Monzo Review

Monzo Review Summary

Monzo Bank Ltd is an online bank that offers a variety of digital banking services. Its products include loans, debit and credit cards, checking accounts, savings accounts, and treasury services. It also offers a mobile app that users can use to manage their accounts. In the UK, it serves primarily individuals. The company aims to provide a personal banking experience that is easy to use and efficient. It offers a range of retail banking products, including current accounts and joint accounts. It also offers payment cards, consumer loans, and overdrafts. The bank has a strict regulatory framework in place, which requires all applicants to have proper ID and a valid address.

Monzo review
Monzo Features

Monzo Year Established

2015

Monzo International Clients

Monzo Does not accept international clients.

Monzo Age requirement

18 years

Monzo Currencies Offered

1 online

Monzo Minimum Transfer

none

Monzo Transfer Fees

none

Monzo Office Locations

Headquarters in US, with subsidiary offices and certified agents literally across the globe.

Monzo Employees

1551

Monzo Turnover

80000000

Monzo Regulation

Monzo accounts are covered by the FSCS

Monzo Fees

Monzo transfer fees are none.

Fees with Monzo may vary per transfer, depending on method of sending, currencies and amount. Based on World Bank statistics, the fixed fee can be as high as 19 Pounds for 120 Pound transfer to Ethiopia (source).

Additionally to the fixed fees taken by Monzo, the World Bank Statistics reveal that an additional markup of between 1 and 4 per cent is incurred.

Monzo Client Rating

Monzo has a rating of 3.

Number of Monzo customers

5,000,000

Monzo Website

monzo.com

Monzo Supported Languages

Monzo Review

Monzo review
Pros and Cons of Transferring Money with Monzo

Most of the time money transfers with Monzo will be smooth. Each money transfer service have their own benefits and isses, so always weigh the pros and cons of sending money with Monzo money prior to submitting an application to Monzo.

Can you easily afford the Monzo fees, are the exchange rate costs reasonable with Monzo?

Monzo review
Monzo Advantages

  • Monzo has been in business over 4 years
  • Monzo offers PayPal as a payment method
  • Monzo offers Neteller as a payment method
  • Monzo offers Skrill as a payment method
  • Monzo offers phone support.
  • Monzo offers email support.
  • Monzo offers an Apple iOS mobile application.
  • Monzo offers an Android Google Play Store mobile app.

Monzo review
Monzo Disadvantages

  • Monzo does not offer PayPal as a payment method
  • Monzo does not offer Neteller as a payment method
  • Monzo does not offer Skrill as a payment method
  • Monzo is not availble in as many countries as other money transfer serivces.
  • Monzo does not offer a wide range of money transfer currency options.
  • Monzo does not offer a mobile wallet.
  • Monzo does not offer Home delivery for money transfers.
  • Monzo does not offer Cash pickups for money transfers.
  • Monzo does not offer Money orders.
  • Monzo does not offer Livechat support.

What Is Monzo?

Monzo is a financial service company, that offers its clients money transfer services.

Monzo was founded in 2015 by Carol Kobuke Nelson and has offices in London, UK.

Monzo provides money transfer services to its 5,000,000 customers who are from all over the world including Worldwide.

The London, UK Monzo business was founded in 2015 to deliver money orders locally and internationally.

Do Monzo Offer Money Transfer?

Money transfer businesses, or other financial corporations use EFT (electronic funds transfer) to send money across distances, large or small. That is to say that it is not actual money being sent, it is rather data that represents the amount being sent that the recipient can withdraw whenever they wish.

Is Monzo Trusted And Established?

Monzo is among the most recognized and reputable money transfer platforms. It has an exceptional track record and offers reasonable rates.

Monzo was established in 2015 in London, UK, and has been in operation for around 7 years Monzo have a head office in London, UK.

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How much does it cost to send a Monzo Transfer?

Monzo money transfer exchange rates are quite minimal compared to banks and other money transfer providers. A minimal percentage is charged on top of the exchange rate as standard practice. Monzo only charges none, when compared to other money transfer service providers.

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How much can I send with Monzo?

The maximum transfer amount with Monzo is up to 10000 GBP (or its currency equivalent) online.

While Monzo charges a small percent of transfer fees, the brand offers reasonable exchange rates.

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Monzo Money Transfer Terms and Conditions

When transferring money with Monzo, it is crucial to keep tabs on the following:

  1. Monzo Speediness. Often the need to money transfer may be urgent and time critical.
  2. Monzo Reliability and reputation. The safety of money and personal information can be a concern for those wanting to use international money transfer services to send money.
  3. Monzo Transaction charges. Transaction charges are important as the majority of customers wish to send money overseas without having to worry about paying excessive charges.
  4. Monzo Ease of use, and convenience. Your money transfer platform should be flexible and offer a good range of options and features, making it more convenient for customers to send money overseas.
  5. Monzo Customer service. Because one can often run into problems when transferring money. A money transfer platform with excellent customer service could solve a lot of problems. Monzo customer service should respond to your queries quickly and work with you to resolve any issues that you have.

Monzo review
How Monzo Compares To Other Money Transfer Companies

NameMonzoXE Money TransferWise
Usedby5,000,00028000000011000000
Transfer Timeup to 2 hours1-4 business days1-2 business days
Min TransfernoneUS$1.00US$1.00
Max Transfer10000 GBPUS$500,000.00 (or equivalent)US$1,000,000 (varies based on currency)
Payment Methodsbank transfer, phone contactBank transfer, credit card, debit cardBank transfer, debit card, credit card, SOFORT transfer
iOS Appyesyesyes
Android Appyesyesyes

Monzo review
Monzo Risk Warning

Any taxes or charges are payable in the destination country. costs may exist that are not paid through Monzo or imposed by Monzo. Your Monzo money transfer transaction may be cancelled if it is demmed to be connected with prohibited activities including all applicable laws regarding anti money laundering or counter terrorism financing laws. or the transaction is actioned through unauthorised use of your Monzo account.

Monzo review
Monzo Fees & Exchange Rates

Several money transfer platforms like Monzo charge money for every money transfer a customer makes through their platforms. Other than that, every time an individual exchanges money from one particular currency to another, the money transfer operator in this case Monzo may charge for a currency exchange.

Monzo review
Monzo Transfer Fees

A transfer fee is the sum of money that a money transfer operator like Monzo charges a customer for transferring money to a recipient. The amount charged depends on the operator charging it.

Monzo review
Monzo Exchange Rate Margins

Exchange rate margins are how Monzo, banks and other financial corporations make profit off their services instead of charging customers with commission fees.

When a bank or a money transfer service like Monzo quotes an exchange rate to a customer, they usually take the interbank rate and add an amount known as a margin rate. Check with Monzo to see what their exchange rate margin is.

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Monzo Methods to Transfer Funds

A Monzo fund transfer is when someone sends money from their account to another person's account. Money can be transferred using different methods, e.g. online, via the phone, or a mobile app.

The methods to transfer funds are:

  • Manual EFT
  • Automatic EFT
  • Bill payment
  • Correction

Monzo enables users to transfer money using bank transfer, via none.

Monzo review
Monzo Currencies Supported

Money transfer operators that offer more currency options are beneficial because they make for reduced conversion fees. This way customers do not have to pay exorbitant conversion fees when transferring money.

Monzo offers every available world currency to its customers. We list the major Monzo supported currencies below.

Monzo Money Transfer Currencies
NameCurrencies
GBP
AED, BDT, BHD, BTN, HKD, IDR, ILS, INR, JOD, JPY, KWD, LKR, MYR, NPR, OMR, PHP, PKR, QAR, RUB, SGD, THB, TRY, TWD, VND, BAM, BGN, CHF, CZK, DKK, EUR, GBP, HRK, HUF, NOK, PLN, RON, RSD, SEK, BBD, CAD, CRC, DOP, GTQ, HNL, JMD, MXN, TTD, USD, XCD, AUD, FJD, NZD, TOP, WST, ETB, GHS, GMD, GNF, KES, MAD, MUR, MZN, RWF, SLL, TND, TZS, UGX, ZAR, ARS, BOB, CLP, COP, GYD, PEN, PYG, UYU
AED, AUD, BGN, BRL, CAD, CHF, CZK, DKK, EUR, GBP, HKD, HRK, HUF, IDR, INR, JPY, MYR, NOK, NZD, PLN, RON, TRY, SEK, SGD, USD, ARS, BDT, BWP, CLP, CNY, COP, CRC, EGP, GEL, GHS, ILS, KES, KRW, LKR, MAD, MXN, NGN, NPR, PHP, PKR, RUB, THB, UAH, UGX, UYU, VND, XOF, ZAR, ZMW
AED, ARS, AUD, BDT, BGN, BRL, BWP, CAD, CHF, CLP, CNY, COP, CRC, CZK, DKK, EGP, EUR, FJD, GBP, GEL, GHS, HKD, HRK, HUF, IDR, ILS, INR, JPY, KES, KRW, LKR, MAD, MXN, MYR, NGN, NOK, NPR, NZD, PHP, PKR, PLN, RON, RUB, SEK, SGD, THB, TRY, TZS, UAH, UGX, UYU, VND, XOF, ZAR, ZMW
AED, ARS, AUD, BDT, BGN, BWP, CAD, CHF, CLP, CNY, CRC, CZK, DKK, EGP, EUR, GBP, GEL, GHS, HKD, HRK, HUF, IDR, ILS, INR, JPY, KES, KRW, LKR, MAD, MXN, MYR, NGN, NOK, NPR, NZD, PEN, PHP, PKR, PLN, RON, RUB, SEK, SGD, THB, TRY, TZS, UAH, UGX, USD, UYU, VND, XOF, ZAR, ZMW
AED, EUR, PLN, AUD, GBP, SEK, CAD, HKD, SGD, CHF, HUF, USD, CZK, NOK, ZAR, DKK, NZD
ALL, ARS, EUR, BSD, BDT, XOF, BOB, BRL, BGN, BIF, USD, XAF, CLP, CNY, COP, KMF, CRC, HRK, CZK, DOP, EGP, ETB, FJD, GMD, GHS, GTQ, GNF, GYD, HNL, HUF, INR, IDR, JMD, JPY, JOD, KES, MGA, MWK, MYR, MXN, MAD, NPR, NGN, PKR, PYG, PEN, PHP, PLN, RON, RUB, RWF, SLL, ZAR, KRW, LKR, TSZ, THB, TND, TRY, UGX, UYU, VND, ZMW
USD, AUD, CHF, EUR, HKD, JPY, BBD, BMD, BSD, DKK, GYD, INR, JMD, KYD, MXN, NOK, NZD, SAR, SEK, SGD, TTD, ZAR, GBP
AUD, BGN, CAD, HRK, CZK, DKK, EUR, HKD, HUF, INR, ILS, JPY, JOD, MYR, MAD, NZD, NOK, OMR, PLN, GBP, QAR, RON, SAR, RSD, SGD, ZAR, KRW, SEK, CHF, THB, TRY, AED, USD
AED, AUD, BND, CAD, CHF, CZK, DKK, EUR, FJD, HKD, HUF, IDR, ILS, INR, IRR, JPY, KRW, KWD, LKR, MAD, MXN, MYR, NGN, NZD, OMR, PEN, PGK, PHP, PKR, PLN, SAR, SCR, SDG, SEK, SGD, THB, TOP, TRY, TWD, USD, VND, VUV, WST, XOF, XPF, ZAR
EUR, GBP, USD, CAD
AED, AFN, ALL, AMD, ANG, AOA, ARS, AUD, AWG, AZN, BAM, BBD, BDT, BGN, BHD, BIF, BMD, BND, BOB, BRL, BSD, BTN, BWP, BYN, BYR, BZD, CAD, CDF, CHF, CLP, CNY, COP, CRC, CUC, CUP, CVE, CZK, DJF, DKK, DOP, DZD, EGP, ERN, ETB, EUR, FJD, FKP, GBP, GEL, GGP, GHS, GIP, GMD, GNF, GTQ, GYD, HKD, HNL, HRK, HTG, HUF, IDR, ILS, IMP, INR, IQD, IRR, ISK, JEP, JMD, JOD, JPY, KES, KGS, KHR, KMF, KPW, KRW, KWD, KYD, KZT, LAK, LBP, LKR, LRD, LSL, LYD, MAD, MDL, MGA, MKD, MMK, MNT, MOP, MRO, MUR, MVR, MWK, MXN, MYR, MZN, NAD, NGN, NIO, NOK, NPR, NZD, OMR, PAB, PEN, PGK, PHP, PKR, PLN, PRB, PYG, QAR, RON, RSD, RUB, RWF, SAR, SBD, SCR, SDG, SEK, SGD, SHP, SLL, SOS, SRD, SSP, STD, SYP, SZL, THB, TJS, TMT, TND, TOP, TRY, TTD, TVD, TWD, TZS, UAH, UGX, USD, UYU, UZS, VEF, VND, VUV, WST, XAF, XCD, XOF, XPF, YER, ZAR, ZMW

Monzo review
Monzo Transfer Options

Monzo offers the following transfer options:

Monzo Money Transfer Options Compared
NameTransfer Options
Bank deposit
Bank deposit
Bank deposit, mobile wallet deposit
Bank deposit, mobile wallet deposit
Bank deposit, mobile wallet deposit
Bank deposit, mobile wallet deposit
Bank deposit, cash pick-up, home delivery, mobile wallet deposit.
bank deposit, cheque, wire transfer, debit card, credit card
Bank deposit, cash pick-up, VISA & MasterCard, ATMs, mobile wallet deposit (depending on country)
Bank deposit
Bank deposit, cash pick-up , door-to-door delivery
cash

Single Payments

’Single payments’ is a term used to recognize a one-time money amount from an allowance. For a single payment, the user may use a single credit card (or debit card) and have a single invoice.

Regular Payments

A regular payment is a highly economical and easy way to transfer money with Monzo. It is best suited for customers who have to transfer regular smaller amounts (usually three, four, or smaller five-digit amounts).

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Who Monzo Services Are Available To

Monzo offers services for sixty different currencies across more than one-seventy countries.

The more global a money transfer operator becomes, the more reliable it is for people across the globe.

Monzo Country Restrictions

Monzo does not operate in the following countries :

  • Afghanistan
  • Aland Islands
  • American Samoa
  • Angola
  • Anguilla
  • Antarctica
  • Antigua and Barbuda
  • Barbados
  • Belize
  • Benin
  • Bhutan
  • Bonaire (including Sint Eustatius and Saba)
  • Bouvet Island
  • British Indian Ocean Territory
  • Burkina Faso
  • Burundi
  • Cape Verde
  • Central African Republic
  • Chad
  • Cocos (Keeling) Islands
  • Comoros
  • Congo
  • Democratic Republic of
  • Congo
  • Republic of
  • Cook Islands
  • Crimea
  • Cuba
  • Curacao
  • Djibouti
  • Equatorial Guinea
  • Eritrea
  • Faroe Islands
  • Fiji
  • French Guyana
  • French Polynesia
  • French Southern Territories
  • Gabon
  • Gambia
  • Greenland
  • Grenada
  • Guadeloupe
  • Guinea
  • Guinea-Bissau
  • Guyana
  • Haiti
  • Heard Island and Mcdonald Islands
  • Holy See (Vatican City State)
  • Iran
  • Iraq
  • Ivory Coast (Cote d'Ivoire)
  • Japan
  • Kiribati
  • Kosovo
  • Kyrgyzstan
  • Lao People’s Democratic Republic
  • Lebanon
  • Liberia
  • Libya
  • Macao
  • Mali
  • Marshall Islands
  • Martinique
  • Mauritania
  • Mayotte
  • Micronesia
  • Federated States of
  • Montserrat
  • Myanmar
  • Namibia
  • Nauru
  • New Caledonia
  • Niger
  • Niue
  • Norfolk Island
  • North Korea
  • Northern Mariana Islands
  • Palau
  • Palestinian Territory
  • Papua New Guinea
  • Reunion
  • Pitcairn
  • Rwanda
  • Saint Barthelemy
  • Saint Helena
  • Saint Kitts and Nevis
  • Saint Lucia
  • Saint Martin
  • Saint Pierre and Miquelon
  • Saint Vincent and the Grenadines
  • Sao Tome e Principe
  • Seychelles
  • Sierra Leone
  • Sint Maarten
  • Solomon Islands
  • Somalia
  • South Georgia and the South Sandwich Islands
  • Sudan (North and South)
  • Suriname
  • Svalbard and Jan Mayen
  • Syria
  • Tajikistan
  • Timor-Leste
  • Togo
  • Tokelau
  • Tonga
  • Turkey
  • Turkmenistan
  • Turks and Caicos Islands
  • Tuvalu
  • Vanuatu
  • Venezuela
  • Wallis and Futuna
  • Western Sahara
  • Western Samoa
  • Yemen
  • Zimbabwe
  • Crimea
  • Cuba
  • Iran
  • Libya
  • North Korea
  • South Sudan
  • Sudan
  • Syria

Certain countries are restricted because Monzo is not allowed to legally operate in those regions or it is not economically viable for Monzo to provide money services in these regions.

Monzo review
Monzo International Money Transfers

An International Transfer is when someone sends money from their account in one country to a bank account in another country.

Setting up your Monzo money transfer is quick and simple with the modern Monzo online platform.

Transferring money internationally used to be a tedious process 10 years ago but advances in software and the internet have made transferring money allot easier.

These days, you can send a money transfer with ease on the Monzo website.

The Monzo website includes useful and easy-to-access option for those who wish to track their money and monitor when it can be received, providing a safe and accessible option if you'd like to keep an eye on your transfer.

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Monzo Minimum Money Transfer

Several money transfer companies do not have a minimum money transfer amount. Making it easy for their users to send small amounts of money. Monzo has a minimum transfer amount of none.

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Monzo Maximum Money Transfer

Money transfer companies often do not have maximum transfer limits. For example, Monzo does not have a maximum transfer limit when the user is paying through phone. There is however, a 10000 GBP limit per transaction for online transfers.

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Monzo Money Transfer Fees and Charges

These are the fees charged by Monzo and other money transfer companies (or other financial corporations) for transferring money. Several companies however, do not charge their users for transferring money. The only charges there are to pay are currency conversion charges.

Monzo review
How Long Does It Take to Get a Monzo Money Transfer

Monzo money transfers do not usually take very long. It normally takes less than 24 hours for a money transfer to complete between two accounts with the same financial corporation. While in the case of money transfers with money transfer services like Monzo, it can take a little as a few minutes. If the money is being sent overseas, it can take up to five days for the recipient to receive the money from Monzo.

Monzo review
Monzo PLC Status

If a company has the acronym PLC at the end of its name, it means that the business offers its shares to the public and is traded on a public stock exchange. This alone makes the company more reputable. Monzo is not a publically listed company. Monzo is a privately owned company.

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Monzo Money Orders

The charges for issuing money orders with Monzo are none.

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Monzo Mobile Top Up

Monzo offers mobile top ups.Monzo mobile top ups are where a user can add credit to a recipient’s mobile phone number. The recipients number has to be local. These are normally processed within minutes, if not seconds.

Monzo COVID-19 Help

Some money transfer companies offer COVID-19 financial assistance. This may be in many forms including payment holidays, reduced interest rates and more options to pay. Check with Monzo directly to see what they are able to offer if you are adversely affected by COVID-19.

Who are Monzo Money Transfers Best For

There may be many reasons you are looking to action a money transfer with Monzo. These reasons can include debt consolidation, medical bills, student debt, collection agency debt, wedding costs, holidays, home repairs and repaying friends and family.

Monzo money transfers are best for people looking for looking for a reliable fast money transfer service.

Monzo Guide for Fast Money Transfer Approval

For Monzo to be able to process your money transfer application as quickly as possible make sure you have everything Monzo need. If you and Monzo need to go back and forth it may delay the Monzo application process. Make sure every piece of information you give Monzo is accurate.

Please note that you must have at least a minimum of one active bank account for Monzo to process your money transfer.

Monzo Application Time

Application time refers to the amount of time you have to wait for your Monzo registration to be approved. This should not take long, especially if you have nothing which should come up as red flag on the Monzo system.

Monzo Approval Time

It is the time it takes for Monzo money transfer operator to approve the money transfer being made. Depending on the situation this can take up to five days.

Monzo Funding Time

It is the amount of time it takes for the recipient to receive the money transfer. Once your Monzo money transfer has been approved the money should be in your account within four working days.

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Things to Check Before a Monzo Money Transfer

Why more features are useful for modern life’s and why new challenger banks are starting to beat traditional banks.

Here are a number of important things to consider before considering Monzo money transfer:

  1. Reliability and safety
  2. Making preparations before the transaction
  3. Convenience
  4. Transfer and conversion rates
  5. The quality of the customer service offered

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Monzo Customer Support

Monzo support should be there to help customers with their issues which includes answering their queries, guiding them through and difficult processes and issues when transferring money. Monzo customer support should troubleshoot any issues with you until you get to a resolution that you are happy with.

When getting a Monzo money transfer you will want to speak to a Monzo representative in a language that you are comfortable with. All your Money Transfer queries and issues should be resolved quickly.

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Does Monzo Offer Live Chat?

Customers can reach out to Monzo through live chat to resolve Monzo money transfer account issues or difficulties with their Monzo account that they can't solve. Live chat, or live support is a real-time live chat feature used by customer support representitives allowing customers to instant message to and receive guidance from a trained agent regarding a your money transfer related query.

Monzo review
How does Monzo Compare with Other Money Transfer Companies?

When deciding upon a money transfer company like Monzo you will want to know how Monzo compares with other leading online money transfer companies. See how Monzo compares below.

  1. Visit Monzo alternative XE Money Transfer

    Used By: 280000000
    Currencies Available: 76
    Transfer Fees: none
    Payment Methods: Bank transfer, credit card, debit card
    iOS App : yes, Android App : yes

    LiveChat:
    Min Transfer: US$1.00
    Max Transfer: US$500,000.00 (or equivalent)
    Year Founded: 1993

  2. Visit Monzo alternative Wise

    Used By: 11000000
    Currencies Available: 54
    Transfer Fees: 0.5%-1%
    Payment Methods: Bank transfer, debit card, credit card, SOFORT transfer
    iOS App : yes, Android App : yes

    LiveChat:
    Min Transfer: US$1.00
    Max Transfer: US$1,000,000 (varies based on currency)
    Year Founded: 2011

  3. Visit Monzo alternative Wise Business

    Used By: 11000000
    Currencies Available: 55
    Transfer Fees: 0.5%-1%
    Payment Methods: Bank transfer, debit card, credit card, SOFORT transfer
    iOS App : yes, Android App : yes

    LiveChat:
    Min Transfer: 1 USD
    Max Transfer: 1000000 USD/transaction/day (personal), 3000000 USD/transaction/day (business)
    Year Founded: 2011

  4. Visit Monzo alternative Wise Multi-Currency Account

    Used By: 11000000
    Currencies Available: 54
    Transfer Fees: 0.5%-1%
    Payment Methods: Bank transfer, debit card, credit card, SOFORT transfer
    iOS App : yes, Android App : yes

    LiveChat:
    Min Transfer: 1 USD
    Max Transfer: 1000000 USD/transaction/day (personal), 3000000 USD/transaction/day (business)
    Year Founded: 2011

  5. Visit Monzo alternative CurrencyFair

    Used By: 150,000
    Currencies Available: 17
    Transfer Fees: 0.45%
    Payment Methods: Bank transfer, debit card
    iOS App : yes, Android App : yes

    LiveChat: yes
    Min Transfer: £5.00 (or equivalent)
    Max Transfer: £10,000,000.00 (or equivalent)
    Year Founded: 2009

  6. Visit Monzo alternative Remitly

    Used By: 3000000
    Currencies Available: 63
    Transfer Fees: 0-3.99$
    Payment Methods: Bank transfer, credit/debit card
    iOS App : yes, Android App : yes

    LiveChat:
    Min Transfer: US$1.00
    Max Transfer: US$20,000.00
    Year Founded: 2011

  7. Visit Monzo alternative Scotiabank

    Used By: 25,000,000
    Currencies Available: 23
    Transfer Fees: none
    Payment Methods: Bank transfer, debit card, credit card, apple pay, google pay, Scotiabank Saddletone gift cards
    iOS App : yes, Android App : yes

    LiveChat: yes
    Min Transfer: none
    Max Transfer: 10000 USD
    Year Founded: 1832

  8. Visit Monzo alternative Skrill

    Used By: 120,000
    Currencies Available: 33
    Transfer Fees: none
    Payment Methods: Cash, bank transfer, debit card, credit card, e-wallet, cryptocurrency (depending on country)
    iOS App : yes, Android App : yes

    LiveChat: yes
    Min Transfer: US$1.00 (varies based on certain currencies)
    Max Transfer: US$2,500.00 / day (weekly and monthly limites also apply)
    Year Founded: 2001

  9. Visit Monzo alternative MoneyGram US

    Used By: 150000000
    Currencies Available: 46
    Transfer Fees: 0-1.99$
    Payment Methods: pay by card or directly from your bank account
    iOS App : yes, Android App : yes

    LiveChat:
    Min Transfer: none
    Max Transfer: 3000 USD
    Year Founded: 1940

  10. Visit Monzo alternative Xoom

    Used By: 250000000
    Currencies Available: 4
    Transfer Fees: 0$-40$
    Payment Methods: Bank transfer, debit/credit card, PayPal balance
    iOS App : yes, Android App : yes

    LiveChat: yes
    Min Transfer: US$10.00
    Max Transfer: 2999 USD/day, 6000 USD/month, 9999 USD/3 months
    Year Founded: 2001

  11. Visit Monzo alternative Moneycorp

    Used By: 15000000
    Currencies Available: 161
    Transfer Fees: none
    Payment Methods: debit card via our online platform or a wire transfer, cash
    iOS App : yes, Android App : yes

    LiveChat:
    Min Transfer: 50 USD/GBP/EUR
    Max Transfer: none
    Year Founded: 1962

Monzo review
Monzo Website and Mobile Apps

Monzo has a website available online but it may be useful to manage your Monzo account from your mobile device like your tablet or phone.

Monzo offers an Android mobile application on the Google Play store.

Monzo offers an Apple IOS mobile application for iPhones and iPads allowing Monzo to users to check their Monzo accounts on their iOS mobile devices.

Monzo review
Monzo Deposit and withdrawal Methods

Monzo offers the following Money Transfer payment methods: bank transfer, phone contact. All of significant bank systems are all acknowledged with Monzo.

Monzo offers ACH Payment which is used for direct deposit and debit transfers within the US. It is similar in nature to BACS (for the UK) and EFT (for Canada). Users can pay through bank transfer.

The recipient will receive the money in their bank account and can withdraw it using the method they prefer. They cannot, however, receive the money in the form of cash.

Take note that Monzo may charge additional commissions and fees when using certain payment and withdrawal methods. These fees may not necessarily come from Monzo.

Monzo review
Is My Money Safe With Monzo?

Monzo is a reliable, secure, and trusted option for sending money overseas. Monzo are registered and regulated with the Monzo accounts are covered by the FSCS.These regulatory licenses have strict rules that are enforced. These regulations safeguard the funds entrusted to them by Monzo customers.

Monzo review
Monzo Financial Regulation and Safety of Monzo Funds

Every business that wants to send money across borders (in excess of €3 million per month) must be licenced under the Payment Services Regulations 2017 and the Electronic Money Regulations 2011, both of which were created by the UK government but executed by the FCA for UK residents.

Consumer credit, in simple terms, is credit offered to individuals so they can purchase goods or cover personal expenses. It does not cover long term investments such as purchasing property. It allows for a properly managed economy to function and further encourages economic growth.

Firms like Monzo that offer money transfer to retail customers are legally considered to be offering consumer credit.

A financial regulator ensures that consumers are protected, there is fair competition in the money transfer industry and the integrity of the Financial services industry as a whole is maintained.

Getting a money transfer with a regulated company is essential as it offers an increased level of protection than a money transfer from an unregulated one. This is because regulators are able to enforce strict rules and stop unscrupulous money transfer operators.

Laws differ on who can and cannot offer consumer credit in each country. Credit firms have strict rules that they must follow in order that they are legally allowed to transfer money to consumers. These laws are in place to protect consumers becoming trapped in a money transfer they can never pay off.

Be sure that Monzo is fully licenced as a money transfer company.

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Monzo Payment Services Regulations and Monzo

The Payment Services Regulations Directive, is run by the European Commission in order to govern payment services and their providers across the European Union as well as the European Economic Area.

One of its goals has been to make foreign currency transactions transparent, much like currency payments. This is to protect consumers and businesses from being swindled.

What is the Financial Conduct Authority?

The FCA is a control body meant to license money transfer companies. Companies such as banks, Forex brokers, and money transfer operators are monitored the most. This is because they deal in situations that involve many intricacies, such as transferring money and offering loans, etc.

All reputable money transfer businesses that operate within the United Kingdom by law have to be registered and authorised as a payment institution by the Financial Conduct Authority (FCA) to comply with the Payment Services Regulations that were introduced in 2017.

Check Monzo is financially regulated. Monzo is regulated by the Financial Conduct Authority (FCA).

This makes sure that your Money Transfer agreement is above board and safe. In Addition, it Usually Means that Monzo Possess a responsibility of care to their clients.

Is Monzo Registered as a Money Service Business with HM Revenue & Customs

Financial institutions (which do not classify as banks) which convert and transmit money like Monzo are known as Money Service Businesses. While they provide services similar to banks, they are still not considered banks. They offer more varied product options to individuals looking to transmit or convert money.

Financial authorities tend to keep tabs on Monzo and other Money Service Businesses the most because the type of services they offer can leave them vulnerable to be used in financial crimes like money laundering. This is why it is crucial for them to be registered with the HM Revenue and Customs in the United Kingdom.

Monzo Segregation of Client Funds

Monzo as part of their regulation are required to segregate client funds from Monzo company funds and keep all client funds within a bank that is authorised as a credit institution by the regulator. All client funds should be kept in the most reputable third-party financial institutions such as Barclays or the Bank of America.

Monzo regulatory requirements mean that Monzo Money Transfer funds and your funds should be totally separate. Monzo cannot use any money that is still legally yours to conduct Monzo daily business like paying Monzo suppliers and costs. Your funds should be kept by Monzo in a segregated bank account.

Monzo Regulation Checklist

  • Check whether Monzo has authorisation to offer consumer credit
  • Check the type of activities that Monzo are allowed to conduct with their authorisation
  • Check the contact details, trading names and main business of Monzo list on their website and the regulator match.

Monzo Fraud Prevention Features

Fraud prevention is highly crucial when transferring money because once the money is gone, it's gone. Scammers most often gravitate towards money transfers. Lack of fraud prevention procedures can lead to loss of funds, or even identity theft.

Monzo goes to great lengths to protect your Monzo account from fraudulent use. We explain some of Monzo anti-fraud features below:

  1. Monzo has SSL encryption that protects the customer's private information.
  2. Monzo has cutting edge technology that monitors almost everything i.e. from logins to transactions.
  3. The Monzo platform has a bespoke monitoring system that helps to detect and prevents fraud.

Automated Transaction Confirmations

Having instant notifications turned on is not only convenient because the user is instantly alerted whenever there is a payment related activity on their Monzo account, as you are instantly aware of every Monzo transaction these notifications to your phone help you to keep tabs on any suspicious activity.

After conducting a transaction with Monzo, the Monzo accounts primary contact will receive a transaction confirmation confirming the transaction amount, rate exchange applied, and Monzo delivery instructions.

Monzo Monitors Your Account for Suspicious Transactions

Monzo has systems and controls in place to detect fraudulent activity and protect Monzo client accounts from misuse. If Monzo detect a questionable transaction on your Monzo account, Monzo will contact you to verify the transactions legitimacy to ensure your Monzo funds are safe.

How Does Monzo Make Money?

Monzo and other money transfer companies often charge their customers a certain amount of interest fees on every transaction made. The fees depend on the amount of money the customer wishes to transfer. Monzo also earn money via foreign exchange rates.

Money transfer companies like Monzo and banks need to survive, so they make money on interest from accounts and money transfers.

Monzo Frequently Asked Questions

We list some of the most frequently asked Monzo questions below.

Is there a limit to how much I can transfer with Monzo?

You can transfer up to 10000 GBP at a time.

When will I receive my Monzo transfer?

It normally takes 3-5 business days.

Is it possible to cancel my Monzo transaction?

If you need to cancel your transaction due to any reason, kindly contact us on this number 00 44 20 3872 0620.

How old do you have to be to sign up to a Monzo account

To signup to a Monzo account you will need to be at least 18 years old.

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Is Monzo a Scam?

Monzo have been in operation since 2015 and have over 5,000,000 customers and 1551 employees. Monzo is not a scam.

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Sending money online with Monzo

Sending money with Monzo is a single process once you have registered and verified your Monzo account and payment methods.

  1. Go to the Monzo website
  2. If you have a Monzo account you can log in, otherwise you will need to create a new account.
  3. Decide how much you would like to send and where you want to send it to.
  4. Enter all the required information about the beneficiary, this might include their name, address, bank account details, and other personal data.
  5. Tell Monzo how the beneficiary wants to get their money. Eg. through a bank transfer, cash pickup, or via some other means.
  6. Agree to the Monzo exchange rate and any fees.
  7. Pay for your Monzo transfer.
  8. Enter your information and provide and supporting documentation to verify your identity.

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How do I receive money from a Monzo money transfer?

Depending on where you are located, you have a few options for how you can receive any money that has been sent to your Monzo account. Your options for receiving money depend on the information entered by the sender, the country you are in, the currency you are receiving, and some other factors. Some methods of receiving money may not be available to you.

Receive Monzo money directly into a bank account

Bank transfers are useful because not only are they safe, but the whole process is quick, and they offer the kind of flexibility no other method can. Monzo allows for a deposit directly into your bank, credit union or other financial account.

Monzo Cash Pickup

Some money transfer companies have agents around the world, and you will need to take identity documents to receive cash. Money is typically available within ten minutes of being sent. Monzo allows you to pick up money in person at a Monzo agent location.

Monzo Smart Money and mobile wallets

A mobile wallet virtually stores cash card details on a smartphone. These are quite convenient as they allow for users to make purchases at physical stores without needing to carry money.

Monzo Does not support mobile wallets.

Monzo Home delivery

It is a way for an individual to receive money without having to leave home. What this means is that any money you send can be received in person at a designated home address. The money is delivered by a local agent. Monzo do not offer home delivery money transfers.

When was Monzo founded?

Monzo was founded in 2015.

Is Monzo Any Good?

Monzo have a rating of 3 and are financially regulated, Monzo can be considered a good money transfer company.

Is it easy to close my Monzo account?

Its is easy to close you Monzo account. You will have to make sure any outstanding payments and fees due to Monzo are paid in full Before Monzo will fully close your account. Make sure when closing your account Monzo send you an official confirmation that your account is closed and no more monies are due to Monzo.

Does it take long to setup a Monzo account?

No, setting up a Monzo account can take a few minutes. You will need to provide some proof of identity and address. You should definitely be able to access all the features of your Monzo account in 1-3 days.

Where are Monzo based?

Monzo are based in London, UK

Countries where Monzo is legal?

Monzo is legally allowed to operate in over 1 countries.

How do I track a Monzo Money Transfer

You can track a Monzo money order by calling Monzo or by tracking the order online. Call Monzo number on 00 44 20 3872 0620. The Monzo automated phone system will take a few details and give you a status update. You can go online to the Monzo website and check the status of a money transfer at any time.

If you have a Monzo online account, log in and view your transaction history; If you do not have an online account, or if you are the receiver of the Monzo transaction, use the Monzo payment reference number on the Monzo website to check the status of the transfer.

Can I cancel my Monzo transfer?

The way that you cancel a Monzo transfer depends on how you created and sent the Monzo money transfer originally.

You may need to contact Monzo by phone on 00 44 20 3872 0620, through their website at monzo.com or via email [email protected] Requests are typically processed within 30 days, and you may be charged a cancellation fee by Monzo.

If you made the Monzo transfer online, then you should log in, find the transaction in your transaction history and then cancel it on the 'Transaction Details' page. If you do not have a Monzo account, use the 'Track a Transfer tool to find the transaction and then cancel it on the Transaction Details page.

Double check the terms and conditions for cancelling a Monzo transfer on their website.