Monzo Canada alternatives
Is Monzo in Canada? No, but here are seven Monzo bank alternatives with similar offerings that Canadians can sign up for.
Monzo is a UK-based challenger bank that’s completely digital, allowing customers to manage their money via a highly-rated mobile app. It offers the convenience of a chequing account, pays competitive interest on savings and offers a range of other perks, so many people may be wondering if you can get Monzo in Canada.
Is Monzo available in Canada?
No, Monzo is not available in Canada. This UK-based digital bank only offers accounts to residents of the UK and the USA, so Canadians should consider the following Monzo bank alternatives.
Top Monzo Bank alternatives in Canada
What is Monzo?
Monzo is a digital challenger bank headquartered in London, England. Founded in 2015, it offers a wide range of banking accounts and services through an Android and iOS mobile app.
It’s best known for the no-fee Monzo Current Account and debit card, but Monzo also offers savings accounts, investments, pensions, loans, a credit card and more. It’s regulated by the Financial Conduct Authority and the Prudential Regulation Authority in the UK.
Is Monzo available outside the UK?
Yes—but only in the US. If you’re not a UK or US resident, you’ll need to consider Monzo account alternatives.
Does Monzo work in Canada?
If you have a Monzo account in the UK or the US, you can use your Monzo debit card or credit card in Canada. The cards are available for use anywhere Mastercard is accepted, and there are no foreign exchange fees to worry about.
However, other fees may apply. For example, UK customers can withdraw up to £200 fee-free outside the European Economic Area every 30 days, but after that, there’s a 3% charge.
Monzo bank account options
Canadian residents can’t open an account with Monzo, but this digital bank offers the following account options to UK and US residents. The widest range of accounts is available in the UK, where you can open a Monzo Current Account as a:
- Personal account
- Joint account
- Under-16s account
- 16-17s account
The account is designed to provide easy access to your funds through the Monzo app and a Monzo debit card, allowing you to manage your day-to-day spending.
Monzo customers can also open savings accounts known as Savings Pots to earn interest on their balances—the rate they get varies depending on whether they want easy access to their funds or are happy to lock them away for a fixed term.
Does Monzo offer a credit card?
Yes, Monzo offers the Flex Credit Card. The card features 0% interest on purchases of £100 or more that are paid off over 3 months and a 29% APR on all other purchases.
But while this Monzo credit card is not available in Canada, you might want to consider a credit card offered by the Monzo Canada alternatives listed above.
Options include:
- Simplii Cash Back Visa
- Tangerine World Mastercard
- Tangerine Money-Back Credit Card
- Neo Mastercard
- Neo Secured Credit Card
Does Monzo offer loans?
Monzo offers a range of financing options, including personal loans, car loans and home improvement loans. If you’re looking to borrow money, you might want to apply for a loan from a Monzo Canada alternative.
Options include:
- Simplii Financial personal loans and lines of credit (including HELOCs)
- KOHO Cover cash advances of up to $250
- Tangerine lines of credit and home equity lines of credit
Does Monzo offer a banking app?
Yes, the highly-rated Monzo app is free to download for iOS and Android devices. The Monzo app offers many features that are similar to the apps of the Monzo Canada alternatives listed above, including Tangerine, Simplii Financial and EQ Bank.
You can use the app to:
- Get notifications about incoming and outgoing payments
- Pay bills and transfer funds
- Check your account balance and transaction history
- Get spending insights
In short, the Monzo app lets you do many of the same things you can do on a mobile banking app from any Canadian financial institution like Simplii and EQ Bank. But it also offers some features that aren’t available from all providers, such as the ability to deposit cheques and “round up” purchases to boost your savings.
Monzo reviews: What do customers think?
Monzo has generally received positive customer feedback, with hundreds of thousands of reviews across Trustpilot, Google Play and the Apple App Store.
Positive reviews commonly mention factors like the ease of using the Monzo app, perks like “Savings Pots,” the ability to earn cash back and no foreign transaction fees with the Flex Credit Card.
Negative reviewers complain about poor customer service and having their accounts frozen.
For comparison, all of the Monzo Canada alternatives we listed in this guide have high mobile app ratings. For example, Tangerine is rated above 4.5 stars out of 5 across both the Apple App and Google Play stores.
| Site | Rating |
|---|---|
| Trustpilot | 4.5/5 stars based on over 51.4K Monzo reviews |
| Google Play | 4.4/5 stars based on over 154K Monzo reviews |
| Apple App Store | 4.8/5 stars based on over 5.2K Monzo reviews |
Reviews were last verified on June 9, 2025.
Monzo international transfers and exchange rates
If you’re a US or UK Monzo customer and you need to send money overseas, you can send an international money transfer directly from your Monzo account. Monzo’s international transfer service is offered in partnership with Wise, one of the Monzo Canada alternatives featured above.
You can send money to 35 currencies with funds sent directly to your recipient’s bank account. You also get the mid-market (or real) exchange rate on transfers with no markup to worry about. Transfer fees are clearly outlined in the Monzo app before you submit your transfer.
Dive deeper: Our picks for the best money transfer apps in Canada
Revolut vs. Monzo
Like Monzo, Revolut is not available in Canada. While Revolut was previously available here, the digital money app withdrew from the Canadian market in March 2021.
So, if you’re searching for apps like Revolut that provide a multi-currency account with a linked debit card, check out our guide to Revolut alternatives in Canada.
What to consider when choosing a Monzo alternative
Digital banks are growing more and more popular, so you have a slew of Monzo alternatives in Canada to choose from. Keep these key points in mind when comparing your options:
- Low fees. You can usually get low (or no) fees, unlimited transactions and no minimum balance requirements with online banks. But keep an eye out for other costs like foreign transaction fee and NSF fees.
- Interest rates. Digital banks typically have an edge over traditional banks when it comes to interest rates. It’s possible to score an even higher-than-average rate with a new account bank offer. But make sure you know what ongoing rates and fees apply after the promotional period ends.
- Customer service. With an online banks, you won’t be able to get in-person support at a local branch. But you may be able to get help via phone, live chat or email. Check out customer reviews online to find a bank that offers reliable customer support.
- Money transfers. Are Interac e-Transfers free? Can you send money through any other method? A traditional bank may be more suitable if you want to send or receive wire transfers, cheques or money orders.
- Account protection. The Office of the Superintendent of Financial Institutions (OSFI) regulates banks in Canada, and many banks insure customer deposits through the Canada Deposit Insurance Corporation (CDIC). Find an institution uses industry-standard measures like encryption, multi-factor authentication and automatic timeouts to protect your money and information.
Bottom line
You can’t open a Monzo bank account in Canada, but the good news is that there are several reputable Monzo alternatives. Compare these digital banks and financial services providers before deciding where you should open an account.
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