Discussion
A mate sent me a Whatsapp link to a 'new style of banking.'
Namely, https://monzo.com/
It does appeal to me, as someone who has a geeky spreadsheet for tracking all of my expenditure, however I'm sceptical about a completely new bank.
The mate who sent me the link has ordered his card and is going to experiment with sending a couple of hundred quid a month to it and seeing how it goes. Just wondered if any PH'ers have come across Monzo and how you're finding it?
Namely, https://monzo.com/
It does appeal to me, as someone who has a geeky spreadsheet for tracking all of my expenditure, however I'm sceptical about a completely new bank.
The mate who sent me the link has ordered his card and is going to experiment with sending a couple of hundred quid a month to it and seeing how it goes. Just wondered if any PH'ers have come across Monzo and how you're finding it?
Been a pre-paid card user for a while, and recently got the bank account up and running, though haven't made the big leap of transferring salary and DDs across there yet.
Yes, the spend tracking is nice, but I note that is starting to transfer across to Metro as well. At the end of the day, its just a money moving place with nice features in the app, not a revolutionary way of making magic money appear. Sadly
Yes, the spend tracking is nice, but I note that is starting to transfer across to Metro as well. At the end of the day, its just a money moving place with nice features in the app, not a revolutionary way of making magic money appear. Sadly
I got my card then realised there isn't a huge amount I can do with it that I don't already do with my current bank.
I get more use from my Curve card - the instant notifications, ability to switch transactions between different cards etc.
Monzo, Revolut - what else do they bring to the table?
I get more use from my Curve card - the instant notifications, ability to switch transactions between different cards etc.
Monzo, Revolut - what else do they bring to the table?
essayer said:
I got my card then realised there isn't a huge amount I can do with it that I don't already do with my current bank.
I get more use from my Curve card - the instant notifications, ability to switch transactions between different cards etc.
Monzo, Revolut - what else do they bring to the table?
Glad you said that as once I got beyond the whole cool/disruptor/app thing I found myself wondering the same.I get more use from my Curve card - the instant notifications, ability to switch transactions between different cards etc.
Monzo, Revolut - what else do they bring to the table?
Monza you can't even link to Apple Pay which seemed a bit arse about face i.e. new app-only bank that has to send you a debit card.
I used Monzo for two things:
(1) All my contactless payments. I still get paper statements for my main (first direct) account and we have mandatory contactless in the office etc so it saves my bank statements being 10 pages long; and
(2) overseas. The exchange rate is excellent and you know instantly the GBP price, without having to be ripped off by dynamic conversion. As I travel a fair bit this is handy.
Otherwise its just a bank account. Am not sure i see much of a difference between when it was pre-paid and now it is a bank, other than presumably one can overdraw and pay monzo interest and fees. Difficult to see how they make money otherwise.
(1) All my contactless payments. I still get paper statements for my main (first direct) account and we have mandatory contactless in the office etc so it saves my bank statements being 10 pages long; and
(2) overseas. The exchange rate is excellent and you know instantly the GBP price, without having to be ripped off by dynamic conversion. As I travel a fair bit this is handy.
Otherwise its just a bank account. Am not sure i see much of a difference between when it was pre-paid and now it is a bank, other than presumably one can overdraw and pay monzo interest and fees. Difficult to see how they make money otherwise.
I had the prepay from their beta.....they are moving away from that now it is a 'regular' bank account.
I mostly got it for the no-cost cash withdrawal abroad (& no-cost, good exchange rate foreign debit transactions) ...those withdrawals are now limited (£200 pcm), which makes it less useful to me now....
Kids have them & use them to help budget: at uni, so move £x each week to spend: they find it easier to track (on phones, touch ID login so quicker than some...).
I still like being able to logon with laptop for proper 'reconcile', so I doubt I would move to it entirely.
Metro is another good account - free cash withdrawals in Europe....
I mostly got it for the no-cost cash withdrawal abroad (& no-cost, good exchange rate foreign debit transactions) ...those withdrawals are now limited (£200 pcm), which makes it less useful to me now....
Kids have them & use them to help budget: at uni, so move £x each week to spend: they find it easier to track (on phones, touch ID login so quicker than some...).
I still like being able to logon with laptop for proper 'reconcile', so I doubt I would move to it entirely.
Metro is another good account - free cash withdrawals in Europe....
Been using Monzo as my primary account for 6 months now. Salary gets paid in, direct debits come out, etc.
Only hitch I've found is that you can't pay cash into it, so a few times I'll go to my NatWest highstreet secondary account to pay some cash in. Only had to do that 3 times though.
Only hitch I've found is that you can't pay cash into it, so a few times I'll go to my NatWest highstreet secondary account to pay some cash in. Only had to do that 3 times though.
I opened an account with Monzo a couple of months ago.
I currently use it as a petty cash account. I just add £50 or so to it and use it throughout the week for small purchases, instead of using cash. I also use it if going out for a night for a few drinks so not as worried about it getting lost or stolen/cloned due to the low balance on it.
I currently use it as a petty cash account. I just add £50 or so to it and use it throughout the week for small purchases, instead of using cash. I also use it if going out for a night for a few drinks so not as worried about it getting lost or stolen/cloned due to the low balance on it.
After my post last year I should add that it was very useful when we went abroad - I could exchange money at a better rate than my bank, pay in the native currency, then return the money to my current account, at a much better rate than your typical travel money place. So it’s been worth it for that alone.
essayer said:
After my post last year I should add that it was very useful when we went abroad - I could exchange money at a better rate than my bank, pay in the native currency, then return the money to my current account, at a much better rate than your typical travel money place. So it’s been worth it for that alone.
I used mine for exactly that. Very handy I got one for use whilst on holiday in Europe. I drip feed money to it every month for holiday spending money.
It’s accepted everywhere I’ve tried it, exchange rate is great, app works perfectly, and all without any charges.
When I was in Italy, I transferred some extra money to it from my main current account - the app signalled the money was there within less about a second of me confirming on my other banking app - technology is great isn’t it!
It’s accepted everywhere I’ve tried it, exchange rate is great, app works perfectly, and all without any charges.
When I was in Italy, I transferred some extra money to it from my main current account - the app signalled the money was there within less about a second of me confirming on my other banking app - technology is great isn’t it!
I find it’s useful to have as a ‘play’ money account if you want keep a track of your spending. I use monzo for things like meals out, coffees, pub, impulse purchases. Transfer over a set amount each month and it’s easy to see if I need to reign in my spending day by day, or if I can splurge a bit on amazon etc. Plus very handy abroad obviously.
I've got two, one for my play account and one for the joint. It's dead useful for the joint as we don't have constantly communicate as you get notifications on spend, plus can easily see remaining budget accounting for expected recurring spending. It's made life much easier.
Another feature I like is the ability to round each transaction up to the nearest pound, with the excess building to a nice healthy penny pot
Tempted to pay the salary into it and keep the high street bank purely as a backup.
Another feature I like is the ability to round each transaction up to the nearest pound, with the excess building to a nice healthy penny pot
Tempted to pay the salary into it and keep the high street bank purely as a backup.
Greshamst said:
I find it’s useful to have as a ‘play’ money account if you want keep a track of your spending. I use monzo for things like meals out, coffees, pub, impulse purchases. Transfer over a set amount each month and it’s easy to see if I need to reign in my spending day by day, or if I can splurge a bit on amazon etc. Plus very handy abroad obviously.
You sound like me: I call it my “beer card”. Handy ‘cos it is so bright it gets spotted by bar staff when you’re thirsty!!Hi all, bit of a resurrection as I'm looking at some potential solutions.
I'm going to be taking in some lodgers from a local football club and the club are paying me a weekly amount to cover expenses and costs of feeding them etc. I'd like to keep this separate from my own banking where my salary is/will be paid in to so that I can keep track of spending a little easier than my own bank account
I've been on Monzo's website for some time but can't find the answer to this.. do they require a minimum monthly deposit amount to be able to open an account? If so, what is it?
I'm going to be taking in some lodgers from a local football club and the club are paying me a weekly amount to cover expenses and costs of feeding them etc. I'd like to keep this separate from my own banking where my salary is/will be paid in to so that I can keep track of spending a little easier than my own bank account
I've been on Monzo's website for some time but can't find the answer to this.. do they require a minimum monthly deposit amount to be able to open an account? If so, what is it?
Gassing Station | Finance | Top of Page | What's New | My Stuff