Yesterday I was lucky enough to receive my current account invitation, as part of the signup process it asks if you have nationality or citizenship in any other countries. Since I have dual NZ/UK nationality I selected yes and then it asked me for my tax number for NZ. I don’t have a problem with supplying this information, but I’mt curious as to why Monzo needs to know this? I assume it’s some sort of legal requirement.
Something to do with regulations regarding foreign transferring and money laundering, perhaps?
I am duel Canadian/UK and I was asked for my SIN (which I don’t carry around a) because it’s a bit of paper b) why would I need it in the UK!?) when I signed up at the launch event. There was a button for “I don’t have this right now” and I completed sign up as normal.
I don’t know if I’ll be asked for it again but I assume if there was some kind of legal requirement for it I would have been forced to enter it?
I was in the same case as you @kiwi - dual UK/NZ nationality. “Luckily”, I don’t currently have a NZ tax number so I just had to tick “UK”. Little bit unnerving (as I hadn’t been asked for details by other banks before), but alright in the end.
I fortunately (unfortunately?) had my IRD number to hand so entered it in. I would have assumed it wouldn’t have let me continue had I not entered it. Interesting to know you can progress without it, seems like invasive data collection if it isn’t actually required for signup.
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