Monzo Bank

Digital banking with Monzo

Monzo introduces a new way to manage your finances from the comfort of your mobile phone.

Account opening criteria

Monzo Bank (formerly known as Mondo) was first introduced in 2015. They gained traction as one of the fastest growing crowd-funded campaigns when managing to raise 1 million dollars in a matter of minutes. Today Monzo offers a new way of banking; an account managed and run through only a mobile app.

What is Monzo?

Monzo is a smart banking solution and is an essentially app-based mobile bank. Monzo provides you with a MasterCard debit card and functions like a current account does, with the key difference being that it’s all digitally-run.

How does Monzo work?

Monzo works much like a regular current account – you’ll be able to set up standing orders and make withdrawals and deposits, but the difference is you can manage your account without needing to visit a branch. Unlike traditional banking however, Monzo boasts features to enhance your budgeting, help you understand and organise your finances as well as introduce some practicality to managing your everyday finances.

What features are there?

There are a number of features you can benefit from if you sign up with Monzo bank including:

  • You get live, real-time updates when making purchases with your Monzo card via the app, with the update to your balance available immediately for you to see and keep track of
  • The app provides user-friendly graphics to make understanding your spending and saving habits easier to digest
  • You can pay anyone instantly through your app without the person you’re paying needing a Monzo account
  • You can roll up each transaction you make to the nearest pound and add the remainder to a savings pot
  • Monzo can pinpoint certain transactions you make on a map made available through the app
  • You can opt to receive notifications if your bills are higher or lower than usual
  • The app allows you to add notes and receipts to your transactions

Perks for travel

You’ll be able to forego fees and charges when using a Monzo card abroad. This includes regular purchases at retailers and when buying services directly via the card.

Monzo provides free ATM cash withdrawals abroad, but a £200 ATM withdrawal limit is set in place — anything upwards of which will then be charged at 3%. So it’s a good idea to stick to direct purchases using your Monzo debit card as there is no limit or restriction set in place for direct payments.  

The Mastercard exchange rate applies so it’s a good idea to keep track of the foreign exchange rate when you plan your travels.

How do you apply?

The app is available on iOS and Android. Once you download the Monzo app you’ll be asked to sign up. This will require a form of identification – your passport or driver’s license will do. Once you’ve completed the application, you’ll receive your debit card via post.

Can you withdraw money from Monzo?

You will be able to withdraw money from Monzo, much like you would with a regular debit or credit card. There is no cap on free ATM withdrawals within the UK.

Do you have to pay for Monzo?

There’re no fees involved in the sign up or use of Monzo within the UK, including free ATM withdrawals. This is also true for overseas use but if you withdraw more than £200 abroad, you’ll be charged 3% for withdrawals made moving forward.

Compare current accounts with MoneySuperMarket

You can compare the best current accounts with the MoneySuperMarket online tool. You’ll be able to filter your choices by any rewards and perks you may be able to benefit from as well as switch incentives and any overdraft charges and interest rates that come into play. We make comparing easy to make sure you have access to the best deals on offer.

Once you’ve decided to switch your current account, simply click through to the provider where you’ll be able to sign up to your new account.

How to contact Monzo

Email: help@monzo.com

UK telephone number:  0800 802 1281

Calling from abroad:  +44 20 3872 0620.

 

 

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