Monzo is a UK-based digital-only bank that operates without traditional physical branch networks, focusing instead on providing a user-friendly, app-based banking experience. It offers a range of financial services traditionally associated with banks, such as opening current accounts, instant notifications for transactions, budgeting tools, and savings pots. In addition, Monzo provides international money transfers, fee-free spending abroad, and has added features like salary sorter and bills splitting functionalities to help users manage their finances more effectively. The bank places a strong emphasis on transparency, customer service, and community, often incorporating user feedback into product development. With its bright coral-colored debit cards and innovative financial solutions, Monzo targets a tech-savvy audience that prefers managing their finances on-the-go.
Monzo is currently available for residents of the following countries:
United Kingdom
24/7 availability- anytime, anywhere
No matter where you are, at home or abroad, you can access your Monzo account via the app, check your account balance, control your savings, get customer support, make payments and even freeze your debit card if needed. In addition, get real-time notifications every time you make a transaction, so there won’t be any surprises at the end of the month. No need to make appointments, stand in line and lose working hours to manage your finances.
Get approved fast
Opening an account with Monzo is simple, with no lengthy paperwork. Just download the app, prove your identity, top up your account and you’re ready to go. Monzo doesn’t require a copy of your credit history to approve your account, meaning you can open an account and get approved in minutes.
Lower fees
Another main reason to use Monzo is the low (or no!) fees. Monzo has no physical branches, therefore they can offer lower fees than traditional banks – especially when it comes to ATM withdrawals, money exchange/transfer and payments abroad. For example, Monzo offers zero fees on all transactions, including purchases made overseas!
Makes traveling easier
Monzo = borderless banking. Low/no exchange rates and low/no ATM withdrawal fees worldwide make traveling a whole lot easier (and cheaper) than with traditional banks- especially in the eurozone. And for added safety, freeze or unfreeze your debit card while you travel, directly in the app.
Go paperless
One of the frustrating things about traditional banks is the amount of documents, contracts and letters that are sent to your mailbox. With Monzo everything you need is in the app and all communications are sent to your app or your email. Gone are the days of rummaging through piles of paper around your house – and protecting the environment is the cherry on top.
New 8 comparisons for Monzo
