Monzo

Monzo
Neobank
Travel
Crypto
Сredits and loans
Money Transfer
Business
Merchant
Savings
Personal
Debit card
Virtual Card
Referral program
Mobile Apps
SEPA
IBAN
Rating 3.17 6
We calculate the rating from AskWallet editorial and user ratings

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.

Rate

Services

  • Personal IBAN

  • Affiliate program

  • Cashback

  • SEPA

  • Loyalty program

  • Insurance

  • Multicurrency account

  • SWIFT

  • Card

  • Crypto

Details

Founded: 2015
Has mobile app: Yes
Has web version: No
Has apple pay: Yes
Has google pay: Yes
Contacts: help@monzo.com
Languages: English
Reference number: 730427
Available in these countries: GBR
Jurisdiction: GBR
Licenses: PRA

Main info

Has insurance: No
Has trading: No
Has budget planner: Yes
Has bill split: No
Has iban: Yes
Has sepa: Yes
Has swift: No
Virtual card service fee: 0 EUR/year
Service fee: 0 EUR/month
Main service fee text: 1) Monzo = 0 GBP/month
2) Monzo Plus = 5 GBP/month
3) Monzo Premium = 15 GBP/month
Account opening fee: 0 GBP
Withdrawal fee: ATM Card PS = 0-3%
P2P fee: 0%
Main currency: GBP
Number of currencies: 1
Credit: 33.4% per year (variable) which is equivalent to a rate of 39% EAR (variable)
Interest account: https://monzo.com/features/savings/
Referral program: The referral bonus gives £5 to both the customer and to the new friend who they manage to sign up for an account
Card
Business account
Merchant

Card

Has virtual card Yes
Has card Yes
Has multicurrency card No
Personal credit and loans Credit cards No
Virtual card service fee 0 EUR/year
Card provider MasterCard (Debit)
ATM withdrawal fee 1) 0% (GBR)
2) 0% (EEA)
3) non-EEA:
- 0% (<= 200 GBP/30d)
- 3% (>200 GBP/30d)

Business account

Business account has IBAN Yes
Business account has SEPA Yes
Business account has SWIFT No
Business account has business card Yes
Business p2p fee has conversion No
Business account deposit methods and fees has conversion Yes
Business account withdrawal methods and fees has conversion No
Business account service fee 1) Monzo Business Lite = 0 GBP/month
2) Monzo Business PRO = 5 GBP/month
Business account opening fee 0 GBP
Business account deposit methods & fees 1) PayPoint = 1 GBP
2) Other Methods = n/a
Business account deposit methods and fees percent: 1.1%

Merchant

Has recurring payments Yes
Has cards acquiring payments Yes
Has email invoicing Yes
Merchant account opening fee 0 EUR
Merchant service fee 0-5,8 EUR/month

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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?

social-icon S. Alexander

Wouldn't recommend

Support is useless but also condescending to the point of being insulting

social-icon 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 .

social-icon 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.

social-icon 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!

social-icon 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.

social-icon Brianne Bond

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