Monzo USD & EUR Accounts: A Guide to Monzo's New Multi-Currency Accounts

Monzo now lets UK personal customers open a US dollar account and a euro account inside the app, each with its own local bank details. The euro account comes with a Dutch IBAN that accepts SEPA payments. The dollar account comes with real US account details. You can hold, convert, receive and spend in both, and your existing Monzo card picks the right balance automatically.

I've opened both and already had dollars paid into mine. This guide covers what you get, what it costs (0.25% to convert, confirmed on screen), how to open them (there's a walkthrough video below showing every step in the app), how spending works, and where Monzo still falls short of Wise and Revolut. Monzo has published very little official documentation, so where something is still unconfirmed I've said so.

What you actually get

This isn't a Revolut-style pocket that just holds converted money. Each account has its own bank details, which is the bit that makes it useful.

Why is the euro IBAN Dutch? Monzo doesn't issue euro accounts itself; the IBAN sits with a Netherlands-based payments partner. In practice it doesn't matter: any EU bank, employer or marketplace can pay a Dutch IBAN, and SEPA Instant transfers land in minutes.

The dollar account is the bigger deal. UK banks almost never give personal customers proper US account details. Mine worked exactly as you'd hope: I shared the details, the dollars arrived, and they sat in the dollar balance untouched until I decided what to do with them. If you get paid by US clients, sell on US platforms, or receive dividends or affiliate payouts in dollars, this is the feature you've been waiting for.

Who can open one, and what it costs

You need a Monzo UK personal current account. You don't need a paid plan: the currency accounts are free on the free account as well as Extra, Perks and Max, with no monthly fee and no minimum balance.

The catch is that Monzo is switching the feature on in waves. It piloted the accounts from September 2025, added the euro IBAN in March 2026, dollar details in April, card spending in August, and began the wide rollout in mid-September 2026. If you can't see it yet there's nothing to apply for; Monzo says it will reach all UK personal customers. Keep the app updated and check again in a week or two.

The 0.25% is the number that matters, and Monzo is upfront about it. Convert £100 and the screen says "Monzo exchange rate, includes £0.25 cost". When I did it, £100 bought $131.79 at £1 = $1.31795, or €117.68 at £1 = €1.17684. A £10 test cost 2p. On £1,000 it's £2.50, cheaper than Starling and in the same ballpark as Wise. There's no minimum, conversions work 24/7 with no weekend surcharge, and you can convert back to GBP at the same cost whenever you like.

One thing that trips people up: converting in advance doesn't automatically save money. Spending abroad from GBP already gets you the Mastercard rate with no fee. Pre-converting only wins if the pound weakens by more than 0.25% before you spend, or if you want a locked-in rate for a budgeted trip.

How to open a USD or EUR account in the Monzo app

It takes about a minute per currency with no extra ID check. I've recorded the whole thing inside my own app, and the video below shows every step.

Can't see the option? Your account hasn't been enabled yet. There's no waiting list; update the app and check the + menu again in a few days. Joint and business currency accounts aren't available yet.

How to convert pounds to US dollars in Monzo

The video below includes a live £10 conversion so you can see it for yourself.

Receiving euros and dollars

This is where the accounts earn their keep. Until now, foreign currency paid into Monzo was converted to pounds on arrival at whatever rate applied that day. Now it lands in the right currency and stays there until you choose to convert.

Euros. Give the payer your NL IBAN and BIC. Anyone with a SEPA-connected account (every EU bank, plus the UK, Switzerland, Norway and the rest of the SEPA zone) can pay it like a domestic transfer, usually free. SEPA Instant arrives in minutes, around the clock; standard SEPA takes up to one business day.

US dollars. Give the payer your US account number and routing details. I've tested this: the money arrived in dollars and sat in the USD balance with no forced conversion and no SWIFT intermediary fees. One thing to check with your payer: early users report the account is set up for wire-style payments, so ask whether their platform supports that before assuming an ACH push will work.

Pounds can't be paid into a currency account directly; add money by converting from your main balance.

Spending abroad: which balance does the card use?

You don't get a separate card and you don't switch anything. Your existing Monzo card (physical and virtual) is linked to all your balances and Monzo picks the right one:

1. Pay in dollars with enough in the dollar account, and it comes from the dollar account. No conversion, no fee.

2. Pay in euros with enough in the euro account, and it comes from the euro account.

3. If the matching account is empty or short, the payment falls back to GBP at the Mastercard rate with no fee, as Monzo always has.

4. Any other currency comes from GBP as normal.

I tested this with dollars. With money in the dollar account, a USD payment went straight through that balance and showed in its feed. With the account emptied, the same kind of payment came out of GBP at the usual Mastercard rate. It means dollars you've been paid can be spent as dollars without ever touching an exchange rate.

Two caveats. Cash withdrawals abroad still come from GBP and count towards your plan's fee-free ATM allowance; Monzo hasn't said currency balances can be used for cash. And Running Split and shared tabs are GBP-only, so a euro bill you split gets converted and settled in pounds.

Monzo vs Wise vs Revolut vs Starling

Free personal tiers, and only the differences that matter.

Monzo wins on convenience: it's already your current account, there's no second app, and the dollar account with real US details is something Starling doesn't offer and Revolut only partly does. Wise still wins on breadth, with more currencies, direct debits and standing orders from foreign balances, so it remains the better tool if you run a small business in several currencies. Revolut can beat 0.25% if you convert a lot on weekdays within the free allowance, but you pay at weekends. Starling, with a euro account only and a higher margin, is now the weakest of the four for currency.

What to watch out for

These are good accounts, but they're version one.

• No interest on euro or dollar balances. Don't park a large sum for months; convert to GBP and use a proper savings account (our tables show where it earns most).

• Check how the money is protected. Your GBP balance has FSCS cover up to £120,000. The currency accounts are provided with a partner, which is why the IBAN is Dutch, so read the in-app terms on protection before holding large balances and don't assume FSCS applies.

• No direct debits or international standing orders from either account, so EU subscriptions, a European mortgage or holiday-home bills can't be paid from the euro account yet. Wise and Starling both support this.

• Sending dollars out is wire-only with a reported fee of around $5.99. Receiving is free.

• Personal accounts only. No joint or business versions yet.

• Pricing could change. Monzo has said the 0.25% cost may be revised; it's always shown before you confirm.

Verdict: should you open them?

Yes, if you can see them in the app. They're free to open and hold, and there's no downside to having the details ready for the next time someone offers to pay you in dollars or euros.

They're most useful for anyone paid in USD or EUR who has been losing money to forced conversions and SWIFT fees, for regular travellers who want a locked-in rate spent down from the right balance, and for people with a foot in Europe or the States who need a local account number now and then. They're not a replacement for Wise if you need direct debits, more currencies or interest, and not a place to leave large sums. But as a free add-on to an account you already have, with a 0.25% conversion cost and a card that just does the right thing, this is the most useful thing Monzo has shipped in a while. I've moved my US income over and don't expect to move it back.

FAQ

Does Monzo have a euro account? Yes. UK personal customers can open one in the app with a Dutch IBAN that accepts SEPA and SEPA Instant payments for free.

Does Monzo have a US dollar account? Yes, with real US account details so you can be paid in dollars directly and spend them on your Monzo card.

Why is my Monzo euro IBAN Dutch? The account is provided with a Netherlands-based partner rather than issued by Monzo, so the IBAN starts NL. Any SEPA bank can pay it.

How much does Monzo charge to convert? 0.25%, shown in pounds on the convert screen ("Includes £0.25 cost" on £100). No monthly fee on any plan.

Which balance does my card use abroad? The matching currency account first; if it's empty, GBP at the Mastercard rate with no fee. No new card needed.

Why can't I see currency accounts in my app? It's a gradual rollout from September 2026. There's nothing to apply for; update the app and check the + menu on the Home tab again in a week or two.

Sources

• Monzo Currency Accounts thread, Monzo Community (Monzo staff posts on rollout, IBAN, USD details and card spend)

• Euro account for UK users, Monzo Community (Monzo staff on early access, SEPA Instant and direct debits)

• Introducing Currency Accounts, Monzo Community

• Monzo Help: fees for using your card abroad

• Starling personal euro current account terms, January 2026