Monzo Review 2019

Apr 2019

What is Monzo?

Monzo logo

Monzo is a digital bank founded in 2015. It is a very popular digital bank for UK customers with a full banking license.

Monzo is an excellent choice if you live in the UK that could easily replace your old bank. What they do they seem to be doing very well and reliably, and recently they've also switched gears when it comes to rolling out new features.

Monzo-review-bank-card

Monzo Review 2019
Monzo pros and cons

Pros

  • Has a banking license (deposit guarantee, direct debits and standing orders)

  • Smoothest app and user experience

  • Great customer service experience

Cons

  • Only available to UK residents

  • Can't receive international payments (no IBAN number)

Monzo Review 2019
Monzo fees

Account opening and maintenance fee

At Monzo, account opening is free and maintaining your account is also free. There is no monthly cost to that.

Card fees

Cost of Monzo bank card with delivery is also free.

ATM fees

Withdrawing money from any ATM is the UK is free without a limit. Withdrawing abroad is free up to £200 / month, but costs 3% after that.

Transfer fee

Transferring money in the same currency as your Monzo account is free, while Monzo international transfer fee is €0.5-3.

Currency exchange fee

Monzo also applies a currency exchange fee for international transfers. This will vary between 0.35-2% of the exchanged amount depending on the currency.

Monzo Review 2019
Monzo vs. Starling

 

Monzo

Starling

Multicurrency account

No

No

ATM withdrawal fees (standard account)

Free in the UK

£200/month free abroad

3% after

Free
International tranfer fee €0.5-3 £0.30-5.50

International transfer exchange rate

0.35-2%

0.4%

Compare other digital banks

Monzo Review 2019
Monzo account opening

Opening an account at Monzo is super easy: it takes only a couple of minutes to do it via your phone and receive your physical card also takes only a couple of days.

Monzo countries

Monzo is available only in the UK.

Monzo currencies

At Monzo you can open your bank account only in GBP.

Current accounts

Monzo current account is also available only in GBP.

Currencies in the app

Within the app you have only GBP as well.

Top up currencies

At Monzo, you can top up only in GBP.

Monzo cards overview

Monzo cards are provided by Mastercard. 

Monzo Premium account benefits

Monzo has no premium accounts.

Monzo top-up methods

At Monzo, you can use the following top-up methods:

  • Bank transfer

  • Cheques

  • Cash

Monzo Review 2019
Monzo banking features

Monzo has a wide array of banking features available:

  • You can see your spending categorised by the type of transaction (e.g. shopping, restaurants).

  • You can set monthly budgets and spending goals for overall and for spending categories as well.

  • You can send money to other Monzo users for free and instantly. You can also send a money request to another user.

  • Smart savings are also available where Monzo will round up your spendings and store the excess amounts as savings.

  • These savings can also be stored separately for easier overview and management.

  • You can earn interest on your savings.

  • Setting up or cancelling direct debits is quick and easy with Monzo.

  • Overdrafts are possible.

  • Joint accounts are also available.

  • You can set up Apple Pay or Google Pay.

  • 3D Secure online payments are supported.

Monzo Review 2019
Monzo additional features

You can only use Mozo through your mobile app. On the desktop computer, you can access Monzo only for emergency function. You can freeze or defrost your card and see transactions.

Monzo does not have any additional features, like loans, investments, or insurance, but personal loans are in a testing mode.

Would you like to invest your savings on the stock exchange? Opening an online brokerage account is just as quick and easy as opening a digital bank account. Find a cheap and reliable online broker via our broker recommendation tool.

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Monzo Review 2019
Monzo customer service

You can contact Monzo via:

  • Live chat: It is fast and reliable. You can use urgent and non-urgent way to connect.  

  • Phone: It connected immediately.

Customer service is available 24/7.

AUTHOR

Gergely Korpos
Gergely Korpos
Co-founder, CPO
Gergely's aim is to bring more clarity into personal investing. He has 10 years of experience in financial markets with GE Money, KPMG and MOL. He concluded thousands of trades as a commodity trader and financial portfolio manager
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