various methods including bank deposits, debit cards, mobile wallets, or physical cash pickups. In select areas, home delivery is available.
• Scheduled transfers: Users have the option to set up automatic, recurring transfers on a weekly or monthly basis.

Cons:

• Higher costs: Generally, MoneyGram’s fees are higher than many of its competitors, with costs fluctuating based on the selected funding and delivery methods.
• Transfer limits: For certain countries, the transfer ceiling is $15,000 from the US, but most countries face a limit of $10,000 per transfer per month online, which might be restrictive compared to other services.
• Restricted customer support: While MoneyGram provides customer assistance via live chat and a website contact form, it does not offer phone support, which could be a limitation for some users.

Who should use MoneyGram?

MoneyGram is particularly fitting for individuals who value quick access, extensive reach and a variety of transfer methods. 

However, potential users should carefully weigh the associated costs and transfer limits to determine if it aligns with their specific needs for international money transfers.

3. OFX

OFX key features

OFX is an established provider of international money transfers, operating in over 190 countries and managing transactions in more than 55 currencies, presenting a robust alternative to Monzo.

Its standout feature is the 24/7 personal broker service, designed for those who appreciate tailored support in managing their financial transfers.

OFX pros and cons

Pros:

• Proven experience: As one of the longest-running money transfer services, OFX has built a reputation for reliability and professional expertise.
• Constant support: OFX provides round-the-clock phone support, ensuring that assistance is always just a phone call away.

Cons:

• Pricing model: Although OFX provides competitive rates, its exchange rates include a markup which may mean slightly elevated costs when compared to other providers.
• Limited payment options: The service accepts only bank transfers for payments, which might not suit everyone’s preferences, especially those who might want to use cash, credit cards, cheques, or bank drafts.

Who should use OFX?

OFX is particularly well-suited for individuals or businesses involved in large-scale transactions who benefit from personalised support. 

The availability of 24/7 phone support makes it a dependable choice for users who might require assistance at any time. 

However, it’s important to note that OFX limits its payment methods to bank transfers only, which could be a significant constraint for some users.

4. Payoneer

Payoneer key features

Payoneer stands out as a favoured solution among a diverse clientele, particularly those engaged in the digital economy. 

It offers specialised business accounts optimised for digital transactions, allowing seamless sending and receiving of payments in multiple currencies. 

Users also benefit from additional financial tools such as payment cards and options for working capital loans, which bolster their financial operations.

Payoneer pros and cons

Pros:

• Simplified payment processes: Payoneer facilitates easy payments to contractors and employees, enhancing the efficiency of business operations.
• Comprehensive financial tools: The platform provides access to payment cards and business services, including working capital loans, which expand users’ financial capabilities.

Cons:

• Fees structure: There are transaction and inactivity fees associated with Payoneer accounts, which may affect the overall cost-effectiveness of using the platform.
• Cost of currency conversion: The exchange rates applied by Payoneer include a markup of 0.5%, which may lead to slightly higher costs for currency conversion relative to other providers.

Who should use Payoneer?

Payoneer is a reasonable Monzo alternative for businesses operating across international borders, including those in regions such as the US, Japan, Australia, the European Union, Hong Kong, Singapore, Canada, the UK and the UAE. 

Additionally, e-commerce businesses that require robust fund management and integration with major online marketplaces like Amazon, eBay, Shopify and WooCommerce will find Payoneer’s services highly beneficial.

5. PayPal

PayPal key features

PayPal is a global leader in the digital payments arena, with a robust user base of over 400 million people worldwide. 

Offering the possibility to maintain balances in more than 25 currencies, PayPal is a practical Monzo alternative for both personal and business financial needs.

PayPal pros and cons

Pros:

• Global reach: PayPal’s extensive user base facilitates easy connections across global networks.
• Variety of payment options: The platform offers a diverse selection of cards tailored for international transactions, providing flexibility in payment methods.

Cons:

• International transfer fees: PayPal may charge a 5% fee on international transfers.
• Currency conversion expenses: Fairly high currency conversion costs are added to international transfers, typically ranging from 3% to 4%.

Who should use PayPal?

PayPal is an excellent Monzo alternative for small businesses that benefit from rapid credit solutions to foster growth and expansion. 

Moreover, its integrations with prominent e-commerce platforms and marketplaces make it a good choice for businesses striving to access international markets.

If you’d like to find out more about Paypal, make sure you check out our Wise vs Paypal comparison. 

6. Remitly

Remitly key features

Remitly stands out as a viable alternative to Monzo, particularly for transferring smaller amounts to countries in South America, Asia and Africa. 

Overall, its straightforward website and clear fee structures make it an attractive choice for international money transfers.

Remitly pros and cons

Pros:

• Ease of use: Remitly simplifies the money transfer process, enabling users to send funds effortlessly.
• Diverse payout options: The service offers a variety of payout methods, including cash pickup, and deposits to bank and mobile money accounts.
• Constant customer support: Remitly provides 24/7 customer support, accessible via online platforms and telephone, ensuring help is always available.

Cons:

• Service coverage: Although Remitly facilitates transactions along major remittance corridors, it might not offer services or may have restrictions in certain areas.
• Transfer size limitations: The platform has caps on the maximum amount that can be sent, which might pose a limitation for users needing to transfer large sums.

Who should use Remitly?

Remitly is particularly suited for individuals who value ease and clarity in their money transfer services. 

It’s ideal for those who need flexible payout options and continuous access to customer support. 

However, for users with requirements to send larger amounts regularly, it may be necessary to consider other providers that can accommodate bigger transfers without restrictions.

7. Revolut

Revolut key features

Revolut caters to over 30 million users globally, providing versatile financial solutions with its multi-currency accounts that support more than 28 currencies along with various card options. 

With its banking operations licensed in both the EU and the UK, Revolut upholds stringent regulatory standards, ensuring both compliance and reliability for its users.

Revolut pros and cons

Pros:

• Diverse currency options: Revolut Business facilitates transactions across 26 currencies.
• Customisable accounts: Offers a range of account types from a basic standard account to tailored packages for larger business clients.
• Rewards and cashback: Users benefit from cashback on transactions, enhancing transaction value.

Cons:

• Subscription fees: Full feature access requires a monthly subscription.
• Usage limits: Additional charges apply when exceeding certain usage thresholds.

Who should use Revolut?

Revolut is ideal for businesses needing extensive financial services across multiple countries, particularly those in Australia, France, Ireland, Lithuania, Romania, the UK and the US, thanks to its specialised accounts that aid in managing international sales and collections in multiple currencies.

8. Wise

Wise key features

Founded in the UK in 2011, Wise has grown to support over 13 million customers globally, specialising in currency conversion, cross-border transfers and providing comprehensive international account services for both personal and business needs.

Wise pros and cons

Pros:

• Extensive global coverage: Facilitates transactions to over 80 countries and exchanges among 50+ currencies.
• Cost-effective currency conversion: Uses the mid-market rate for currency exchange.
• Service range: Serves both individual and business clients.

Cons:

• No physical branches: Operates exclusively through online and app-based platforms.
• Service fees: Transaction fees are applied and can vary.
• Limited cash services: Fewer options for cash-based transactions.

Who should use Wise?

Wise is suitable for those who need quick and efficient online payments internationally, for managing multi-currency accounts, or regularly receiving foreign currencies. It’s especially advantageous for users who prioritise transparent pricing and low fees in their currency exchanges.

9. WorldRemit

WorldRemit key features

Since its inception in 2010, WorldRemit has expanded its service to cover over 130 countries and support more than 70 currencies. 

It offers flexible payout options including bank deposits, mobile money accounts, cash collection, delivery and airtime top-ups.

WorldRemit pros and cons

Pros:

• Supports a wide number of countries and currencies.
• Offers bank deposits, mobile wallet deposits, cash collection and more.
• Provides real-time quotes for fees and exchange rates.

Cons:

• Exchange rates include markups.
• Primarily supports personal, not business, transfers.
• Not all payout methods are available in all locations.

Who should use WorldRemit?

WorldRemit is a fitting choice for individuals needing versatile and straightforward methods to send money internationally. 

Its various payout options and the possibility to quickly set up transactions make it a convenient service, especially where banking infrastructure is less developed.

10. Xe Money Transfer

Xe key features

Xe Money Transfer offers comprehensive currency tools and data, including real-time and historical exchange rates.

It allows for transactions to over 170 countries in a multitude of currencies, providing broad global transaction coverage.

While Xe showcases the mid-market exchange rate within its currency data, it’s worth noting that the rates applied for sending payments charge a margin.

Xe pros and cons

Pros:

• Extensive currency support: Allows transactions in 139 currencies to more than 220 countries.
• High volume capability: Processes significant amounts annually, demonstrating its large-scale operational capacity.
• Ease of access: Offers user-friendly online account setup and phone support.

Cons:

• Exchange rate costs: Applies a margin over the mid-market rate, affecting cost efficiency.
• Variable fees and times: Charges and delivery times can vary by destination.
• No cash transactions: Does not support cash payments, limiting some types of transactions.

Who should use Xe?

Xe is particularly useful for individuals and businesses needing flexible, widespread options for international payments, effectively accommodating a variety of global transaction needs.

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Need to send money home? Don’t forget to sign up to TransferGo for easy, fast and affordable money transfers to Europe, Africa, Asia and beyond.