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.
The attraction of the Simplii No Fee Chequing Account is simple: unlimited transactions with no monthly fee or minimum balance requirement. E-Transfers are included too, and you get fee-free access to CIBC's nationwide network of over 3,400 ATMs. Optional overdraft protection is also available for added peace of mind. Like Monzo, Simplii has a very highly rated mobile banking app for both iOS and Android.
Backed by a Big Five Bank
Unlimited purchases, withdrawals and bill payments
The EQ Bank Personal Account is a hybrid account. Like Monzo, it offers easy access to your funds, like you'd expect from a chequing account, along with the interest-earning power of a high-interest savings account. It supports unlimited transactions, has no monthly fee and pays up to 2.5% interest if you have your pay directly deposited into your account.
Unlimited transactions
No monthly fee or minimum balance requirement
Earn up to 2.5% interest on your balance
Fee-free ATM withdrawals across Canada
Doesn't offer cheques
No physical branches
Need to meet terms and conditions to earn the maximum interest rate
Min. Age
18
Account Fee
$0
Overdraft Fee
$0
KOHO: Monzo spending and savings account alternative
KOHO offers a reloadable prepaid Mastercard linked to a hybrid chequing/savings account. You can use the card anywhere Mastercard is accepted and earn cashback on purchases. You also earn a competitive 2.5% interest on your account balance.
Earn cash back on your spending
2.5% on your savings
User-friendly mobile app
This plan has a low monthly fee (but can be waived)
Watch out for ATM fees
You'll need to upgrade to the Everything plan to maximize your cash back and interest earn
Like Monzo, Tangerine's Daily Chequing Account comes with no monthly fee and no minimum balance requirement. You get unlimited transactions and free Interac e-Transfers plus free access to over 44,000 ATMs around the world. When you need to manage your money, you can do so via Tangerine's user-friendly online and mobile banking portals.
Neo's Everyday Account lets you earn cash back on your spending—the larger your balance, the more cash back you can earn. You also get free everyday transactions with no monthly fee, and there's no minimum balance requirement to worry about. The money you deposit is also eligible for CDIC protection.
Earn up to 4% cash back on gas and groceries and 1% cash back on all other purchases
Wise offers a multi-currency account that lets you send, spend and hold funds in 40+ currencies. There's no monthly fee to worry about, and the account comes with a linked debit card that you can use in 160 countries. Wise also offers the mid-market exchange rate on currency conversions, helping you save money by avoiding exchange rate markups.
OFX is a specialist international money transfer service that lets you send money to 170+ countries around the world. You can set up recurring transfers, take advantage of advanced tools like forward contracts and send money fee-free when you transfer over $10,000.
24/7 support
Send to a huge range of destinations
Advanced transfer tools
User-friendly mobile app
Not a daily banking account
Exchange rate markup applies
$200 minimum transfer amount won't suit everyone
$15 fee may apply for transfers under $10,000
Transfer Amount
$200 – Unlimited
Payout Method
Cash pickup location Bank account
Pay By Method
Debit card Bank transfer Direct debit (EFT) Money order
Transfer Methods
By phone call Through app Online
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.
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.
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)
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.
Of the Monzo Canada alternatives featured here, Wise and OFX are the highest rated on Trustpilot with an average rating of 4.3/5 based on 244,775 and 10,349 reviews respectively. In terms of app store ratings, Wise has the highest on the Google Play Store with 4.7/5 based on more than 1 million reviews, and KOHO has the top average on the Apple App Store with 4.8/5 based on more than 80,000 reviews.
Site
Rating
Trustpilot
4.4/5 stars based on over 42,200 Monzo reviews
Google Play
4.4/5 stars based on over 143,000 Monzo reviews
iOS App Store
4.8/5 stars based on over 4,800 Monzo reviews
Reviews were last verified on December 30, 2024.
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.
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.
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.
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.
Curious if these other banks are available in Canada? Find out:
Yes, Monzo offers a business bank account, but it's only available to sole traders and limited company directors in the UK. If you're searching for a business account in Canada, check out our guide to the best business bank accounts.
Yes, UK and US customers can set up overdraft protection on their Monzo accounts. In Canada, Monzo alternatives like Tangerine and Simplii Financial provide the option of adding overdraft protection to your chequing account.
The CDIC is a federal crown corporation that's responsible for insuring eligible savings deposits in Canada. When you deposit money with a bank or credit union that is a CDIC member, the CDIC insures up to $100,000 of your money (per insurable category) in the unlikely event that the financial institution fails.
Tim Falk is a freelance writer for Finder. Over the course of his 15-year writing career, he has reported on a wide range of personal finance topics. Whether you're investing in stocks and ETFs, comparing savings accounts or choosing a credit card, Tim wants to make it easier for you to understand. When he’s not staring at his computer, you can usually find him exploring the great outdoors. See full bio
Stacie Hurst is an editor at Finder, specializing in loans, banking, investing and money transfers. She has a Bachelor of Arts in Psychology and Writing, and she has completed FP Canada Institute's Financial Management Course. Before working in the publishing industry, Stacie completed one year of law school in the United States. When not working, she can usually be found watching K-dramas or playing games with her friends and family. See full bio
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