I was thinking to open a monzo account but have some quetions first.
is there different type of accounts? I need the following: Be able to take a loan, Be able to deposit money to my paypalaccount, and do a SEPA transfer.
how does the verification work? Can i upload a pic of my id or do i have to scan it live in your app? I had problem with live scaning when i tried to open account in other bank so.
Only picture of id or do you require selfie also?
do i need the debitcard for be able to do the things in 1. questions? Like do i need the card for activate the account or something?
if im outside the uk when i open account online but is a uk citizen, will that be a problem?
Taking a loan and get the money sent to my monzo account, does that work with all banks in the UK?
Is there any limits for newley created accounts? Like " deposit no more than 1000 gbp first 10 days" or something.
The issue you may have is you need a UK address to open the account. If you are abroad without a UK address, you may encounter problems even if you are a UK citizen.
Yes. Monzo is a full current account with a sort code and account number. If you get a loan elsewhere, you can deposit it in Monzo.
Monzo currently limit the account to UK residents due to regulatory reasons. They are hoping to expand internationally soon.
Monzo have been known in the past to ship cards abroad as long as you have a UK address, but you would probably need to contact them in advanced to discuss this in case they no longer do it. Royal Mail do have a redirect service but you need to receive a letter in the house you need to redirect from first.
If you don’t need a card then your could just use your UK address I suppose and not activate the card but the app will probably detect you are not in the UK so you could still have issues.
I had the current account in the testing phase so my experience could be different, but as far as I am aware it is just an automated sign up sequence where the app will tell you to record a clip and then submit it within the app. Same with your ID. Then it will be verified by a computer and a human separately.
I could just use a vpn with ip in UK, or would that be a bad idea? Some banks and like paypal dont like the use of vpn.
Also wonder about the limits. If i send like 6000 gbp emidietly after i open my account, could i get the account locked or a hell of a lot questions about where the money comes from?
As long as you have a UK address Monzo wouldn’t mind where you are. I think Monzo will send your card to your UK address after you open a new account.
You email for more details. Help@monzo.com
No one here will be able to answer this because of privacy around Anti Money Laundering rules. Again maybe best to check with Monzo directly on email.
Your first card delivery must be delivered to a UK address. Unfortunately you can’t use your account until you activate your card. You’d need to physically have it to do this.
You have to have your card sent to a U.K. address. If it’s a friend, fine, but has to be an address in the U.K.
I’m curious, what are you wanting to use your account for that your current U.K. bank will not do? Particularly since you don’t seem too bothered by the card or account features and seem concerned about being verified or being in the U.K.
As i said this is for bitcoin mostly. As you might know many banks have a bad eye on bitcoin and know people that have had their account frozen and so.
Was told this bank isnt like that but maybee im wrong?
You’d need to email and ask. Most people don’t do the full KYC and AML checks on bitcoin so it causes problems which is why banks are reluctant or just ban and block accounts
If you are in Sweden isn’t there a Swedish bank you could use?