What is Monzo?
Monzo is an online bank, offering smart banking solutions which you can manage via an app on your smartphone. Based in the UK and founded in 2015, Monzo was one of the first app-based banks, described as ‘challengers’ to traditional banks. It now has over 5 million customers.
It offers current accounts, along with premium, business, youth and savings accounts. These provide many of the same features and services you’d find with a standard bank, including a debit card and FSCS protection. The only difference is that you’ll manage your money using the Monzo app.
Monzo also offers international payments, powered by Wise. This means customers can get the same faster payments and mid-market exchange rates as offered by Wise, but all without leaving the Monzo mobile banking app.
Monzo is an excellent mobile bank (9/10) firmly recommended by Monito to UK customers looking for a very low-cost (9.8/10) alternative to traditional high-street banks. Not only is Monzo a fully licensed bank in the UK and offers credible service (8.3/10), but it also earns excellent feedback all-round from its customers (9.3/10), many of whom praise Monzo for its easy-to-use mobile app and flexible debit card (8.4/10).
Also, read: Aliexpress Pakistan Shop Online From Aliexpress In Pakistan
What Monito Likes About Monzo
- Easy to set up and free to use
- Handy in-app bill splitting feature that works instantly
- Joint accounts can manage rent and bills
- Smart features to manage your budget, instant mobile notifications, and a well-designed app.
What Monito Dislikes About Monzo
- Free withdrawals abroad are limited to £200 per 30 days
- Only available in the UK and the US
- Debit and credit card top-ups not supported.
Also, read: How to Fix Can’t save PDF?
How to open a Monzo account online
If you’re ready to open your new Monzo current account, here’s a step-by-step guide on how to do it:
- Download the Monzo app. It’s available on both the App store for Apple devices, and the Google Play Store for Android devices
- Open the app and start creating an account. You’ll need to provide your address, email address and phone number, along with details about how you’ll be using the account and what you do for a living.
- Verify your identity. To do this, you’ll need to take a photo of your ID and then a selfie video of yourself. Once you’ve uploaded both of these in the app, Monzo will compare the two to verify your identity.
- Set up your account. Choose which account type and options you’d like, and set it up according to your preferences.
Wait for your Monzo debit card to arrive in the post. This should take just a couple of days. Once it arrives, you can activate it by following the instructions in the Monzo app. - And that’s it! You’re all set to start using your new Monzo account.
- After reading this guide, you should be all set to choose a Monzo account and open it online. The key step is to download the Monzo app, and to have your ID documents ready. Then all you have to do is simply follow the in-app instructions.
- Once your account is all set up, you’ll be ready to test out Monzo’s smart mobile banking solutions, which includes making and receiving international payments for less thanks to their partnership with Wise.
Also, read: 10 Best (Free And Safe) Putlocker Alternatives In August 2020