Monzo’s a fully-licenced UK bank, which means we can do all the basic things a normal bank does. You can set up Direct Debits and standing orders, get your salary paid in and take out an overdraft if you’re eligible.
But we can also do much, much more! You can open an account with us in minutes, talk to one of our customer support team any time of day or night, track your spending and see your balance update instantly. And all that through your smartphone.
We believe we can give you everything you need from a bank, without having branches. And the fact that we don’t have branches means we can keep costs low, and pass the benefits onto you.
There are a couple of things that might seem tricky because we don’t have branches, like paying in cash or withdrawing large amounts of money. But we’ve been working hard to make them as easy as we can, and you’d be surprised what you can do with a branchless bank!
Paying in cheques
Cheques aren’t as common as they used to be, but we know there are still a few floating around!
You can pay cheques into your Monzo account, and on average we help pay in about 12 cheques every day. Here’s how to do it:
- Write your account number on the back of the cheque, in the top-left corner
- Put your cheque in an envelope and write FREEPOST MONZO on the front (nothing else!)
- Find your nearest post box and pop it in
- Wait a few days for your cheque to reach us
- We’ll tell you once we’ve received it through in-app chat
- Five days after we get it, you’ll see the money in your account
For extra peace of mind, you can also choose to send them to us by using a delivery method you can track.
Our address is:
38 Finsbury Square
In the future, we want to make this process even easier, and let you pay in cheques without having to go to a post box, root around for an envelope, or wait for a few days till you get your money.
Read this blog post to find out what we’re doing to help you pay in cheques just by taking a photo!
Making big bank transfers
You can transfer up to £10,000 a day to any other UK bank account through your Monzo app.
But sometimes you might need to make an even bigger payment, like if you’re buying a house or a car.
To help protect against fraudulent transactions, we don’t let you do this automatically through the app. But if you get in touch with us we can temporarily raise the limits on your account.
Just drop us a message through in-app chat. We’ll ask you a bit about the transaction you intend to make, and ask you to verify your identity to double-check it’s really you.
Once we’re confident everything’s fine, we can let you transfer as much as you need to.
Withdrawing lots of cash
You can usually withdraw up to £400 cash a day with your Monzo card.
That’s usually enough to cover your everyday spending, but we know sometimes you might need to withdraw more. Buying a used car is a common example!
If you need to withdraw cash beyond the £400 limit, just get in touch with us through your Monzo app. Once we’ve verified your identity and made sure it’s definitely you, we can temporarily raise your withdrawal limits.
The only other limits on how much money you can take out will be the amount of cash in the ATM, and of course your balance!
Paying in cash
Right now you can’t pay cash into your Monzo account. But we know it’s important and we want to fix it.
Whether you get paid in cash, got some as a gift, or just have money you want to put into your account, we want you to be able to pay cash into your Monzo account easily.
We’re looking into working with a third party, so you can pay cash into your Monzo account in person, but it takes some work so that won’t be possible until later this year.
In the meantime, you can pay cash into another bank account, and move it to your Monzo account by making a bank transfer.
What else do you use your bank branch for? Let us know on the community forum so we can make sure Monzo lets you do everything your old bank does, and more!