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Monzo 'Digital Bank' no fees abroad and instant notifications @ Google Play Store

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I know this has been posted a couple of times before.... but there's been big changes since then. Namely the fact that Monzo is now beginning to roll out live accounts. Which means you’ll soon be gett… Read More
No1_VIPER Avatar
2m, 2w agoFound 2 months, 2 weeks ago
I know this has been posted a couple of times before.... but there's been big changes since then. Namely the fact that Monzo is now beginning to roll out live accounts. Which means you’ll soon be getting:

- an account number and sort-code

- be able to make bank-to-bank payments and set up Direct Debits

- get your salary paid into your Monzo account.

https://www.engadget.com/2017/04/06/monzo-is-now-a-proper-digital-bank/

https://monzo.com/blog/2017/04/05/banking-licence/

Join the thousands of users who have used Monzo in more than 150 countries and become a part of the banking revolution. To activate your card, you'll need to top up with £100 which will be available to spend as soon as your card arrives. This is an early-access beta phase and we ask that you always carry another card with you for the time being.

• Get instant notifications every time you make a payment

• See how much you’re spending

• Freeze your Monzo Card instantly if you lose it, defrost it when you find it

• Receive intelligent insights into your spending habits

• Send money instantly to any other Monzo user

• Top up your Monzo Card with another debit card or by bank transfer

• Use your card abroad as you would at home. There are no fees and you get the wholesale MasterCard® exchange rate

• No fees or charges, in the UK or abroad

What people are saying about Monzo:

“Monzo set a record as the quickest crowd-funding campaign in history.” — Forbes

“Monzo is a snazzy mobile checking-account app.” — The Wall Street Journal

“A bank for people who hate banks.” — Bloomberg

“Monzo is a bank designed for the world we live in today.” — TechCrunch

Skip the queue:

https://monzo.com/moneysavingexpert/
More From Google play:
No1_VIPER Avatar
2m, 2w agoFound 2 months, 2 weeks ago
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Top Comments

(3)
19 Likes
HankHandsome
It's the £100 "entry fee" that ultimately put me off. I ended up opening a second account with Metro bank instead and it didn't cost me anything up front.


It's not a fee. It's just an initial top up. You can withdraw the money as soon you get the card
18 Likes
Horrorwood
Well I am guessing you can't pay cash into it then... ?
You can scan in your notes at home as long as you promise to shred them afterwards.
5 Likes
Can't rate Monzo highly enough - amazing app when you purchase something you get an instant notification no waiting or pending like a normal bank. It works great abroad just top up in pounds and spend as normal abroad no transferring of cash like a Weswap card and the withdrawal limits are higher than with revolut!

For anyone wanting a card asap sign up join the queue then enter your email here and your be bumped right to the front!

MSE Monzo link

All Comments

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3 Likes #1
It's the £100 "entry fee" that ultimately put me off. I ended up opening a second account with Metro bank instead and it didn't cost me anything up front.
#2
Heat added. Good for using abroad. Any other reason to consider this?
19 Likes #3
HankHandsome
It's the £100 "entry fee" that ultimately put me off. I ended up opening a second account with Metro bank instead and it didn't cost me anything up front.


It's not a fee. It's just an initial top up. You can withdraw the money as soon you get the card
#4
dealmaster007
Heat added. Good for using abroad. Any other reason to consider this?

The actual purpose of this is your beta testing the app for when it becomes a real bank.
1 Like #5
I am so into this kind of thing, but I don't think Monzo is ready yet. All the features I'm interested can be found elsewhere. For foreign transactions, Revolut trumps this. I hope they get some good features and bring out a credit card in the future though.
#6
Revolex77
I am so into this kind of thing, but I don't think Monzo is ready yet. All the features I'm interested can be found elsewhere. For foreign transactions, Revolut trumps this. I hope they get some good features and bring out a credit card in the future though.
Hey, could you expand on this? I'm not sure what's not ready about it.
Other than a credit facility and standard banking stuff (DD, standing orders...) what other features would you be looking for?
2 Likes #7
f34r
HankHandsome
It's the £100 "entry fee" that ultimately put me off. I ended up opening a second account with Metro bank instead and it didn't cost me anything up front.
It's not a fee. It's just an initial top up. You can withdraw the money as soon you get the card

Yeah i'm aware of that - that's why I put it in quotes.
2 Likes #8
f34r
dealmaster007
Heat added. Good for using abroad. Any other reason to consider this?
The actual purpose of this is your beta testing the app for when it becomes a real bank.
It has become a real bank in the last week or so. See here: https://monzo.com/blog/2017/04/05/banking-licence/
#9
Monzo is a bank of the future. We all have Monzo cards in my household. They recently moved into my building. So far, it's been flawless for me. I use my card mainly for travel and can literally top up few seconds before using the card.
1 Like #10
I have one. It works perfectly. I had to top up £100 but I have been using for small daily expenses and it works fine.

Really happy with it.
3 Likes #11
if using abroad, I understand that there are no fees. But what is the wholesale mastercard exchange rate? is it better than others? is this a plus? does it matches the national exchange rate quoted by the bank of the country where you are travelling?
can this account set-up direct debits to pull money from another account?

Edited By: Ashan85 on Apr 12, 2017 10:51
2 Likes #12
Ashan85
if using abroad, I understand that there are no fees. But what is the wholesale mastercard exchange rate? is it better than others? is this a plus? does it matches the national exchange rate quoted by the bank of the country where you are travelling?
can this account set-up direct debits to pull money from another account?

http://www.moneysavingexpert.com/news/cards/2015/05/mastercard-vs-visa-for-using-abroad-which-wins
1 Like #13
Excellent card. Ive forgotten my pin om a number of occasions due to generally using it for small contactless purchases and they sort it out over the online message service in a matter of minutes (securely)

You top up instantly and it also gives you the address of where you've used your card so you know if any fraudulent transactions have happened. Not tried it abroad yet though. Also I always have problems using it in Morrison's using contactless......but it does work if you input your pin
#14
dealmaster007
Heat added. Good for using abroad. Any other reason to consider this?

It's much easier to do a transaction chargeback with Monzo too. Plus it comes with a bunch of helpful in-app budgeting tools (though that assumes you're using it for all of your expenses).

Edited By: Ultima2876 on Apr 12, 2017 19:53
#15
Well I am guessing you can't pay cash into it then... ?
1 Like #16
Used this in Australia in January, was a life saver! Just topped up £50 at a time in case I did lose the card (although you can freeze it from the app instantly) just used it contactless and had no problems, bloody brilliant!
18 Likes #17
Horrorwood
Well I am guessing you can't pay cash into it then... ?
You can scan in your notes at home as long as you promise to shred them afterwards.
1 Like #18
MrT8064
Horrorwood
Well I am guessing you can't pay cash into it then... ?
You can scan in your notes at home as long as you promise to shred them afterwards.

Excellent, I'll give it a try now.
1 Like #19
Not sure how this is any different/better than Revolut?
5 Likes #20
Can't rate Monzo highly enough - amazing app when you purchase something you get an instant notification no waiting or pending like a normal bank. It works great abroad just top up in pounds and spend as normal abroad no transferring of cash like a Weswap card and the withdrawal limits are higher than with revolut!

For anyone wanting a card asap sign up join the queue then enter your email here and your be bumped right to the front!

MSE Monzo link
#21
Revolut only allows you to withdraw £200 from cash points abroad per month after this you pay a charge . Monzo it's £1000 . I have both cards . There are merits to both
3 Likes #22
I've actually never heard of Monzo so was delighted to read up about it. Honestly though, and please someone convince me if you think I'm wide of the mark, I don't really feel compelled to sign up.

I get that it's cool that your balance updates instantly, that it can integrate with your daily transactions and give insights into your spending, as well as the free use abroad thing. But when it comes to banking, the established institutions are just way too far ahead. There is nothing groundbreaking about what Monzo are doing; the banks could set about doing this stuff fairly quickly if Monzo got anywhere near a decent amount of traction.

I suspect that, in time, the banks will update their apps to do this sort of thing. As for use abroad, what's wrong with me using a Post Office or Halifax credit card where I haven't had fees for years anyway? Failing that, just get a prepaid travelcard, which loads of companies do.

I just feel a bit underwhelmed by a company who is a 'new kind of bank'.
#23
Debs2028
Revolut only allows you to withdraw £200 from cash points abroad per month after this you pay a charge . Monzo it's £1000 . I have both cards . There are merits to both


That's very helpful, thanks :)

If you have the time, would you mind detailing any more of the merits of each? I currently have a Revolut card, am thinking of ordering Monzo instead and using that as my main card
#24
I'm not sure about Halifax but your post office MasterCard charges to withdraw from banks abroad and takes ages to update . Pre paid cards are not always easy to top up while away .. I use mine for holidays and find it very useful and know that my expenses are covered and you get a great rate .
#25
Stendhal
I've actually never heard of Monzo so was delighted to read up about it. Honestly though, and please someone convince me if you think I'm wide of the mark, I don't really feel compelled to sign up.

I get that it's cool that your balance updates instantly, that it can integrate with your daily transactions and give insights into your spending, as well as the free use abroad thing. But when it comes to banking, the established institutions are just way too far ahead. There is nothing groundbreaking about what Monzo are doing; the banks could set about doing this stuff fairly quickly if Monzo got anywhere near a decent amount of traction.

I suspect that, in time, the banks will update their apps to do this sort of thing. As for use abroad, what's wrong with me using a Post Office or Halifax credit card where I haven't had fees for years anyway? Failing that, just get a prepaid travelcard, which loads of companies do.

I just feel a bit underwhelmed by a company who is a 'new kind of bank'.

If they banks can, then why don't they? HSBC recently updated their Internet Banking and it's a bit crap to be honest. First Direct have awesome customer service but their internet banking site is terrible.
2 Likes #26
I'm an Australian on working visa in the UK. I have been traveling Europe (and Asia) for the past 18 months, spending ~1-2 months in each country I visit. I got accounts with Monese, Monzo, and Revolut. I ended up dropping Revolut, and now that Monzo has got their license, I'll get a current account with them and drop Monese.

I usually get paid in to my Australian account in AUD. I transfer the money to my Monese checking account via Currencyfair, and then transfer that to my Monzo account for spending. I do this because my Australian cards charge high % fees on international spend, and a set fee on ATM withdrawals. Currencyfair offers a great rate to exchange my AUD in to GBP, and then Monzo has similarly great rates when using my card anywhere in the world (no fees for transactions or withdrawals, and mid-market rates for exchange).

I don't know how much I've saved in fees with this setup, but it must have been hundreds of pounds by now.

Also – the Monzo app is better than both Revolut and Monese. I am not quite sure of the differences between Revolut and Monzo, but the app is the primary reason I dropped Revolut. Monese seems to have a delay between spending and notifications in the app, whereas Monzo instantly notifies me when I spend money. Right now I'm in Budapest, and when I spend anything with my cards in forint, I often get the notification on my phone saying how much it cost me in pounds before the waiter even hands back the card machine.

Edited By: jayphen on Apr 12, 2017 23:29
3 Likes #27
Stendhal
Failing that, just get a prepaid travelcard, which loads of companies do.

I haven't used a prepaid travel card, because I never found one that had decent rates when exchanging my AUD for , so I may be very wrong:

1. Doesn't a prepaid travel card require you to choose 1 currency? Can you use the same card for a trip from Hungary to Croatia, for example?
2. How do you top up the card once you're abroad? Is it possible, or do you have to estimate what you're going to spend before you go?
3. If you have money left over on the card, what does it cost you to transfer it back to your home currency? Won't you lose money in exchanging the leftover back? Monzo is always in GBP, so you don't have to worry about having anything left over.
4. Don't prepaid cards charge you a fee for ATM withdrawals?
#28
So do you just install the app and wait for them giving you an account number or do you have to be pro-active and do stuff through the app first? I'm guessing they won't know you've got the app so need to initiate the process.
#29
Debs2028
Revolut only allows you to withdraw £200 from cash points abroad per month after this you pay a charge . Monzo it's £1000 . I have both cards . There are merits to both

thats a big plus over revolut which I use a lot when abroad

I am currently heading abroad for 6 months and the £200 is a pain but manageable
with £1000 there would be no concerns and Id use it far more. I leave monday though so too late for this year to get a card before i go


Edited By: mrwhitelabel on Apr 13, 2017 00:21
#30
no pin on app thats bit dodge
#31
Anybody got a golden ticket I could use? I signed up yesterday but am stuck in the queue.
#32
whelan189
no pin on app thats bit dodge


I recommend this app:

https://play.google.com/store/apps/details?id=com.rickclephas.fingersecurity
#33
It doesnt look like it has FSCS protection yet, so make sure you don't have too much money in the account just in case anything goes wrong.
#34
hatchers
Anybody got a golden ticket I could use? I signed up yesterday but am stuck in the queue.

There isn't a "golden ticket" as far as I remember. You just have to wait. I did reach the top of the queue after i signed up, but I didn't open an account as I got everything they offer at Metro bank who are FSCS protected as well.
#35
HankHandsome
hatchers
Anybody got a golden ticket I could use? I signed up yesterday but am stuck in the queue.
There isn't a "golden ticket" as far as I remember. You just have to wait. I did reach the top of the queue after i signed up, but I didn't open an account as I got everything they offer at Metro bank who are FSCS protected as well.
there are golden tickets, i have sent to my friends for them to jump the queue
1 Like #36
Revolex77
I am so into this kind of thing, but I don't think Monzo is ready yet. All the features I'm interested can be found elsewhere. For foreign transactions, Revolut trumps this. I hope they get some good features and bring out a credit card in the future though.
Revolt? I've travelled with 2 friends visiting 4 countries, I was using Monzo which never failed. Both friends had the so called better Revolt which failed to work countless times!!
#37
No1_VIPER
whelan189
no pin on app thats bit dodge

I recommend this app:

https://play.google.com/store/apps/details?id=com.rickclephas.fingersecurity
You can use the fingerprint scanner.
#38
jayphen
I'm an Australian on working visa in the UK. I have been traveling Europe (and Asia) for the past 18 months, spending ~1-2 months in each country I visit. I got accounts with Monese, Monzo, and Revolut. I ended up dropping Revolut, and now that Monzo has got their license, I'll get a current account with them and drop Monese.
I usually get paid in to my Australian account in AUD. I transfer the money to my Monese checking account via Currencyfair, and then transfer that to my Monzo account for spending. I do this because my Australian cards charge high % fees on international spend, and a set fee on ATM withdrawals. Currencyfair offers a great rate to exchange my AUD in to GBP, and then Monzo has similarly great rates when using my card anywhere in the world (no fees for transactions or withdrawals, and mid-market rates for exchange).
I don't know how much I've saved in fees with this setup, but it must have been hundreds of pounds by now.
Also – the Monzo app is better than both Revolut and Monese. I am not quite sure of the differences between Revolut and Monzo, but the app is the primary reason I dropped Revolut. Monese seems to have a delay between spending and notifications in the app, whereas Monzo instantly notifies me when I spend money. Right now I'm in Budapest, and when I spend anything with my cards in forint, I often get the notification on my phone saying how much it cost me in pounds before the waiter even hands back the card machine.
My son is in OZ on a work in holiday
bauer
Excellent card. Ive forgotten my pin om a number of occasions due to generally using it for small contactless purchases and they sort it out over the online message service in a matter of minutes (securely)
You top up instantly and it also gives you the address of where you've used your card so you know if any fraudulent transactions have happened. Not tried it abroad yet though. Also I always have problems using it in Morrison's using contactless......but it does work if you input your pin
You've explained why standard cards are so dysfunctional. Who hasn't phoned their card company to try to decipher from their statement where and to who some payment was made, only to say, doh, now I remember!
3 Likes #39
Just ordered this yday after spending a week looking into the options for my holiday. Have a couple reasons why I went with Monzo, but bare in mind I haven't used any of these, only have the facts and figures published by the companies and reviewers to go by;

Vs Halifax Clarity; As I'm in my early 20s, even though I have a perfect credit score (so far), I just don't have enough history, so I keep getting knocked back by Halifax. I've moved a couple times in the last few years (because who doesn't whilst at uni and after graduating...) and haven't been in stable employment for many years (of course), and maybe it's other things that they don't like, but I've applied and they won't give me a card, with Monzo it's virtually guaranteed you'll get one. Also, Halifax charge interest on cash withdrawals, Monzo has no fees or interest. The ability for freeze and unfreeze the card in a tap sounds amazing to me, means I can block it when I'm not on holiday, I'll probably even block it whenever I'm in my hotel room and unblock when I go out.

Vs exchange bureaus; significantly better rates, top up as and when you want, spend left over cash back at home without losing on changing back. These are (hopefully) going to be a thing of the past for me.

Vs Revolut; I applied for this first, as the exchange rates are better, but their app was buggy and I couldn't top up £10 to pay the £5 card fee, and when I asked customer services for help, they were basically useless (think "have you tried turning it off and on again."). Thinking about it now though, as I plan on using this is a travelling card and not at home, that £5 would have had to be included in the exchange rate, and as the mastercard and interbank rates are usually only different by fractions of a penny, overall I'd be better off with Monzo. Monzo do offer better withdrawal limits as long as you verify your account (by taking a selfie and sending a pic of your passport/license, something that Revolut also asked me for)

Now remember I haven't gotten any of these cards yet, waiting for my Monzo card now, but the reviews seem pretty good, and since they got their full banking license last week, that's looking really good to me personally. I just hope they don't go for a bait and switch, slowly adding tiny fees until they cost almost as much as every other bank does, because it sounds almost perfect at the moment so I'm wondering what the catch will be.

EDIT: Forgot to mention, the security is definitely worrying on android. On iOS you can set the app to need a registered fingerprint to unlock, on Android they don't have any pins or passwords. This, to me, is REALLY odd that a bank does not have this feature, I have heard that iOS has a better app overall, although their Android app was catching up, but if I were designing the app, adding basic security would be my first priority. Yes I get you can lock the app with other apps, but that's a bit of a joke to me personally. Sure, it's still locked behind your phone's lockscreen but still it's such a basic feature to add and should definitely be in there. I've seen on the forums something along the lines of "Monzo don't add layers of locks and passwords to make it easier" blah blah blah. BS, this is just typical fanboy-ism defending anything they [do not] do. Also be aware that people are complaining about being banned from the forums for criticising the company/card and there is a huge amount of circle jerking on their forums, so take whatever you read on there with a pinch of salt.


Edited By: Conchiron on Apr 13, 2017 08:50: spelling
#40
'wholesale MasterCard® exchange rate'
That doesn't sound as competitive as the Revolut FX rates, they are always very close to the XE rate.

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