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
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Personal IBAN
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Affiliate program
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Cashback
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Crypto
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SEPA
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Loyalty program
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Insurance
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Multicurrency account
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SWIFT
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Card
Details
| Name: | Monzo |
| URL: | https://monzo.com/ |
| E-mail: | help@monzo.com |
| Languages: | English |
| Web version: | No |
| Mobile apps: | Yes |
| Available in this countries: | GBR |
| License: | PRA |
| License №: | 730427 |
| Jurisdiction: | GBR |
| Founded: | 2015 |
Main
| 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: | No |
| SEPA: | Yes |
| SWIFT: | No |
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) |
Multicurrency
| Main currency: | GBP |
| Number of currencies: | 1 |
Other options
| Cryptocurrencies: | No |
| Trading: | No |
| Credit: | 33.4% per year (variable) which is equivalent to a rate of 39% EAR (variable) |
| Interest account: | https://monzo.com/features/savings/ |
| Budget planner: | Yes |
| Bill split: | No |
| Insurance: | 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: | No |
| SEPA: | Yes |
| SWIFT: | No |
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Monzo — can this banking app replace your traditional bank account?
Monzo — can this banking app replace your traditional bank account?
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.
Great app, breaks down your spending well every month and the round up transaction feature is great