Monzo is a UK-based challenger bank that was founded in 2015 by Tom Blomfield, Jonas Huckestein, Jason Bates, Paul Rippon and Gary Dolman. It is a multi-functional digital banking app that is authorised by the FCA and has more than 5 million customers worldwide
Monzo 4 key point overview:
👉 Challenger banks have recently become increasingly popular around the world as a new type of retail bank that competes directly with larger institutional banks.
👉 They are primarily based in the United Kingdom and they are being created to give UK banking clients access to newer technologies, more features and perks, and more flexible account types.
👉 Monzo is focused on making money work for everyone and has taken initiative to be an eco-friendly bank that is branchless, digital and doesn’t invest in companies that use fossil fuels.
👉 This bank has also taken an extra step in protecting people with gambling addictions, which has increased by an alarming rate over the last couple of years, with research suggesting that over 1 million people in Great Britain having a gambling addiction.
👉 Monzo offers a user-friendly, multi-feature banking experience with a wide range of innovative budgeting and money management tools to help you spend your money more responsibly.
👉 This bank is also regulated and has a Trustpilot rating of 4.5/5.
👉 Monzo is incredibly popular for its money management tools and flexible savings plans.
👉 This application also offers cross-platform compatibility with Google Pay and Apply Pay and online payments are secured by 3D authentication.
👉 You can now send payments internationally using Monzo (with no hidden fees) and clients have the option of using a free account or paying very low membership fees for premium features.
👉 Additionally, withdrawals in the UK are entirely free and most of the services offered by this bank are free or significantly cheaper than traditional banks.
👉 Monzo does not yet offer insurance or the option to make investments in markets online, but you can take out loans with this bank, earn interest at competitive rates and manage your money using “pots” that will help you save for future goals.
👉 Monzo offers 24/7 customer support, as well as live chat and telephonic support.
👉 If you travel often, Monzo offers built-in features to help you manage your travel expenses and stay on top of exchange rates.
👉 Your travel expenses will automatically be categorised as such and you will have an expense report for each trip.
👉 Monzo can be used either in your personal capacity or as a business and there are accounts and special features designed specifically for individual clients and businesses respectively.
👉 As a business, you can either use Monzo Lite (for free) or Monzo Pro (at £5 per month).
👉 The Lite account offers some great features, but if you want to get the most out of Monzo, we recommend getting the pro account for a wide range of financial management tools for invoicing, account integration, multi-user access, budgeting tools, and exclusive offers.
👉 The Lite account does however offer most of the core features that will help you successfully manage your business finances and keep your clients and team members happy.
👉 If you are using Monzo in your person capacity, you will be able to choose from current accounts, premium accounts, joint accounts, Plus accounts and accounts for individuals under the age of 18.
👉 With Monzo savings, your savings are rounded up, automated and you benefit from flexible, competitive interest rates.
👉 You can also take out loans with Monzo and use overdraft facilities.
👉 To open an account with Monzo, click on the “sign up” button and scan the QR code that comes up using your smartphone.
👉 You will have to download Monzo on your mobile phone to get started and submit your proof of identification documents.
👉 Once your account is verified, your hot coral debit card will be posted to you.
👉 You can use your Monzo card anywhere that supports Mastercard and pay in shops, restaurants and online, anywhere in the world and in any currency, with no fees.
👉 Monzo is a licensed digital bank with reliable customer service and a good reputation.
👉 Although this application is currently only available in the UK, the concept of challenger banks is fairly new to the banking industry and we believe that these companies will expand to other countries in the near future.
👉 If you live in the UK and are interested in a low-fee, multi-functional, cross-platform banking application that has a low environmental impact and flexible account options, then we urge you to give Monzo a try!