Monzo Banking

[Wolf]

I've been with Barclays for years, but have recently been thinking about switching, and after some discussions with someone at the club and having a look online I'm quite tempted to make the switch.

So just Wondered if anyone uses Monzo for their banking and what their experiences are.

 

[Coffey]

I have monzo but do not use it for my main account.

I transfer my spending money for the month into it once I get paid.

Some of the features are really great. You get instant notifications as soon as you have paid for something, so you dont get transactions not showing in your account for a few days.

You can set up different money pools such as savings etc so you can keep the money separate.

It breaks down all your spending habits into categories and totals it all up, so if you regulary visit the local coffee shop, it scarily tells you how much money you have spent there in the past month etc.

The best thing about it for me is the no transaction fees for abroad purchases. I first used it to go to Portugal, loaded it with some money and then used it for all my transactions and cash withdrawals (£200 limit per month). You immediately see a transaction rate (which can change as they take the best rate for that day) so you know exactly how much it has cost you and then you do not get any fee on top of that.

Add in the fact you can easily pay people and split bills with people it is great.

As I said, I dont use it for my main account but it is awesome for every day purchases. Also, sign up with a referral and you both get £5 free

 

[Dan2501]

I've had Monzo for a year or two now and think it's great. The app is fantastic, using it abroad works great. I don't use it as my main account as above, but know plenty of people that do, quite a few guys at my work have their salary paid into it and use it as their main account. Been really impressed with it.

 

[Lord Tyrion]

I can't comment on Monzo but don't overlook First Direct. They win bank of the year time and time again. I've been with them for 15yrs or so and have never had an issue, effortless to deal with. Easy to find out more about them.

 

[Wolf]

I have monzo but do not use it for my main account.

I transfer my spending money for the month into it once I get paid.

Some of the features are really great. You get instant notifications as soon as you have paid for something, so you dont get transactions not showing in your account for a few days.

You can set up different money pools such as savings etc so you can keep the money separate.

It breaks down all your spending habits into categories and totals it all up, so if you regulary visit the local coffee shop, it scarily tells you how much money you have spent there in the past month etc.

The best thing about it for me is the no transaction fees for abroad purchases. I first used it to go to Portugal, loaded it with some money and then used it for all my transactions and cash withdrawals (£200 limit per month). You immediately see a transaction rate (which can change as they take the best rate for that day) so you know exactly how much it has cost you and then you do not get any fee on top of that.

Add in the fact you can easily pay people and split bills with people it is great.

As I said, I dont use it for my main account but it is awesome for every day purchases. Also, sign up with a referral and you both get £5 free

I've just made the jump, and opened up an account. That was ridiculously easy simple to do unlike when I have opened different accounts previously.

I'm going to move my main account over to it for ease of use. Especially for the bits you describe like budget planning, breakdowns of where I'm spending it as I do tend to make transactions I simply forget about 😂.

Plus the use abroad is ideal, we're off to Italy in August, Mauritius in September and possibly a couple trips early next year. Will keep joint account with Barclays for now, but so easy to transfer my account over clicked on something in the app, put in my old details and verification and its done already. Even got my Googlepay set up and I haven't got my card yet so I'm good to go straight away.

Ease of use is what I need and already this is ticking boxes.

Cheers for the input guys.

 

[rulefan]

The best thing about it for me is the no transaction fees for abroad purchases.

You may find that the exchange rate is better with either Nationwide or Post Office credit cards. They operate at the commercial rate with no transaction fees, so you can't get better.

 

[*TQ*]

Out of interest why don't people use it as their main account?

I've been eying it up (and I am a First Direct customer but they're miles behind with their app and their phone service has gone downhill recently).

 

[Dasit]

monzo and starling apps are great. Soon as you buy something you know about it as it shows on your screen.

Nice when you receive money as it tells you too. Like wages going in or a mate sending you money.

Account feels super secure, anything you buy online you have to authorise on the app, so stops people cloning your card online.

High street banks really do have crap apps and features when you compare

 

[Coffey]

You may find that the exchange rate is better with either Nationwide or Post Office credit cards. They operate at the commercial rate with no transaction fees, so you can't get better.

I was under the impression that Monzo gave the best rate that day. I have to say I have been very impressed by the rate and the fact you find out the estimated rate right away is great.

 

[gmc40]

You may find that the exchange rate is better with either Nationwide or Post Office credit cards. They operate at the commercial rate with no transaction fees, so you can't get better.

You can get better. PO are currently offering €1.10 and Nationwide €1.09 which isn’t great.

Take a look at Revolut as well OP, they are currently offering €1.12 as they use the interbank exchange rate.