Is Monzo a safe bank?

You're in safe hands We're a fully regulated UK bank, follow the same rules and offer the same protections as the high street banks. This means your eligible deposits in Monzo are protected up to £85,000 per person by the Financial Services Compensation Scheme (FSCS).

Is Monzo a legitimate bank?

Yes, "Monzo Bank Ltd" is fully authorised in the UK by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority and the PRA. Our Financial Services Register number is 730427.

Why not to use Monzo?

Monzo customers who use Monzo as a spending card rather than their main bank account may incur further fees. These include: 3% fee if you withdraw more than £400 in 30 days in the UK or EEA. £5 fee for replacement cards due to loss.

Is Monzo safe in the US?

Monzo accounts are FDIC insured up to $250,000 per ownership category, should the bank holding your funds fail.

Is Monzo safer than Revolut?

Monzo is a fully regulated bank meaning it has to adhere to the most stringent safety standards. However, Revolut Bank UAB is licensed by the European Central Bank and regulated by the Bank of Lithuania, so it's standards are fairly similar, although it doesn't get FSCS Protection.

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Is Chase or Monzo better?

Chase was a joint winner in Finder's 2024 Customer Satisfaction Awards, with 100% of customer saying they would recommend the current account. Monzo was not far behind, with a “would recommend” score of 98%.

Can a US citizen get Monzo?

In order to open an account with us, you will need to be a current full-time US resident over the age of 18, and possess a Social Security number (SSN) or Individual Taxpayer Identification Number (ITIN).

What are the cons of Monzo?

Can I withdraw money from Monzo in USA?

You can also use your card at ATMs abroad ✈️ Just like in the US, we don't charge any fees for using an ATM overseas - but the ATM itself might. 💡Pro tip: If an international ATM asks you if you want to be charged in the “Local Currency” or in “US Dollars” - it's best to choose the local currency option.

Why is everyone using Monzo?

Monzo is extremely easy to set up and use, and the app is colourful and fun – and packed with cool features (see below). As long as you are comfortable doing all of your banking through your mobile phone, Monzo makes managing your money super simple.

Is there a monthly fee for Monzo?

We have a few options to choose from when you sign up for a Monzo personal account. There's our original Monzo account (free), Monzo Plus (£5 a month) and Monzo Premium (£15 a month). We thought it might be helpful to clearly lay out what you get with Monzo Premium and Monzo Plus in a side by side comparison.

Should I keep my savings in Monzo?

Monzo is a registered bank. It's as safe as any other registered bank (unless you've got over £85k in them).

Does Monzo affect credit score?

Monzo Flex will appear as a revolving credit product on your credit file, which is similar to a credit card. We'll report your credit limit and your balance every month. In the long run, Monzo Flex can help to build your credit score if you stay within your credit limit and make your payments on time.

Can someone transfer money to my Monzo account?

You can send money to anyone with a Monzo account through it, and receive money from anyone – even if they don't have Monzo. Use it to request or send money to friends and family, split a bill, chip in for a present or reimburse someone. To send money, all you need is the person's Monzo.me username.

Which is better Monzo or Revolut?

Both Monzo and Revolut score highly on Trustpilot for customer experience. Revolut has a slightly higher score of 4.3 out of 5, compared to 4.1 for Monzo. Consumers praise the Revolut app for being simple to use and having very low costs for money transfers and exchange.

Is Monzo illegal?

Monzo Bank Limited, authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority (Financial Services Register No. 730427). Registered in England.

How much money can I have in my Monzo account?

There is no maximum account balance. There are separate limits for each payment instrument (card, faster payments, cash withdrawals, etc) which are displayed in the app.

How do I pay money into Monzo?

Does Monzo report to IRS?

As a bank which operates in the US, they are required by US law to report this information to the IRS on any US citizens worldwide.

Why is Monzo charging me for withdrawal?

Unless you don't meet the conditions Monzo set down for your account being a main account, in which case they charge 3% for withdrawals over the limit.

Can a non British citizen open a Monzo account?

You can open a Monzo account even if you're not a UK tax resident. All you need is to live in the UK and have a UK address. If you don't have a UK address, we can't offer you a Monzo account.

What did Monzo used to be called?

2015: Founding under the original name Mondo. 2016: In February, Monzo sets the record for “fastest crowdfunding campaign in history” when, through investment platform Crowdcube, it managed to raise £1 million in 96 seconds. Changing the trade mark to Monzo after a legal dispute.

Is Monzo ethical?

Our Business Practices

Monzo is a socially responsible business. We invest customer deposits safely and ethically, we do not engage in any artificial tax planning, and we have a zero tolerance approach to modern slavery and human trafficking.

What banks are linked to Monzo?