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.
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 review by going the corresponding table.
- User Rating
- Transfer Type
- Regular Payments
- Mobile App
- Min Transfer Amount
Details About Monzo
Headquartered in London, 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.
If you use the Monzo card to withdraw money overseas, you do not have to pay any fees for the first £200 every 30 days. Then, a 3% fee applies.
As of now, Monzo lets you carry out one-off international money transfers. The bank provides services only for individuals, and not for businesses. The other products it offers include a current account for residents in the UK along with the Monzo Mastercard.
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.
- Get your salary paid directly into your Monzo checking account.
- Transfer money into your Monzo account from other bank accounts.
- Add cash into your account from anywhere you see the PayPoint logo.
- Use your Monzo card with Apple Pay and Google Pay.
- Use your Monzo card to make payments and cash withdraws 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.
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
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 on 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 leading money transfer companies from your part of the world.
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. To find out if using the international money transfer services of this bank might work well for you, read this Monzo review in its entirety.