There are no daily or monthly fees to use Monzo. This also applies when using your card for transactions online or in person. The card even allows you to withdraw from countries outside the UK for free up to a limit of £200. If you withdraw more there is a small fee of 3%. Many people are attracted to Monzo for this reason and use it mostly when they travel. Unlike cards such as Revolut, there are is currently not a premium “paid for” version of Monzo with extra features. However, this may well change in the future.
Monzo is a bank that offers foreign currency accounts, mobile app and debit card. It was created in 2015. The original founders met while working together at Starling Bank. They managed to raise an impressive £1m in less than 2 minutes by using a crowd funding platform. Since then, Monzo has continued to grow adding to their dedicated customer base. Monzo is up there with the top pre-paid card services and looks set to be a market leader for quite some time.
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THE MONZO CARD
BACKGROUND INFORMATION
FOUNDED: 2015
FCA: 730427
CURRENCIES: GBP (Global currency exchange available)
ATM LIMIT: £200 per month (3% fee over £200)
VIP OPTION: NO
APP: iOS & Android
CS METHODS: Email & Phone (0800 802 1281)
IBAN: NO
MONTHLY FEE: NO
TRANSFERS: YES
LOADING OPTIONS: Debit Card, Credit Card, Apple Pay and PayPal
What is Monzo?
How does Monzo work?
Monzo is a completley digital bank controlled via an app on your smart phone. They offer a mastercard debit card that can be used like any normal debit card for cash withdrawals and card payments online and offline. You can manage your account via the app and view statements, control spending and even cancel your card should it be lost or stolen.
What are the fees associated with Monzo?
There are no daily or monthly fees to use Monzo. This also applies when using your card for transactions online or in person. The card even allows you to withdraw from countries outside the UK for free up to a limit of £200. If you withdraw more there is a small fee of 3%. Many people are attracted to Monzo for this reason and use it mostly when they travel. Unlike cards such as Revolut, there are is currently not a premium “paid for” version of Monzo with extra features. However, this may well change in the future.
Does Monzo have an app?
Yes, Monzo currently has an app for iOS and Android. You can download the apps from the the respective app stores. The Monzo app works directly with Apple Watch so you can keep track of your spending and finances on the go.
Is Monzo safe and secure?
As account functionality is controlled from your smartphone, users have an extra layer of security features at their fingertips which aren’t always so easy to use on conventional bank accounts. For example, tasks like changing pin number or ordering a new card can be done easily in a few seconds direct from the app.
Where can Monzo be used?
Monzo is primarily designed for GBP currency however it can be used worldwide wherever Mastercard is accepted. You will also benefit from the wholesale exchange rate based on Mastercard which means you won’t be charged extra fees on top.
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