We estimate the transmission of monetary policy to expenditures in a small open economy using novel, granular, transactional data. We find that monetary policy shocks trigger exchange-rate movements, and have significant short run effects on expenditures. A restrictive shock of one standard deviation increases expenditures by up to 0.75 percentage points 1 1.5 months after the shock, consistent with the real income channel of monetary policy. We quantify the contribution to the expenditure response by expenditure category, country of residence of the purchaser, and distance to the border of the location of purchase.