Monzo review

Monzo fees and limits

So far, Monzo‘s reported that it will forgo many fees associated with more traditional banks, including for overdrafts and ATM withdrawals in the US.

Withdrawals from ATMs outside of the US are free up to $200 a month, when you’ll start paying a fee equal to 3% of your transaction until the new month turns over.

If we hear of any additional fees as the service launches, we’ll update this review.

How do I apply for a Monzo account?

As of January 2020, Monzo is not yet available in the US. You can join a waitlist on the app’s site until it rolls out the details of its launch Stateside.

What is Monzo?

Monzo is a well-loved digital bank launched in 2017 in the UK. Focused on young professionals, it advertises the ability to access your money through a smartly designed smartphone app without the need for physical branches⁠. Help is available through the app’s chat feature, by phone or by email.

How does Monzo work?

In the UK, Monzo works a lot like a regular checking account. Each account comes with a bright coral Monzo Mastercard. The card is controlled via the app, which allows for person-to-person payments and instant notifications after transactions.

To help you see where your money goes each month, transactions are broken down into 12 categories:

Using Monzo abroad

Monzo claims that it doesn’t mark up the exchange rate or charge fees to use your card abroad. But you’ll pay a fee equal to 3% of your withdrawal when you take out more than $200 each month from a foreign ATM.

If you lose your card while traveling, freeze its use through the app. Simply defrost your card if it turns up safe.

Is Monzo safe?

Monzo announced in June 2019 that it plans to partner with Sutton Bank to offer its services, forgoing lending until it’s approved for a US banking charter. That partnership will extend FDIC protections on your account for deposits of up to $250,000.

Expect technological safeguards like PINs, secure payments and fraud detection.

Pros and cons of Monzo

Until then, look into other online bank accounts to weigh benefits and drawbacks against your spending habits.

Compare Monzo against its competitors

Frequently asked questions

• Is Monzo a licensed bank?

  No, but it is partnered with Sutton Bank to do business in the US until it receives its own banking charter.

• Do I need a traditional bank account to link to my Monzo card?

  No. At least in the UK, Monzo offers a checking account that links to your Monzo Mastercard debit card.

• How do I deposit money into my Monzo account?

  Add money to your Monzo account in three ways:

  1. Transfer funds from another account to your Monzo account.
  2. Set up a recurring transfer to your Monzo account.
  3. Direct deposit your paycheck to your Monzo account.

• How long will I wait for a transfer into my Monzo account?

  It can take up to 24 hours or longer depending on the type of transfer. Transfers are processed on banking business days only. Contact Monzo directly if your transfer hasn’t hit your account within three business days.

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Image source: Supplied, photographer: Monzo

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