What is Monzo Bank Account?
Monzo Bank account is a well-loved digital bank launched in 2017 in the UK. Focused on young professionals, it advertises the ability to access your money through a smartly designed smartphone app without the need for physical branches. Help is available through the app’s chat feature, by phone or by email.
In the UK, Monzo works a lot like a regular checking account. Each account comes with a bright coral Monzo Mastercard. The card is controlled via the app, which allows for person-to-person payments and instant notifications after transactions.
To help you see where your money goes each month, transactions are broken down into 12 categories:
Monzo announced in June 2019 that it plans to partner with Sutton Bank to offer its services, forgoing lending until it’s approved for a US banking charter. That partnership will extend FDIC protections on your account for deposits of up to $250,000.
Expect technological safeguards like PINs, secure payments and fraud detection.
Monzo claims that it doesn’t mark up the exchange rate or charge fees to use your card abroad. But you’ll pay a fee equal to 3% of your withdrawal when you take out more than $200 each month from a foreign ATM.
If you lose your card while traveling, freeze its use through the app. Simply defrost your card if it turns up safe.
Until then, look into other digital banking accounts to weigh benefits and drawbacks against your spending habits.
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