As you certainly know, there are a lot of developments in your market space. A lot of European fin-tech companies want access to the US customer. N26 Bank is and Revolut USA will soon be available on the US market. Transferwise is also testing the waters here with their debit card product.
Local players such as Varo bank with its 2.8% dividend and Tmobile Money Bank with its 4% dividend are rather exciting, too. Zero.app bank offers a very interesting product - combining a credit card rewards experience with a debit card experience-they offer a 4-tier account with the highest tier at 3% cash back on ALL purchases.
Chime and SoFi are well established on the US market and it will not be long before the big banks enter this field.
For world travelers and expatriates, Denizen Bank is trying to create a product that can be easily used here and abroad. It offers both a US account and an Euro account (with a Germany IBAN).
Classic brick-and-mortar banks such as TD bank and Charles Schwab reimburse all ATM fees worldwide and do not charge foreign transaction fees.
So, the competition is strong and each product needs to present a compelling advantage.
I am looking forward to having Monzo in the USA. I hope it will offer a competitive product for the US customer. I realize that a lot of the post here are from UK citizens, who are now in the US or plan to be here soon. Monzo can not create a prospering business here if it caters only to the UK expatriate community. To be successful, you will need to recruit local customers in high numbers.
A bank account that can be used worldwide with no foreign transaction fees, no ATM fees (at least on Monzo’s part), possible reimbursement of ATM fees (the fees of the ATM operator), European account numbers for the frequent traveler (not just in the UK, but also in at least one Eurozone country), ability to add the card to Apple and Android Pay, travel insurance, price protection would be great features.
I know it will be expensive to offer a product like this. So, there could be different account levels: free accounts, low monthly fee accounts and high monthly fee accounts offering different perks.