Need advice- Monzo suitable for me?

Thinking of opening a Monzo account as I need a UK bank account to have my Royal Naval pension paid into it.
I’m on a yearly rewnewable contact from my company in Thailand and don’t have a UK Bank account.
Is this a good route?
Appreciate thoughts, experiences and any pros/cons and alternatives.

You need a UK address to receive your card when you sign up, so if you’re working in Thailand all year you won’t get it.

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I have a UK address but don’t live there at the moment. It’s my family’s home. The card could be sent on to me. Will that do?
It’s crazy. I’m British born and bred, served 9 years in the RN including going down South in the Falkland Island war and receiving a medal but I can’t open a bank account to have my Navy pension paid to me?

It’s only because Monzo are a new(ish) bank so they only offer US and UK accounts. They’re not worldwide yet.

If you can get a family member to send your card out then you’re all good. Here is a topic of people discussing the use of their Monzo cards in Thailand that should help :slight_smile:


Thanks Ordog. I want a UK bank account. My plan is to just let the money sit there rarher than transfer it to Thailand.

Of course, I may dip into it over the years. Crazy that I have to take this route rather than just open a bog standard UK bank account.

Are there any proections and safe guard of our money if the bank folds etc?

There is no crazy route to take. To open a UK bank account you need a UK address, it’s standard practice. Once your family member has posted it out to you then you’re good to go :+1:

I linked you to that topic if you planned on using the card a lot while over there. If you’re just going to let the funds sit in the account then there is no problem.

I’d argue that you should open a high interest account with another provider if you’re not going to be spending the money. Out of interest why are you choosing Monzo? You’re not going to be making use of all the unique features that they promote if money is just going to sit there.

RE protection. Yes. Monzo is a fully regulated bank just like all the other big players, so your money is protected under FSCS should the worst happen.


You’ll be fine opening a Monzo account, just give your family’s address on sign up so they can send the card there. Monzo is a proper, full bank, so your money is protected just like in any other UK bank. The advantage for you is that all interaction with Monzo is through the app (including 24 hour support), so you can manage it fully wherever you are in the world. Once the account is open, you can also change your address to where you live in Thailand.


Thanks for your advice. Yes, I would like to open a high street bank account but they all require me to be living in the UK. Currently, I don’t and I can’t even visit because of the global lockdown from corona 19.
Perhaps I could arrange something more suitable for much of the money but for me it’s a very good starting point.
My pension is due and to get it paid to me I need a bank account.
I want to keep the money out of Thai banks - once you’ve deposited money in a Thai bank it can be the Devil’s job to get it out in sizeable amounts …

Cheers squire. You point out some strong advantages and have put my mind at rest. I’ll do it.
I have a personal Thai bank account and one for my limited company. This will give me another bow to my string.

I really appreciate the feedback from everyone and so quick! I only joined the community an hour ago!!


I get my forces pension paid into Monzo, no problem with acceptance from the Army pension office


Also, once you have your Monzo account set up, you can easily create a savings pot which pays interest. So you can transfer your pension in there and earn some money on it.


This isn’t at all standard practice, it’s Monzo practice. Most major banks don’t have a requirement for a UK address.

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Good to know, squire. Dealing with M.O.D can be full of red tape!

these bank non a IBAN and Swift number as you can’t receive money from abroad hehe

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