Monzo Launches US dollar and euro accounts

Monzo has started rolling out US dollar and euro accounts to its UK personal customers, giving them local bank details in both currencies for the first time. The euro account comes with a Dutch IBAN that accepts SEPA and SEPA Instant payments. The dollar account comes with US account details, so customers can be paid in dollars directly rather than having the money converted to sterling on arrival.

What it costs

Both accounts are free to open and hold on every Monzo plan, including the free account. Converting between pounds and either currency costs 0.25%, which Monzo shows in pounds on the convert screen before you confirm: converting £100 displays "Includes £0.25 cost". We've tested it. A £100 conversion at the time of writing gave $131.79 at £1 = $1.31795, and €117.68 at £1 = €1.17684. A £10 conversion cost 2p.

The convert screen shows the 0.25% cost in pounds before you confirm.

Spending with your existing Monzo card

The existing Monzo card works across all three balances. Pay in dollars and the money comes from the dollar account; pay in euros and it comes from the euro account. If the matching balance is empty, the payment falls back to pounds at the Mastercard rate with no fee, as before. Receiving euros by SEPA is free. Early users report sending dollars out is by wire transfer with a fee of around $5.99.

Who gets it, and when

The rollout is gradual. Monzo began piloting the accounts with a small group in September 2025, added the euro IBAN in March 2026, dollar details in April and card spending in August, and started switching the feature on more widely from mid-September 2026. If it's available to you, it appears under the + menu on the Home tab or in the Do more section. There's no application; Monzo has said it will reach all UK personal customers.

What's still missing

There are gaps. Neither account pays interest, SEPA Direct Debits aren't supported from the euro account, and there are no joint or business versions yet. The accounts are provided with a partner rather than issued by Monzo directly, which is why the IBAN starts NL, so it's worth reading the in-app terms on how the money is protected before holding large balances.

Our take

Even so, this is a meaningful upgrade. It puts Monzo ahead of Starling, which offers a euro account but no dollar account at a higher conversion cost, and closes much of the gap to Wise and Revolut for everyday use without a separate app. For anyone paid in dollars or euros, or who travels regularly, it's worth switching on.

For the full breakdown, including a step-by-step video of opening both accounts in the app and a live £10 conversion, read our hands-on guide to Monzo's USD and EUR accounts.