Monzo is a digital banking solution

Monzo
Neobank
Business
Merchant
Savings
Personal
Debit card
Virtual Card
SEPA
IBAN
Travel
Crypto
Сredits and loans
Referral program
Mobile Apps

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.

Services

  • Personal IBAN

  • Affiliate program

  • Cashback

  • SEPA

  • Loyalty program

  • Insurance

  • Multicurrency account

  • SWIFT

  • Card

  • Crypto

Details

Details
Founded:

2015

Has mobile app:

Yes

Has web version:

Yes

Has apple pay:

Yes

Has google pay:

Yes

Contacts:
Languages:

English

Emi type:

Neobank

Available in these countries:

GBR

Jurisdiction:

GBR

Licenses:

PRA

Main info

Main info
Has insurance:

Yes

Has trading:

No

Has budget planner:

Yes

Has bill split:

Yes

Has IBAN:

Yes

Has SEPA:

Yes

Has SWIFT:

No

Virtual card service fee:

0 EUR/year

Electronic payment methods and fees:

Fee-free UK bank transfers.

PayPoint - 1 GBP

Service fee:

0 EUR/month

Main service fee text:

Monzo: 0 GBP/month
Monzo Plus: 5 GBP/month
Monzo Premium: 15 GBP/month
Monzo Joint Accounts
Monzo 16 - 17 Accounts

Account opening fee:

0 GBP

Deposit fee:

Bank transfer: 0%
Cash: 1 GBP
Cheque: 0% ( Your cheque can take up to 5-7 working days to reach us. Once we’ve received the cheque, it'll take up to a week to be processed. Please note that we're not able to process cheques in currencies other than GBP).


Monzo Plus: 1 free cash deposit a month ( At PayPoints across the UK).
Monzo Premium: 5 free cash deposits a month ( At PayPoints across the UK).

Withdrawal fee:

Free in UK

Monzo Plus: Fee-free withdrawals abroad ( Up to £400 free every 30 days).
Monzo Premium: Fee-free withdrawals abroad ( Up to £600 every 30 days).

P2P fee:

0%

Main currency:

GBP

Number of currencies:

1

Cashback:

Monzo Plus: 15% off Patch and many more.

Bonus:

Monzo Premium: Discounted airport lounge access. You and guests can travel in style.

Business account: 6 month XERO for free.

Credit:

Monzo Flex ( Buy Now Pay Later):

Spread the cost of pretty much anything, even things you bought 2 weeks ago. Use Flex online or in-store, with protection for eligible purchases.
If eligible, it’s interest free over 3 instalments, or take more time with 6 and 12 instalments at 19% APR representative (variable).

Overdrafts: 19%, 29% or 39% EAR (variable)

Loans:

Ditch hidden fees, confusing terms and waiting around. Achieve your goals and feel in control with a Monzo loan.

If you’re eligible, our representative APR is 8.9% for loans more than 10,000 GBP, up to 25,000 GBP. For loans up to 10,000 GBP it’s 23.9%.

Interest account:

Monzo Plus: 1.00% AER/Gross (variable) interest up to 2,00 GBP ( On your balance and regular Pots).
Monzo Premium: Interest on balance and regular Pots, 1.50%/1.49% AER/Gross on up to 2,000 GBP.

Fixed: 0,25% - 2,39% AER
Easy access: 0,80% - 1,02% AER
Easy access ISA: 0,74% - 0,80%

Referral program:

Invite 2 friends to unlock a limited edition card this summer.

Plus £5 for you and every friend you invite (when they sign up and use their card within 30 days).

Card

Crypto

Money transfer

Business account

Merchant

Card
Has card:

Yes

Has virtual card:

Yes

Has multicurrency card:

No

Personal credit and loans Credit cards:

No

More info:

Plastic card: Included in Monzo account
Holographic card: Exclusive to Monzo Plus
Metal card: Exclusive to Monzo Premium

Paying by card abroad is always free.
For those that use Monzo as more of a spending card: 3% on withdrawals over 250 GBP every 30 days.

Payment card type:

Debit

Card provider:

MasterCard

Virtual card service fee:

0 EUR/year

ATM withdrawal fee:

0% up to 250 GBP/month, after 3%

Card limits:

400 GBP/day
5500 GBP/month

Crypto
Main info:

As a Monzo customer you can use a range of cryptocurrency exchanges to buy crypto, as part of your personal banking with us.

Like all regulated banks, from time to time we may block a small number of transactions based on risk. This applies to all transactions, not just ones involving cryptocurrencies.

Money transfer
Money transfer speed:

Instantly up to 1 business day

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:

Monzo Business Lite: 0 GBP/month
Monzo Business PRO: 5 GBP/month

Business account opening fee:

0 GBP

Business account deposit methods & fees:

PayPoint ( Cash): 1 GBP
Bank transfer: 0 %
Cheque: 0%

Business account withdrawal methods & fees:

Free in UK

Merchant
Has recurring payments:

Yes

Has cards acquiring payments:

Yes

Has email invoicing:

Yes

User Reviews

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Farhan Riaz
Mr Kussen

Never ever had an issue. So easy to conduct business hence why Monzo is my main account

Martha

Quick and easy to set up an account, easy to see what you’ve spent and where and good customer service. An overall good banking experience and would recommend.

Nonamey

If I'm honest since being introduced to monzo banking has been so much easier especially saving. The pots you can create for different savings and being able to adjust percentages of what goes where is amazing.

Nonamefield

All seems good until something needs to be managed by customer services. Just after I’d opened a business account, a couple of years ago, I had an issue where money was taken from my personal account. It wasn’t handled very well, even though it was eventually resolved - I had to ask them whether it had been resolved, they didn’t tell me. So, I was wary of using the business account, as the values that would have been going through that would have been much higher. Recently tried to open a joint account and hit fiasco number two, where employees don’t understand their processes and give you incorrect information. Decided, last week, to close the business account but they closed the personal account by mistake. I told them they’d closed the wrong account so they closed the right one and that kicked me out of the app as I no longer had any accounts with them. I’d asked for the incorrect closure of my personal account to be referred to their customer advocacy team and for my personal account to be reinstated, before I got booted from the app. I’ve heard nothing from Monzo regarding any of this for five days. They have my telephone number, my email address and my home address so there’s no excuse for not contacting me. Thankfully, I have another bank account I can use. If you’re happy to risk losing access to your bank account and receive amateurish service, choose Monzo. Otherwise, look elsewhere.

SNonameter

Great bank, innovative features, convenient app. As Monzo is not burdened by technology debt or archaic process from the era of Mary Poppins they can innovate and bring great new features to banking quickly and reliably while also giving a great banking experience.

KyNonameer

Good way to keep track of your payments and be able to transfer if and when you want

Louise

Love monza great account love you can set up pots for different bills and you can split the bill best bank account ever had

Alfredo

Great service and great customer care.The only reason why I'm not giving 5 stars is because it is still too soon to assess the overall reliability over time. I'd have no issues to switch from my current bank if I could be reassured that Monzo is not going to dramatically change for the worse or even disappears in the next few years.

roNonameas

Stay away from Monzo if you do a lot of transfers and use gambling websites they will freeze your account and not tell you why.They tell you the maximum you can transfer in a day is ?10,000,but they have frozen my account with no explanation for no where close to 10,000 and transferred from my own bank accounts these people are out of order they are not even a big official bank just stick with your original banks.

Sarah

Amazing bank with a great app easy too use love it.

ANonamey

I have loved monzo for a while now, but I have moved away to Starling bank now. My reasoning is because I wanted a joint account with my partner.. monzo could not help with this, even though they have it as an option. Due to that they have lost me as a customer & have marked them down on my review.

Nonameenzie

Works well at what it does, but limited. Low daily transfer limit is a pain occasionally. Great if you need to budget carefully. Savings account debits immediately but doesn't credit until next working day. So don't bother on a Friday. Also DDs will execute before savings account credits. So you need to allow two days. Wonder who gains the benefit if the money in the meantime....Best used in tandem with a traditional bank with an immediate access savings account and cheque book. Good but not a complete solution.

PhNonameer

The only thing that I find wrong is not being able to use my card at pay at the pump, or paying any money in at a pay point. Other than that I really like my Monzo account.

Nonameks

Great bank! Bravo

Dina

Monzo was going great for me, I used it for everything. The budgets were great and the savings pot was a great feature as I kept all my savings in the monzo account. However I lost all faith in them after I had fraud done on my account that was claiming to be the bank and managed to get into my account. Luckily I realised early enough so I quickly moved all my funds out of the account. Since that scare I couldn’t trust that anything will be done in future to prevent it from happening again. Sadly I no longer use monzo as a main account and only use it here and there but to be honest I will just close the account.

BNonamen

Best bank I’ve ever been with! Can’t get why more people don’t switch, yet they continue to moan about bank branch closures and subpar banking app experience. Monzo Plus features are pretty basic, but for the virtual cards I’d say it’s worth it (would like to see cash back).

CrNoname

My favourite bank. I’ve been using when it was a prepaid card. I believe in them. 10 out of 10

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