A really good idea for a Monzo business account would be prepaid business cards like Revolut. Like Revolut the card would be linked to the business current account and you’d be able to track spending and set spending limits. Also having a black Monzo card would be cool.
EDIT: Prepaid isn’t the best term to give it but lol. These cards would be given to employees and from the main account, a manager would control it. The employees Monoz account would look similar to the current app. On the mangers end, they’d potentially have a separate app where they can manage their team’s money. I think having all the admin control in the current Monzo app would make it to complicated and bloated.
Yeah, I would’ve thought it’d make a lot more sense it being a standard account but maybe some business features? I can’t think of any off the top of my head right this second, though, haha. We already have 24/7 fast support!
Even if they don’t go the prepaid route having one main account control other current accounts would be nice.
An example of this use would be a musician’s tour. Every member of the team would get spending money that is allocated to them from the main account weekly, monthly, etc. The tour manager, for example, could monitor the payments, freeze the cards if they get lost and set spending limits.
It doesn’t necessarily have to be a prepaid card but honestly, it would be easy to implement it like this. A prepaid card works no differently from debit card
On the cards, it would have the employees name and potentially the name of the company as well.
In terms of the functionality, the employees Monoz account would look similar to the current app. On the mangers end, they’d potentially have a separate app where they can manage their team’s money. I think having all the admin control in the current Monzo app would make it to complicated and bloated.
That’s different that was with understanding it was short term to get the infastructure in place to be a bank. I only jumped over fully once monzo offered a full CA.
Just curious, would you be willing to pay a fee for each employee account? I’m guessing your business charges a fee for covering it costs, so would you expect monzo to do the same?
The bank statement doesn’t show local currency rate or foreign exchange rate. This is required for an overseas expense.
It’s frustrating because the CSV export contains the required info.
I’ve raised it with Monzo.
I tried to a blog about using Monzo for expenses.