I’m looking at switching to a Monzo account for a not-for-profit limited company, part of a local charity, that I volunteer with. One thing we need is to have 2 person authorisation for any outgoing payments. I’m seeing conflicting information on whether this is possible with a Monzo business account, can anyone clarify?
Currently, we have to pay using a cheque which requires 2 signatures but this is very inconvenient, hence looking at switching.
Monzo don’t allow accounts for charities
We are a separate limited company although owned by a charitable company, does that make a difference?
All you can do is try to open an account and find out.
From what I can see online, there isn’t the option for 2 person authorisation on payments.
You can set a minimum amount and over that it needs an approval from an admin but the lowest amount you can set that is £25, if I’ve understood Monzo’s website correctly. It’s not quite the same as two person approval