Monzo is not your ordinary bank. It is a new kind of bank that is specifically built to suit with our lifestyle. It is a bank that can be accessed through your smartphone. Monzo wants to give you solutions with your problems, provide a fair and totally transparent treatment because they believe that through this kind of banking, life becomes better.
The company believes that there is a need to have an alternative bank to offer ease and comfort among people.
Frequently Asked Questions
What is Monzo?
Monzo is a bank that has a full authorization in the United Kingdom given by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority and the PRA itself. If you want to make sure, their Financial Services Register number is 730427.
How to get a Monzo account?
You only have to download the Monzo application on either Android or iOS, you can get it from their store. You only need a few minutes to make an account. Below is an instruction of how to sign up with Monzo.
Download and Sign Up with Monzo!
The Monzo application is available on the Apple Store or on Google Play. If you will download the application today, you will most probably receive the Hot Coral Debit Card in just a few days.
- To get you started, you have to download the Monzo application on your smartphone.
- Sign up through the Monzo application. Prepare some valid Identification cards (IDs).
- Once you are done with the registration, your Hot Coral Debit Card will be posted.
How safe is my money with Monzo?
Indeed, every money in Monzo is fully protected. It is protected by Financial Services Compensation Scheme (FSCS). You are given the British Government a guarantee to store up to £85,000.
Do I need to be a resident in the United Kingdom?
Unfortunately, you have to be a resident in the United Kingdom to acquire the card. However, the company plans to launch their services internationally.
Is there an age requirement?
As of now, to acquire a card you have to be 18 years old or older.
Are there any hidden charges?
There are no hidden charges when you use Monzo everyday. Moreover, there are no additional fees for payments in the United Kingdom, cash withdrawals in the United Kingdom, and payments abroad. If you withdraw cash from abroad, you can withdraw up to £200 each month for free. However, an exceeding withdrawal will be charged for 3% of the fee.
Nevertheless, even when you are in abroad, you are still able to make payments without any hidden charges or incurring fee.
Are there joint accounts?
As for the moment, there are no offers for joint accounts. However, you can invite your partner to download the application and have their own account. The company hopes to provide the demands of the people.
With all of these amazing feature of Monzo application, there might be some suggestions to improve the services offered. Do not hesitate to make a complaint or suggestion. We have an in-application communication channel.
Make your account now!