Withholding tax on cash rewards
Sometimes Monzo will pay you a cash reward. In Spain we’re required to withhold tax from these rewards, in line with local tax rules. (This is because it’s considered income related to money you deposit with Monzo.)
This is taken automatically before the cash reward is paid, and we can’t change or refund this ourselves. It’s similar to how we withhold tax on savings interest.
Remember, you’re responsible for your own tax affairs. Any tax reporting or refund questions should be handled directly with the relevant tax authority.
