


Monzo EUR vs Stirling EUR accounts
Hello everybody, I used to use Stirling Bank as Euro account but with Monzo opening it I did a wee comparison and thought I would share it with you.
On the paper Monzo is supposed to be better, as it gives 0.25% markup on the exchange rate, while Stirling bank is supposed to have the correct exchange rate but a fee of 0.4%. But I decided to try transferring 10€ as a test anyway and to share it with you. You can see the screenshot (with the last one being the result of asking the conversion on iOS). Both transfers were done within a minute to each other.
Not only the conversion is better but also other features. Monzo partnered with a European company, so your IBAN is a Netherland one (as opposed to Stirling's UK IBAN). This gives you access to SEPA instant transfers (not supported by Stirling), and confirmation of the sender (not supported by Stirling).
The latter can seem sketchy because when sending money from Europe to Stirling account the EU bank issues a warning saying that they couldn't verify the account name.
I think also Revolut allows exchanges but I don't have an account with them so I can't compare.