Who May Benefit By Using Monzo?
People who reside in the UK may benefit by using the services of Monzo in different ways.
- They get access to a UK current account.
- They can use their Monzo card with Apple Pay and Google Pay.
- They can manage their money using the Monzo app.
- They may use their Monzo card globally.
- They can send money to overseas bank accounts.
Monzo Digital Banking Services Review
Headquartered in the UK, Monzo began offering its banking services in 2017. If you live in the UK, you may get a current account through this digital bank.
High Level Overview
Available: UK Account Fees: £0 Account Types: Personal & Business Trust Pilot Score: 8.7/10 Cash top Ups available via PayPoint Loyalty points available through Flux TransferWise used for internatioanl money transfers Budgeting summary visualisation available
Detailed Features List
|Types of customers||Personal & Business|
|Monthly Account Fee||£0|
|Types of accounts||Current|
|Top Up / Adding Funds||Bank transfer, cash, cheque|
|Certificates of deposit||No|
|Physical Debit Cards||Yes (Next Day Replacement)|
|Credit / Debit Card Delivery Speed||Up to 5 business days|
|Virtual Debit Card||No|
|Cashback||Loyalty points through Flux|
|ATM fees (including Foreign)||Fee-free cash withdrawals in the UK|
Fee-free £200/month withdrawals when overseas;
3% charge once you cross the limit
|Foreign Transaction Fees||Nil|
|Apple Pay & Google Pay||Both|
|Minimum balance requirement||Nil|
|International money transfers||Yes|
|Registered with / Authorised by||PRA, FCA, FSCS|
|Trustpilot score||8.9 out of 10|
|Spending Visualisation||Budgeting with Summary|
|Options to deposit cash||Yes – (through PayPoint)|
The Monzo Current Account
The Monzo current account works like a conventional UK-based current account. You get access to funds in your account through a Monzo Mastercard. Monzo lets its customers open joint accounts, where each account holder gets an individual card. You pay no monthly account keeping fee.
Monzo lets you save money in separate Pots to meet different goals. The money in these Pots can earn up to 1.71% Annual Equivalent Rate (AER).
Monzo does not provide different types of debit cards. You may use your Monzo Mastercard internationally. The bank does not add any mark ups on existing exchange rates when you use your card outside of the UK.
You pay no monthly fee to maintain your account. Cash withdrawals in the UK are fee-free. If you use the card internationally, you may withdraw up to the equivalent of £200 from ATMs every 30 days for free. Then, a 3% charge applies. Monzo does not charge any foreign transaction fees.
- Get your salary paid directly into your Monzo account
- Setting up direct debits is easy
- There is no minimum balance requirement
- Adds funds in your account via bank account transfers, or by using cash or cheques
- Add cash from anywhere you see the PayPoint logo
- Earn loyalty points through Flux
- View spending based on different categories such as transportation, groceries, entertainment, bills, and shopping
- Send money to other Monzo users in real-time for free
- Provides overdrafts
- Set up Apple Pay and Google Pay
- Allows freezing and unfreezing your card
- Provides real-time alerts
- Allows bill splitting
Signing Up With Monzo
To sign up with Monzo, you need to start by downloading its app from the Google Play Store or the Apple App Store. You may register if:
- You are a resident of the UK
- You are at least 16 years of age
Monzo International Money Transfer Review
Monzo lets its customers transfer money to different countries in an easy and cost-effective manner. This service is provided for individuals, although the company is in the process of making it available for its business customers too.
At a Glance – Monzo Money Transfer Services
Monzo customers may use its services to transfer money overseas in various currencies. This service is provided owing to a tie up with TransferWise, a leading intentional money transfer company. Monzo customers may use the Monzo Mastercard to access money in their account the world over. In such a scenario, Mastercard exchange rates apply.
Get a quick overview of this Monzo international money transfer review by going the corresponding table.
- User Rating
- Transfer Type
- Regular Payments
- Mobile App
- Min Transfer Amount
Details About Monzo
This financial services provider announced a tie up with TransferWise on 25 June 2018, giving its customers easy means to send money overseas. Owing to their collaboration, existing TransferWise customers may now connect their accounts with the Monzo app. Monzo reviews found online rates its services from poor to excellent.
You get to view the list of countries that you may send money to through the Monzo app, at the time of initiating a transfer. The company accepts payments in pound sterling. It lets you transfer money in:
- Australian dollar
- Brazilian real
- Canadian dollar
- Danish krone
- Hungarian forint
- Indian rupee
- Malaysian ringgit
- Nigerian naira
- New Zealand dollar
- Pakistan rupee
- Polish zloty
- Romanian leu
- Swedish krona
- Thai baht
- U.S. dollar
Monzo Currency Exchange Fees
The fee that you pay for your transfer remains the same, no matter whether you select Monzo or TransferWise. However, Monzo receives a slight percentage of the fee that TransferWise charges. The bank gives you a clear indication of the fees that will apply on your transfer in advance. You may view details about the TransferWise pricing structure online.
As of now, Monzo lets you carry out one-off international money transfers. As of now, the bank provides international money transfer services only for individuals, and not for businesses.
Monzo does not let you schedule transfers. It does not provide forward contracts or market orders. The features you may benefit through include:
- Make overseas money transfers without signing up with TransferWise.
- Use your Monzo card to make payments and cash withdrawals when travelling overseas.
Monzo Exchange Rates
Monzo customers get the same prevailing mid-market rates provided by TransferWise to all its customers. When you use the Monzo Mastercard outside of the UK, existing Mastercard exchange rates apply. You do not have to worry about markups in both scenarios.
Coupons Offered By Monzo
There are no existing promotional offers by Monzo.
How Do You Set Up a Transfer With Monzo?
Setting up an overseas money transfer using the Monzo app is fairly straightforward. Before getting started, make sure there are enough funds in your Monzo account to pay for the transaction. To set up a transfer, you will need to provide:
- The recipient’s complete name
- The recipient’s bank account number
- The receiving bank’s name
- The receiving bank’s SWIFT code or IBAN
- The amount you wish to transfer
Once you provide all the required details, Monzo informs you of the exchange rate that will apply on your transfer. You then need to confirm the transaction.
Additional Information About Monzo
- UK-based Monzo Bank Limited is registered as a company in England and Wales.
- It is authorized by the Prudential Regulation Authority (PRA).
- It is regulated by the Financial Conduct Authority (FCA) and the PRA.
- It is part of the Financial Services Compensation Scheme (FSCS).
If you go through Monzo reviews on Trustpilot, a review-based website, you get a fair indication of what the company’s previous customers have to say about its services. On this platform, the bank gets an average score of 6.3 out of 10.
Monzo provides over-the-phone support and you may also contact the bank via email. Its contact details are listed in the corresponding table.
Now that you have reached the end of this Monzo review, you might have an idea of whether using the services of this online bank may work well for you. If you are not sure, consider comparing its services with those offered by some of the other leading neobanks and overseas money transfer companies.
Monzo Review Updates
Monzo is a UK-based online bank that began operations in 2015. It gives its customers access to a current account, funds in which they may access using the Monzo Mastercard. The bank also gives its customers an easy way to send money overseas by using its app. To register as a customer, you have to be a resident of the UK.
Founded in 2015, Monzo Bank Limited is a UK-based mobile-only digital bank. In February 2016, it set a record for the “quickest crowdfunding campaign in history” by raising £1 million in a little over a minute and a half, through the Crowdcube investment platform. While the bank originally operated through a mobile app and offered a prepaid debit card, it began offering a current account in 2017.
Monzo was among the pioneers of app-based challenger banks in the UK. In May 2017, the bank announced that around 200,000 customers had used its prepaid card to collectively spend more than £250 million. The bank originally traded as Mondo. It adopted the name Monzo in June 2016.
Owing to its partnership with TransferWise, Monzo gives its customers easy means to carry out overseas money transfers.