Using Monzo as your full time current account

Does that really surprise you? Even I, for whom international transfers are very important, and who am very critical of Monzo, have to admit that I think that the vast majority of people probably don’t need to make a single international transfer in their entire life.

1 Like

Maybe it is just the circle of people I mix with socially and at work. It has never been a bunch of white ango saxon protestants but includes a large proportion of people who have either come from abroad, or worked there sometime, or have family there. Some send or receive money between family, some have financial commitments there like mortgages or rent. So having two or three SCT a month just seems normal basic banking to us :wink: Obviously Euro accounts and SDD are beyond basic banking and very much a niche requirement, but SCT are on the same ranking as FPS to many of us.

2 Likes

Yeah, I get that. As you probably know I’m from abroad, so international transfers are a very basic requirement for me too. But if I look at the general population, then I think while international transfers aren’t a niche, it certainly seems to me that only a minority of people seem to use them. I don’t have the numbers to prove either way, of course, so it’s pure speculation…

5 Likes

No, you are right. The average Brit is a Brexit loving xenophobe who only goes abroad for the sun not the culture, and then sticks to fish and chips and ketchup rather than try the local food :wink: so no wonder they never touch international transfers!

ONLY JOKING! SERIOUSLY, IT IS A JOKE!

7 Likes

I just don’t know anyone internationally who wants to send me money

But I love currywurst

5 Likes

Local food is mayonnaise with your chips.

3 Likes

Haha, speak about stepping into a hornets’ nest!

3 Likes

I love all sausages, currywurst, bratwurst, bockwurst, etc. Just had 6 sausages for my meal tonight :wink:

2 Likes

I think Monzo can learn something from Revolut for send and received money from abroad. My friend choose Revolut but due to they don’t have FSCS, so I won’t choose them.

But for Revolut, I found some very good future maybe the Monzo can think it is possible.

  1. They give every customer a multiple currencies account. For GBP and EU accounts, you have your own account (yourself IBAN). For other currencies, they have their lloyds or barclays business account and give you a unique reference number to receive money

  2. For send money. You can send any currencies to abroad via Currencycloud (https://www.currencycloud.com/), it is free is you don’t choose quick way. ( Quick for £5 each)

  3. For keep different currencies accounts, somebody said it is not necessary if we already get best rate. But I don’t think so. because if i have different currencies accounts, I can exchange money before I am travel. for example, I will travel in June, but maybe I think the exchange rate is good in April, so I can change in April and keep it then use it in June.

I told this not because i think Monzo is not good. Actually Monzo is much batter than Revolut as I am thinking. I just want to make it better. I think if you can do some of these, more and more people will choose you as the main account in EU due to you are much more trusted than Revolut.

Hope I can get some feedback from Monzo

I left Yorkshire Banks B digital proposition bank and have no regrets. I preferMonzo so much more. I get to see everything in the app. The chat help function has been extremely helpful on many occasion. I would go for it. I have had no issues with companies not taking account details. You will not regret switching.

3 Likes

Left Barclays last month. I’ve been wanting for a long time.

1 Like

I’ve left Halifax and gone mostly full time with Monzo… but had to keep open my Help to Buy ISA and Savings account since Monzo don’t provide these (yet).

I thought I’d have no regrets on switching, but a few months on it turns out I don’t feel confident to close my legacy bank account, and there are aspects of monzo I find difficult. for me, monzo is the best spending account ever, but I can’t phone them, I can’t make large outward transfers -the few times you need to do them!-, can’t have interest on savings (yet), and personally I am slightly worried about how long it takes to get through to somebody when you need help. I thought these things might not matter because the UI was fast and efficient on the phone, but after a few months on I find that to me they do.

The phone number is on the back of your card…

3 Likes

OK! I’d thought that number was general office, not actually a direct line to get help. Might try next time, thanks.

Hi :blush:
I too am a little hesitant about going #fullmonzo for now.
I work as flight and therefore work away from UK a lot. I have a US bank account and last week used the international transfer. Apart from slight glitch in the delay it went well.

I inadvertently had withdrawal of over £300 in a 2 week window and realised there was costs attached. I know Monzo needs to make money and I should have been a little aware of the withdrawals which I had been would have used my FlexPlus.

I do like the way Monzo does business and in time when it mirrors services I currently enjoy with my bank and have done for over 25yrs then move I shall :blush:

No regrets at all. Went full Monzo months ago.

4 Likes

Did this myself last month, moved all DDs/SOs manually from fd as want to keep that account open for paying in cash and as a backup.

No regrets about the move at all :+1:

2 Likes

I loved over mid December, but I did not use the switch service so can’t comment on that. I kept my old Santander account purely for the cashback benefits and I just transfer some money to that each month. So far had two months of salary paid in and I love it. The instant notifications are fantastic if you have online subscriptions like Amazon and Netflix.

Some really nice features I wasn’t aware of:

  1. If a direct debit goes unpaid in Monzo, you can retry it “on demand” after moving enough money in. This really helped my switch.
  2. Direct debits have a 3 day countdown so you always know well in advance when funds are going to be taken.

Good luck to all you who are considering switching. I’m really enjoying it so far!

Just so you know. If you go to the help page in app and type ‘limits’ you can see all the limits of your account and where you currently stand in terms of each item.