Monzo Bank Limited is a neobank based bank, originated in UK, earlier founded as Mondo in 2015 by Tom Blomfield and his friends while working at Starlink Bank. In the beginning time, Monzo was limited to mobile app and a prepaid debit card, while lifting restriction in April, 2017 by the authorities, enabled Monzo to open current bank account to its customers and has become fully authorized bank in UK by the Prudential Regulation Authority & Financial Conduct Authority(FCA). Monzo offers free account opening through mobile phone just with an email.
It offers multiple banking services apart from the instant banking facility through their app, can be downloaded both from the Apple Store or Google Play Store.
Having headquarter in 38 Finsbury Square London, it has currently about 1,400 employees to provide uninterrupted & continuous banking services to its customers. Yet, Monzo is not offering any physical branches and cheque-books, considered as limitations comparing with the other traditional banking characteristics. As per the Co-founder Mr. tom Bloomfield, Monzo best suits to those who value convenience and technical innovation.
Opening an Account With Monzo
- Monzo Account Opening: Account opening at Monzo is super easy, whereas opening account facility is only available to UK residents, currency offers in GBP. With your phone, it is a matter of few minutes to open your account. In a study, it shows that about 93% of customers take only a day to open a personal current bank account and start depositing their money.
- Monzo Debit Card: Once a person open a bank account, within 3-4 days only, about 99% of the customers get their debit card.
- Monzo Internet Banking: About 99% of the customers can open internet banking instantly or within a day, as the process is very much easy, free of any complexity.
- Cost of Account Opening: There is no cost of Monzo bank account opening, maintenance fee is free, no monthly cost, even bank card delivery is also free, and offers Mastercard.
Monzo Money Transaction
You can withdraw money from any ATM within UK, is totally free of cost, also withdrawing money from abroad is free up to 200 pound/month, but 3% charge on additional amount. Monzo doesn’t charge any amount when top up your account using another bank card in UK. There is transfer fee in the same currency, while 0.5-3.0 euro is imposed as fee on international transfer. Monzo takes a charge between 0.35-2.00 % on international currency exchange.
What You Can Do With Monzo
- As Monzo has a banking licence, means guarantee your deposit. Their App is very smooth, has best user experience.
- Monzo offers great fast & reliable customer service facility, They have 24/7 customer service availability over phone both for urgent & non-urgent issues with experienced service manager, along with dedicated manager. They also provide live chat.
- Shorting your budget or salary is available, means you can monitor your spending category, set up your own spending goals on different categories, which saves you a lot of money from unnecessary expenditure or less important costing.
- Sending money to another Monzo user is very easy, there is no cost and you can do it instantly. At the same time, you can also send money request to another user.
- Apart from the personal banking account, Monzo also offers joint, helpful for many business users or joint venture entrepreneurs.
- With Monzo, you can set up your Apple Pay or Google Pay, also overdrafts are possible.
- Monzo offers you smart savings, that indicates the differentiation your savings on multiple categories, along with interests on your savings.
- Apart from the mobile app, it also has desktop app, made easier using of their app with 3D secured online payment facility.
- If you want, you can easily cancel your direct debit instantly.
- Monzo brings you a great facility on travelling on abroad as long as Mastercard is accepted by the merchants with free of cost and Monzo doesn’t mark up any exchange rate unlike other banking characteristics.
- Monzo offers overdrafts up to 3,000 pound and loans up to 15,000 pound based on your eligibility with smooth & easy procedure.
- Monzo is much more serious on security issue, has better ability to stop card fraud, wrong identity, also ensures your money with FSCS protection up to 85,000 pound.
- Any complain from the customer, Monzo takes it seriously, and gives required supports on instant basis.
- Even after closing of your bank account, still you can access of your app, and get your bank statement or other information.
- Monzo offers their utmost cooperation if the account holder died, just need to talk or contact with them.
Is Monzo Safe?
Safety measurement is the top priority issue to Monzo, has name & fame comparing with the other banks in UK. They have already taken multiple steps, with newer technology to tackle over card fraud, identity theft, account takeovers etc. You have suspicion on any incident, can immediately freeze your account from anywhere with instant notification to your phone on any of your transaction. Also, you can ensure your app & transaction safety with your PIN, fingerprint, touch ID or face ID, whereas 24/7 customer service is available to provide you every types of support. Financial Services Compensation Scheme or in short FSCS guarantees protection of money up to 85,000 pound, remove your tension on your money safety a lot.
Does Monzo Offer Credit Card
No doubt, Monzo is a great platform and top rated bank in the UK, with great features, relieve you from doing extras, saves your time, ensure your money security, ultimately make your life easier and comfortable.