Monzo

Monzo rating 3.60 5 How do we count the overall AskWallet star rating? It's all based on a combination of reviewer’s feedback and our expertise.
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Monzo is an app-only digital banking service for individuals and businesses. It lets you manage your money, set spending budgets, review account summary, receive instant notifications, travel easy with the possibility to withdraw cash free of charge (up to a limit), use its MasterCard debit card for free payments, manage recurring payments, send money etc.

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Services

  • Personal IBAN

  • Affiliate program

  • Cashback

  • SEPA

  • Loyalty program

  • Insurance

  • Multicurrency account

  • SWIFT

  • Card

Details

Name: Monzo
URL: https://monzo.com/
Сontacts: help@monzo.com
Languages: English
Web version: No
Mobile apps: Yes
Available in this countries: GBR
License: PRA
License №: 730427
Jurisdiction: GBR
Founded: 2015
Apple pay: Yes
Google pay: Yes

Main info

Account opening fee: 0 GBP
Service fee: 1) Monzo = 0 GBP/month
2) Monzo Plus = 5 GBP/month
3) Monzo Premium = 15 GBP/month
Deposit methods: 1) PayPoint = 1 GBP
2) Other Methods = n/a
Withdrawal methods: ATM Card PS = 0-3%
P2P fee: 0%
Personal IBAN: Yes
SEPA: Yes
SWIFT: No
Interest rate: 0.1 - 0.23%
Minimum deposit term (months): 0.033
Main currency: GBP
Number of currencies: 1
Trading: No
Interest account: https://monzo.com/features/savings/
Budget planner: Yes
Bill split: No
Insurance: No
Card
Credit and Loans
Business account
Merchant

Card

Card provider: MasterCard (Debit)
Issuing fee: 0 GBP
Service fee: 0 EUR/month
Multicurrency: No
NFC: Yes
Virtual card: Yes
ATM withdrawal fee: 1) 0% (GBR)
2) 0% (EEA)
3) non-EEA:
- 0% (<= 200 GBP/30d)
- 3% (>200 GBP/30d)
Virtual card pricing: 0 EUR
Virtual service fee: 0 EUR/year

Credit and Loans

Loan amount: 1156 - 17328
APR: 2.3 - 7.5%
Credit cards: No

Business account

Account opening fee: 0 GBP
Service fee: 1) Monzo Business Lite = 0 GBP/month
2) Monzo Business PRO = 5 GBP/month
Deposit methods & fees: 1) PayPoint = 1 GBP
2) Other Methods = n/a
IBAN: Yes
SEPA: Yes
SWIFT: No
Corporate card: Yes

Merchant

Account opening fee: 0 EUR
Service fee 0-5,8 EUR/month
Recurring payments Yes
Cards acquiring services Yes
Email invoicing Yes

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Monzo reviews by users

Review and rate Monzo

Monzo OVERVIEW

Monzo — can this banking app replace your traditional bank account?

6 min read 02.03.2021

Monzo — can this banking app replace your traditional bank account?

Overview by Asma Ahmed

Ashley Wong

The banking system is absolutely wonderful,Transactions is very fast and reliable no regrets banking with monzo I can recommend it to family and friends the are the best bank ever.Keep trusting Monzo for more .

Ella Thornton

Better avoid them at all cost been customer from two years and more when suddenly,few days ago I was in the bed I found a transaction declined to Tesco in another part of England where I have never been before with my old card,since I had my old card with me I tought it has either been cloned or stolen from Google pay,I then had a look some transactions I didn't recognize worth £50 or so. They said they will close my account in August ,now we are on the middle of pandemic is my only bank account. And I need to get in branch of some bank to open an account. I think FCA should revoke their license. Because instead of protect their customer they close account for no reason at all. Please be aware not open this account monzo try any other street bank.

Spencer Parker

Excellent, Monzo is the best bank I’ve ever been with and now with the monzo plus account I enjoy banking with them even more will never change my bank ever!

Erich Böhmer

There is a chance that the information associated with a payment is wrong and Monzo expect you to core it. You are unable to talk to someone to get help only promised via a text chat system that someone will help. Worst decision I ever made switching to Monzo. Never had these issues with a proper bank.

Brianne Bond

Great app, breaks down your spending well every month and the round up transaction feature is great