Monzo Business Cards


(Everet) #1

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.


#2

Not sure after celebrating the end of prepaid last month they’d want to jump back into them :thinking:


(Ben Talbot) #3

:joy:


(Simon B) #4

I think the chances of us doing another prepaid card are basically 0%

Why would such a card have to be prepaid?


(Ben Talbot) #5

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!


(Everet) #6

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.


(Kenny Grant) #7

Nice colour choice for a business card though if you do offer a business account.


#8

Personally it makes it feel not like a bank if I get prepaid cards, it just stinks business and profit, not community and forward thinking.


#9

Were you saying that this time last year? :wink:


#10

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.


(Andrew Hinshaw) #11

At the minute, Monzo is no use for overseas expenses. Not sure why anyone would want to use them as a business card


#12

Maybe. In just under two years some other prepaid cards could do the same …


#13

Why would monzo need to bring in a third party in for prepaid cards, and not just use thei nfastructure to offer business accounts from word go?


(Ben Talbot) #14

Why isn’t it good for overseas expenses right now?


#15

Because of ATM charges, unless they put up the cost for personal customers to keep it free for business customers!


#16

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?


(Everet) #17

I would like to see businesses take on the cost for this account and any cards they need they pay like £5 each for them.


#18

Apart from ruling out prepaid I think they have also no plans for business accounts beyond sole traders, contractors etc. Can’t see it in trello


(Andrew Hinshaw) #19

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.


(Ben Talbot) #20

Ahh, I was not aware of this, thanks!