First off, awesome concept! I only found out about this card from the MSE website during a particularly boring taxi journey on Tuesday. Since then I have spent ages reading reviews, forums and just generally any mention of Monzo that I could find - never hurts to do a bit of due diligence when transferring your hard-earned to a somewhat unknown entity!
So, I just got my card today (that’s quite a standout colour!) and activated it in the app - added some more funds and so far so good, I’m holiday-ready! (just need to book something now!)
Anyway, to try and cut the fluff - like I said, love the concept, love the card but it could do with a little bit of additional functionality so I hope I’ve come to the right place. Having been a longtime “holiday card tart” I like to jump about from deal to deal. and so far have tried Travelex, Revolut, Supercard and some others and it would be nice to get some of the best bits of these cards/apps and get them all in one nice Monzo card - save me having to ever look for anything else! Things off the top of my head I’d like to see from Monzo and the Monzo app (Android, if it makes any difference), in no particular order:
The ability to PIN-lock the app to stop anyone accessing it to see your balance. (I’d actually like to see 2FA on any banking app, but that may be overkill at this point - one to keep in mind if Monzo bank is to take off and start issuing current accounts, which I read should be in the near future?)
The ability to log completely out of the app, should the user feel the need.
The ability to link more than one current account to the app to top-up from
Conversely, the ability to transfer back out of your Monzo account. It’s not always practical or convenient to visit an ATM, and when dealing in currency it’s very unlikely that the Monzo account will ever be left on a nice round (divisible by 10) number that will allow you to withdraw at an ATM.
When topping up within the app, it would be good to be able to type the value you want to top-up by. Tapping the “+” to get to your intended figure is fun and all, but it would make for a better UX if the customer could just simply type the value.
Security features like being able to toggle the disable/enable things like contactless payments/ATM withdrawals and online transactions would also be a huge benefit (not going to lie, I’ve ripped this idea straight from Revolut but features like this are exactly where banks should be aiming - giving the user the feeling of control and the ability to be in charge of their card)
Very far down the wish list as it would be a “neat addition” would be the ability to have a parent>child card (or multiple child cards). Like credit cards do now, the parent card is the responsibility of the named holder, but there can be off-shoot cards that are tied to that account and use the same funds. Or even better, but I’m not sure how easy to implement, would be one account but the ability to have different “pots” of cash. So say a parent card and 3 child cards where the parent can transfer funds to the child card where required and when the child funds on each pot run out, they need to be topped up again by the parent(.not sure if I’m explaining this one so well tbh! Like I said though, very much wish-list stuff for the long-term!)
I’m sure I’ll possibly think of a few more when I get more time and also when I start to use the app/card, but I wanted to get these thoughts down as everything I’ve read points to great things (not only the concept, but the community and the devs also seem responsive and pretty awesome) so hopefully any feedback is useful to the guys who might be reading this!
Anyway, this has been a long enough first post - if you made it to here, thanks for reading!!
Edit to tidy up a few words and punctuation!