Summary
Monzo is a UK-based digital bank providing personal and business current accounts. It offers features like spending insights, savings pots, fee-free international card payments, and integrates with Wise for international money transfers. Monzo focuses on mobile-first banking with 24/7 in-app customer support.
Features11/15
See allMust Have
4 of 5
Mid-Market Exchange Rate Transfers
Transparent Low Fees
Borderless Debit Card
Fast Transfer Execution
Multi-Currency Account
Other
7 of 10
Batch Payments
API Integration
Business Account Features
Mobile App
Regulatory Compliance
Multi-User Access
Customer Support
Real-Time Rate Alerts
Invoice Creation
Spending Analytics
PricingFreemium
See allExtra
- Connected banks and credit cards
- Virtual cards
- Advanced roundups
- Custom categories
- Auto-spreadsheet
- Credit insights - 3 scores (TransUnion, Experian, Equifax)
Perks
- 3.75% AER (variable) interest, paid monthly
- Fee-free withdrawals up to £600
- 3 fee-free cash deposits
- Discounted investment fees
- Annual Railcard
- Weekly Greggs treat
- Monthly cinema ticket at Vue
Max
- Personal worldwide travel insurance – provided by Zurich, powered by Qover
- Personal worldwide phone insurance – provided by Assurant
- Personal UK & Europe breakdown cover - provided by RAC
- Add your family to your insurance and cover for an extra £5 a month
- 3 months minimum
- Aged 18-69
Business Lite
- Business bank account
Business Pro
- Tax Pots
Business Team
- Time saving expense cards
Rationale
Monzo is a digital bank offering personal and business accounts with features that align well with Wise's core offerings, particularly in international payments and transparent fees. While Monzo itself is a bank and not solely a money transfer platform, it explicitly partners with Wise for international transfers, indicating it leverages Wise's core value proposition. It offers transparent fees, uses Mastercard's exchange rate (which is typically the mid-market rate), provides debit cards for spending abroad, and supports fast transfers. For businesses, it offers batch payments and multi-user access. The mobile app, regulatory compliance, and customer support are also clearly stated.
