Monzo
Global fintechDGS €100k protectedBest for: UK bankingBest for: BudgetingBest for: Mobile-first
Pros & Cons
Pros
- Deposit protection: FSCS £85k (UK — not EU DGS)
- Strong UK current account
- budgeting pots
- instant notifications
Cons
- Foreign IBAN — possible payroll / direct-debit friction
Rating breakdown
Foreigner onboarding100
USD handling20
Transfers25
Value & fees30
Licence & deposit protection
DGS €100k protectedFSCS £85k (UK — not EU DGS)
This is a licensed bank, so eligible deposits are protected by the deposit guarantee scheme (DGS) up to €100,000 per customer. That's a key safety factor when choosing.
- Licence
- Bank · PRA / FCA (UK)
- IBAN
- GB
- SEPA Instant
- No
- Verification of Payee (VoP)
- No
Editorial review
Monzo is a licensed bank (PRA / FCA (UK)), so eligible deposits carry FSCS £85k (UK — not EU DGS).
It is a global fintech licensed in GB supporting GBP etc, EUR. FX model: Mastercard rate, no markup.
It tends to suit uk banking, budgeting, mobile-first.
Fees & terms
- Exchange rate
- Mastercard rate, no markup
- Card cost
- Free / paid tiers (Plus, Premium)
- Currencies
- GBP etc, EUR
- Cards
- Global Physical, Global Virtual
- Transfers
- SWIFT in/out
- Payments
- Apple Pay, Google Pay
- Licence
- Bank — PRA / FCA (UK)
- IBAN
- GB
- SEPA Instant
- No
- Verification of Payee (VoP)
- No
- FX model
- Mastercard rate, no markup
- Opening requirements
- Needs UK address; limited continental reach
- English support
- Yes
- Remote opening
- Yes
- Headquarters
- United Kingdom
Also consider
FAQ
- Is my money protected?
- Yes. Monzo holds a full bank licence (PRA / FCA (UK)), so eligible deposits are protected by FSCS £85k (UK — not EU DGS).
- What IBAN and transfers?
- Monzo issues a GB IBAN. SEPA Instant: no.
- Can I open remotely, in English?
- Opening is remote. English support is available. Requirements: Needs UK address; limited continental reach.
Data provenance & verification
Every fact is checked against an official source and stamped with a date. We re-check fees quarterly and document requirements twice a year. Fields not yet independently verified are labelled honestly.
Updated: Dataset compiled: