I understand that now Monzo has launched their new current accounts, they plan to phase out the prepaid card service in the near future.
I have a question to Monzo concerning how this will affect customers resident in the Channel Islands and Isle of Man.
The Channel Islands and Isle of Man are effectively part of the same banking system as the UK in that our currency is GBP, we use Faster Payments, BACS, CHAPS, UK sort codes, and the cash machines are the same as those in the UK and tied in with the same network. Yet if we enquire with any of the big high street banks on the UK mainland about opening an account, most of the time we get told in no uncertain terms “go away, you are not welcome”.
I don’t know if this is to do with legislation or if they are just being unreasonably awkward, or if it is a combination of both.
This means that as far as normal retail banking goes, we are generally much well less served here than people living in the UK, as we don’t have much to choose from beyond the big four UK high street banks which have operations here.
So, my question is - can resident of the Channel Islands and Isle of Man have a Monzo current account, or are we going to face the same frustrations as we do with the ordinary banks which turn us away?