Monzo Business Current Account Terms & Conditions

These legal terms, including the fee information and cut-off times, are issued by Monzo Bank Europe Designated Activity Company, Sucursal en España (the Spanish Branch of Monzo Bank Europe DAC). (Monzo/us/we) and you agree to them by using the Monzo app.

When we say “Monzo”, “we”, “us” or “our”, we mean Monzo Bank Europe DAC acting through its Spanish Branch. When we say “you” or “your”, we mean each person with access to the account and the limited company or the sole trader. You all agree that you're acting on behalf of the limited company or sole trader who holds a Monzo business current account with the Spanish Branch.

These terms form a framework contract for payment services under Spanish law, in particular Royal Decree-Law 19/2018 on payment services and Order ECE/1263/2019 on payment services transparency.

You can use your Monzo account only for business purposes. It is only meant for business, professional or trade activity, and you will need to credit your registration as a director or as a sole trader at the Spanish Tax Agency (AEAT) or Social Security. The usage of the account doesn’t change any of your obligations towards the Spanish Tax Agency (AEAT) or Social Security.

When you open your account, you’ll receive an email with a link to these terms and conditions. You can ask us at any time for another copy of:

and we’ll provide it free of charge, on paper or another durable medium (for example, as a PDF you can save and reproduce without changes).

These terms are available in English and Spanish. If there’s any inconsistency between the two versions for customers resident in Spain, the Spanish version will prevail in case of dispute, without affecting your rights under EU law.

You should read this along with our Customer Privacy Notice. We also recommend reading our Accessibility Statement.

If you need help or want to talk about your account or these terms, operative issues please contact us:

Using the Monzo app, email, phone or mail to your home address, we'll:

We also send you instant notifications when you spend or receive money. If any of your contact details change, including moving abroad, you must let us know as soon as possible.

You can find information on your transactions in Activity on your Home screen and your regular bank statements in the app. We'll email your bank statements to you each month, which you can opt out of using the unsubscribe link.

It’s your responsibility to:

If we send information to the latest contact details you’ve given us, we’ll treat it as received by you.

The person setting up the account must be a director or sole trader owner, and be authorised by your business. The person opening the account and any ‘admins’ may add team members to the account as an ‘admin’ or a ‘collaborator’ (available with Monzo Business Pro and Monzo Business Advanced) or ‘expense cardholder’ (Advanced only).

If you give people admin access, they can do everything you can. That includes making payments and adding other people as admins, who can add others in turn.

Collaborators can make payments, download statements, enter into agreements on your behalf for ancillary services and help with other financial admin – you'll see the full access list in the app. If you have Advanced, admins can set limits on the amount a collaborator can spend by bank transfer or card (including cash withdrawals). Any admin can change these limits at any time in the app or by getting in touch with us.

Once a card limit is set, collaborators can’t make payments above the limit. Collaborators can make bank transfers above the limit if it’s approved by an admin first and it won’t count towards the collaborator’s limit. So if a collaborator has a daily limit of €500 and an admin approves a bank transfer of €501, the collaborator can still use their €500 daily limit. There may be some things a collaborator who has spending controls set can’t do, like creating virtual cards. See the app for the full list.

Expense cardholders can spend with their expense card and view their spend activity in the app but nothing else. You (the limited company or sole trader) are responsible for payments expense cardholders make. You can set monthly spend and cash withdrawal limits in the app. Expense cardholders can’t make payments above these limits. Please tell expense cardholders:

The number of team members you can add to your account may vary. We’ll let you know in the app how many team members you can have and any restrictions that may apply. If you’re a limited company with Advanced, you can increase the number of team members on your account to a maximum of 15 for extra cost. See our fees page for more details.

Ultimately, you’re responsible for the actions of each admin, collaborator or expense cardholder. You remain the legal owner of the account and authorised users do not have any legal or beneficial interest in the money held in the account.

Any admin can act on behalf of the business

They can add or remove collaborators or expense cardholders at any time. If an admin removes a collaborator that’s a company director, we may ask for more evidence of authority before taking away their access, unless they agree to be removed. We won't ask for admins to give instructions jointly, unless it’s to remove another admin who is a company director or close the account. There must be an admin that’s a company director or sole trader owner on the account at all times. If you're an admin and want to remove someone from the account, get in touch with us in the app.

If we're aware there’s a dispute between company directors, owners or people with access we may ask for instructions to be given jointly, or reject the instruction. We may freeze the account while we investigate the dispute, and may request evidence to confirm the dispute has been resolved.

Once you've opened your business current account, you can open Pots to store money separately and help you budget and organise your finances.

You can move money into and out of Pots from your current account in the Monzo app. This money should usually move instantly. In some cases there may be delays for technical, regulatory or security reasons.

You can close a Pot at any time and we’ll move any money in that Pot back into your current account.

Our Connected banks service allows you to see information - like balance and transaction data - from your accounts with other banks, in the Monzo app. If you set up Connected banks in Monzo, we’ll also use your other account information for your budgeting tools.

The information you see about your other accounts in the Monzo app comes from your other bank(s) so we can’t guarantee that the information is accurate and we won’t be responsible if it isn’t.

Sometimes other banks might not be available due to planned or unplanned maintenance. If this happens, we’ll tell you in the app when you try to add a new account or when you view your other accounts in the app.

When you use the Connected banks service, you must authorise us to access your other account.

When you use Connected banks, first you’ll select the bank which holds the account(s) you want to add using our list of supported banks in the app. We then connect you to your other bank to pick which account(s) you want to add. We won’t see any security details you use to log into your other bank (if you need to enter any security details at all). Once this is complete, you’ll be able to see your transactions from the last 90 days, balance and IBAN number for any accounts you've added to the app.

You can remove access at any time through the Monzo app. This means that we won’t receive any new information from the bank where you hold that account.

Every 180 days after you add an account, we’ll ask you if you’d like to continue seeing that account in Monzo. If we don’t hear from you, your Connected banks service will continue but we’ll stop showing data from that account in the app. You can add an account again at any time.

Our Data Privacy Notice for Open Banking explains how we use the data we get from your other accounts. It’s really important that you read the Data Privacy Notice alongside these terms and conditions.

The Connected banks service will continue until:

You can stop using this service at any time without charge by removing any non-Monzo accounts you have from the app.

If we’re going to stop providing the service to you, we’ll give you the same amount of notice as we would give you if we closed your account (see below).

Virtual cards are a Monzo Business Pro and Monzo Business Advanced feature.

You can have up to 5 live virtual cards at any time, and can create up to 9 every 30 days, with a maximum of 100 per year.

Virtual cards are cards that live only in your Monzo app. You won’t get physical cards for any of the virtual ones you create. You can create, delete and see your virtual card details in the app.

You can link virtual cards to Pots in your Monzo app. If a Pot you’ve linked a virtual card to doesn’t have enough money in, payments you try to make won’t go through.

For payments from virtual cards not linked to a Pot we’ll take the money you spend with your virtual card from your current account balance.

We spread your total spending limit across your physical cards and any virtual cards you use.

You need enough money in your account to make payments

Your Monzo current account works as your payment account. You can make payments from your current account, but if you don't have enough money we'll reject the payment. We'll do this even if you have money in Pots or Instant Access Savings. Some payments that would take your current account balance below zero may still go through, including offline payments. If that happens, we'll let you know the amount you need to repay before the end of the day.

If you go into an unauthorised overdraft

If your balance goes below zero, we call this an ‘unauthorised’ overdraft. If you go into an unauthorised overdraft, we'll let you know the amount you'll need to repay before the end of the day, which you'll need to do as soon as possible.

When we calculate the amount you're overdrawn by, we'll exclude any money you've put aside in Pots or Instant Access Savings. Money in Pots and Instant Access Savings isn't part of your current account balance, so you can still go overdrawn even if you have money in Pots or Instant Access Savings.

Any money you owe as a result of an unauthorised overdraft is due immediately. If you have any questions about how to make a repayment, please contact us.

When we won't make a payment

We may refuse to make a payment, or reject an incoming one, for example if:

You can also ask us to block certain payments in the Monzo app, for example by switching on the gambling or spending block - find out more here. If you do this we'll continue blocking payments until you've either switched the feature off or your cooldown timer has expired.

If we block or refuse a payment, we'll let you know as soon as possible using one of our usual channels, and we’ll explain (where the law allows us) the main reasons for doing so and how you can fix any information errors, in line with Spanish payment-services rules.

We can take money you owe us from your current account, Pots or Instant Access Savings balance

You might miss overdraft repayments, break your credit agreement or not repay when we ask you to. If this happens, we have the right to set off and reduce or pay off debt you owe us using any available credit balance in your current account, any money in Pots and Instant Access Savings. Only for the specific case of sole trader, If you hold multiple accounts in your name (for example, personal and sole trader accounts) we can set off the balances against each other.

We’ll only exercise this right in a way that is consistent with Spanish banking rules and the Spanish Civil Code and we won’t use it to take money that clearly relates to obligations where set-off is not allowed by law.

Sometimes we’ll take longer to make payments

If we think you might be a victim of fraud, or that there may be unauthorised use of your account, we may take longer to process your payment while we look into it. If that happens, we’ll let you know using one of our usual channels, unless we’re prevented from doing so by law or for security reasons.

If we believe there’s fraud, financial crime or serious security issues affecting your account, we may have to stop making payments or block certain payment instruments, as permitted by Spanish and EU law.

Bulk payments on Advanced

Bulk payments allow you to make multiple payments in one go. If you have Advanced, you can make bulk payments on the app or web. If a collaborator with spending controls makes a bulk payment above their daily limit, this must be approved by an admin and we’ll make the payment once it has been approved.

There are lots of ways you can send money with Monzo. They each work slightly differently, and we need different information from you to make them. You can find more about how payments work in our payments help articles.

You can make SEPA and SEPA Instant Credit Transfer payments in euros to payees in the SEPA. Learn more about SEPA here.

Information we need to make the payment

You can pay another Monzo customer without the above information if the other Monzo customer has the right profile privacy settings switched on in the app.

You can block another Monzo customer in the app. If you do this you can still make and receive payments by using the bank transfer details above.

We receive your payment order once you consent to it.

Withdrawing consent

How long the payment takes

This section covers payments made using your device, physical or virtual card. You're responsible for making sure that no one else has access to a device you've added your Monzo card to. You're also responsible for keeping your card details safe and not sharing them with anyone else.

You can use your card or device to pay anywhere that accepts Mastercard. Add your Monzo card to your device by using your PIN, a security code, or by using your fingerprint or facial recognition. Doing this creates a new payment method that works online and in person.

You can also pay with cash by using your Monzo card to withdraw money from an ATM (see fees below). For some ATMs you may need to turn on the ‘magnetic stripe’ rather than using chip and PIN. You can do this in the app.

You can use your card or device to make payments online, over the phone or through the post.

A standing order is a payment you set up in the app to send a fixed amount to the same person or account on a regular schedule (for example, the first of every month).

Information we need to make the payment

Ways you consent to making the payment

You give consent when you set up or change the standing order in the app and:

Withdrawing consent

To stop a scheduled payment going out, you’ll need to cancel or edit the standing order by 23:59 (CET/CEST) on the day before the payment is due.

If you schedule a future payment, we’ll send it by around 07:00 (CET/CEST) on the day you schedule it for.

How long the payment takes

We currently support you paying by Direct Debit, not receiving money through Direct Debits.

You can make Direct Debit payments via your Monzo current account. Using the Monzo app you can transfer money from a Pot into your current account automatically to make the payment. If you don’t have enough money in the Pot at the time of the Direct Debit then we'll use the balance of your current account to make up the difference.

Information we need to make the payment

Ways you consent to making the payment

Withdrawing consent

How long the payment takes

We'll give you access to the Get Paid tab in the app and this is where you can choose how your customers pay you.

Pay by easy bank transfer

If your customer chooses to pay by easy bank transfer, and we can support a payment from your customer’s bank, they'll be asked to agree to separate Monzo Ts&Cs. If they tap and confirm them, they'll be directed to their bank account to authorise the payment through Open Banking.

We don't charge a fee for the easy bank transfers you receive through the Get Paid tab.

Accept card payments through Stripe

We've integrated with Stripe Connect so you can accept card payments. To accept card payments and use Stripe's payment processing services, you'll need to apply for a Stripe account from the Monzo app and sign up to their Ts&Cs. If accepted by Stripe, your Monzo account will become what's known as a ‘connected account’.

As part of your agreement with them, Stripe will charge you a fee every time your customers pay by card. Details of the fee are in your Stripe agreement. We, Monzo, don't charge any fees on top of Stripe's. Stripe pays us a commission instead.

You can't use Stripe's card payments functionality if it goes against the Stripe Connected Account Agreement, or for any banned activity, including activities listed on the Restricted Businesses List. If we find out about fraudulent, unlawful, deceptive or abusive activity, we can tell Stripe.

Your data

We can access any data relating to activity on your Stripe account and card transactions received through the Get Paid tab. You agree we can share this data with Stripe. You should also read Stripe's privacy policy.

Your responsibilities when using the Get Paid tab

You're responsible for your use of the Get Paid tab and for any information you give. You agree that your information will be true, correct and not misleading and that it will comply with any relevant legal requirements.

You agree that you have all rights, licences and consents you need to give us a worldwide, non-exclusive, royalty-free licence to use any information, including any logos, you use in the Get Paid tab. This information will be used on invoices or payment links you create so that your customers recognise your business.

Liability when using the features you see in the Get Paid tab

We're responsible for generating your payment request and hosting the information in the payment request on our website. We're not responsible for the products or services you offer or the contents of your payment request. For example, we're not responsible for making sure your invoices are VAT compliant.

We're also not responsible for obligations you have to your customers. You're solely responsible for the goods or services you provide your customers with. You agree to compensate us for any losses we suffer because of your failure to do so, or for failing to comply with your legal or contractual obligations to your customers while using the Get Paid tab.

Under your agreement with Stripe, you're liable for:

We're not responsible for any acts or omissions by Stripe in providing their services to you or your customers, or for any non-compliance by Stripe under your agreement with them.

We'll treat any instruction from a third party provider to check your account information or make payments from your account as if it were coming from you.

We may block a third party provider from accessing your account if we think they're acting without your permission or are being fraudulent. We'll tell you if we do this (unless we're not allowed to by law, or it would impact the security measures we have in place to keep your account safe).

We may charge you for withdrawing money from an ATM. See the fee information for more details.

Your eligible deposits in Monzo Bank Europe DAC, Sucursal en España are protected by The Deposit Guarantee Scheme (DGS) administered by the Central Bank of Ireland up to 100.000 € per person. See our DGS Information Sheet for more information.

When you open your account, we’ll give you the standardised information sheet on deposit guarantee schemes, in the format required in Spain, explaining:

You can ask us for another copy of this information sheet at any time, free of charge.

By accepting these terms, you agree to us:

We’ll also use your data to provide you with a personalised experience, including through the Monzo app. We may use your preferences, financial goals and other information about how you use our products and services to make the app more relevant and useful for you and show you content that we think will be of interest to you. We’ll handle your data in line with our Data Privacy Notice.

We explain our fees for using the main services on your current account in our fees document. You may have to pay other costs, taxes or charges related to your Monzo account, which are outside of our control and not charged by us. For example, other banks may charge you for sending money to your Monzo account.

Pro and Advanced have a monthly fee and we’ll automatically take the fee from your account. You’ll pay for your plan in advance and on the same day every month – this is your billing date. Your first billing date will be after any promotional periods (if applicable) have ended.

We can withdraw promotional offers at any time without notice. You can redeem each offer once per business account per plan, unless we say otherwise.

Pro and Advanced have no minimum term – you can cancel your plan or close your account at any time. If you close your account, we’ll refund you for the rest of that month. See ‘closing your account’ section for more details.

If you add extra team members, we won’t charge you until your next billing date.

You can remove extra team members at any time. As you pay in advance, you’ll keep the benefit until your next billing date when we update your fee.

You can upgrade and downgrade plans or move to our free plan at any time. If you upgrade, you’ll receive the benefits immediately and we’ll charge your new plan fee the month after you sign up – this will be your new billing date.

To downgrade, you’ll first have to remove any extra team members. Once you downgrade, you’ll lose the benefits immediately and receive a refund for the rest of that month, including the cost for any extra team members.

You need to pay the fees when due and if you don't have enough money in the account we'll retry each day and send you reminders. We might downgrade you to a free plan if you don't pay.

You may have to pay other costs, taxes or charges in relation to your Monzo account, which are outside of our control and not charged by us. For example, other banks may charge you for sending money to your Monzo account.

If your card is lost, stolen or damaged, you can ask for a replacement in the app. We'll never charge you for replacements where your card expires, is faulty when you receive it, has been stolen, has been swallowed by an ATM or if we've cancelled your card because we're concerned about fraud.

We do charge a €5 fee for replacement cards for other reasons (including if you lose your card or if it stops working because you damaged it).

If you need us to post your replacement card somewhere outside Ireland, we'll charge you the international card fee of €35 in all circumstances.

In Spain, some invoices may need to be created, recorded or sent in a specific way to the relevant tax authority. Eligible businesses can access e-invoicing features to help with this.

Our e-invoicing feature is powered by Invopop. Invopop provides the invoicing technology used to process invoices and, where applicable, submit invoice records or related information to the relevant Spanish tax authority.

Before you can use the e-invoicing feature, you may need to:

You’re responsible for making sure that all information you include in an invoice is true, complete and accurate. This includes your business details, tax identification number, customer details, invoice dates, invoice numbers, descriptions of goods or services, amounts, discounts, tax rates, tax treatment, payment terms and any other information included in the invoice.

We don’t check whether your invoices are complete, accurate or suitable for your tax position. We also don’t provide tax, accounting or invoicing advice.

Invopop is responsible for the invoicing technology it provides. Monzo does not certify Invopop’s invoicing system as a Spanish computer invoicing system, known as a SIF.

Different rules may apply depending on the tax authority that applies to your business, including the Agencia Estatal de Administración Tributaria (AEAT), Bizkaia, Gipuzkoa, Álava/Araba, Navarra or any other relevant authority. The e-invoicing feature may not be available for all businesses or in all territories.

Once an invoice has been issued or submitted, you may not be able to edit it directly. If you need to make a change, you may need to cancel the invoice, issue a credit note, correct it or re-issue it using the process available in the app.

We may refuse, suspend or stop your access to the e-invoicing feature if:

We’re not responsible for any loss you suffer because the information you enter in an invoice is incorrect, incomplete or unsuitable for your tax position, or because you fail to meet your own tax, accounting, invoicing or customer obligations.

Spanish law applies to this agreement and Spanish courts will settle disputes.

Please keep your phone, card (physical and virtual), PIN and security details safe at all times. If we find any security issues affecting your account, we'll contact you as soon as possible in the most secure way, using one of our usual channels.

If you lose your card or see transactions in the app that look wrong, you must freeze your card and tell us as soon as possible - find out more here. If you don't let us know within 13 months from the date the money leaves your account you might not be able to get the money back.

If you think someone else has got access to your virtual card details or you notice payments made from a virtual card that you didn’t make, delete the affected virtual card and tell us as soon as possible.

It's possible that money will be paid into your account by mistake, or as a result of fraudulent activity. If this happens, you give us permission to remove the equivalent amount from your account or return the payment to the sender, even if this leaves you overdrawn. We don't need to tell you before we do this and we may also provide details about you to the sender's bank to help them get the money back.

If you've used your card to make a payment when you don't know the exact amount (for example when hiring a car), and the final amount is higher than you could reasonably have expected, we'll give you a refund. You'll need to tell us within 8 weeks of the transaction, and give us any information we reasonably ask for to investigate.

If either we, or the company you want to pay, make a mistake with your Direct Debit, you may be entitled to a full immediate refund within 8 weeks. You may be able to get your money back after this point, but if you don't let us know within 13 months from the date the money leaves your account you might not be able to get the money back.

You're responsible for making sure that your device can run the Monzo app (which we update regularly). Sometimes important information won't show correctly on older operating systems. We also can't guarantee that all features in your Monzo app will work as expected on older operating systems. For more information see our mobile operating system support policy.

If someone uses your account, card or security details without your permission:

We’re responsible for making sure that:

For example, we'll usually refund your money if any one of these things is true.

We'll also refund any money you lose if we make mistakes with your payments. We can help by speaking to other banks to make sure they treat any payment we send late as if it was sent on time.

Here are some examples of when you won't be able to claim back money you've lost.

You agree that we can process authorised payments made by a person authorised on your account. And you agree that we don't have a duty to stop or investigate any authorised payments from your account, even if there are reasonable grounds to suspect the payment is being made for fraudulent reasons.

We're also not responsible to you for:

These exceptions won't apply if we acted fraudulently or if we are at fault and the law doesn't let us exclude our responsibility.

We're not responsible for any loss or damage (direct or indirect) caused by something beyond our reasonable control. We're also not responsible for any loss or damage (direct and indirect) if something was unavoidable despite us using reasonable care and skill to avoid it.

This may include:

You won't be able to claim back money you lost if your losses resulted from circumstances that we couldn't or shouldn't have been expected to know about.

Nothing in these terms limits or excludes our liability where the law doesn’t let us, for example for our fraud or for damage caused by gross negligence.

Your use of this account doesn’t change your obligations to Spanish Tax Agency (AEAT), Social Security or any other public authority. We may have to share information about your account or transactions with public authorities, courts or regulators when the law requires us to.

Once this agreement has started it won't end until you or we end it. You can cancel your account within the first 14 calendar days of opening it, or close it at any other time. Visit our help page, or get in touch with us to find out how. You'll need to repay any money you owe us under this agreement, or your overdraft agreement (if you have one), before we can close your account.

Once we've closed it, your card won't work and you won't be able to access your account. You'll lose access to any features that you pay for, except for special offers you've already taken out with other providers.

We can close your account by giving you at least 2 months' notice. We may close your account immediately or stop you using your card and/or app if we believe you've:

We’ll ask for joint instruction from all authorised admins to close the account.

This agreement will always be available in the app and on our website.

We can make changes from time to time to our charges, interest rates, or the terms of this agreement or any other agreement which these terms apply to.

This includes introducing new charges or rates and charging in a different way. We may make these changes, including fees we charge, because of changes to things like these.

We can make favourable changes to these terms and charges for any reason. We can also make proportionate changes for any other balanced and valid reason that impacts us or your account.

We might have to occasionally make changes that are either clearly in your favour, or are required by law or regulation, and we'll tell you once we've made them. Otherwise we'll give you 2 months' notice and tell you our reasons in the most secure way, using one of our usual channels.

If you don't agree to these changes, you can let us know and we'll close your account fee-free. We'll transfer any money in the account to another account of yours, and you'll need to pay back any money you owe us. If we don't hear from you before the changes come into effect, we'll assume you're happy and accept the changes we've made.

We also have the right to transfer any of our rights or obligations under these terms and conditions to another company in our group. This means any parent, subsidiary or associated company of Monzo Bank Europe DAC.

If you’re unhappy with our service or you think we’ve made a mistake, please tell us so we can try to put things right.

You can make a complaint by:

Our Servicio de Atención al Cliente (Customer Service / SAC) will look into your complaint and reply within the time limits set by Spanish rules (1 month). For payment-service complaints we’ll normally give you a final response within 15 business days (and in exceptional cases within 1 month explaining why).

If you’re not happy with our reply, or if we don’t reply within the legal time limit, you can take your complaint to the:

Banco de España – Departamento de Conducta de Entidades (the Bank of Spain’s department for conduct and customer protection). You can find information on how to do this on the Bank of Spain’s website or by asking us.

If your complaint relates to our activities carried out from Ireland, you may also have the option to complain to the Financial Services and Pensions Ombudsman, either by writing to them at Lincoln House, Lincoln Place, Dublin 2, D02 VH29, calling on +353 1 567 7000, or emailing at info@fspo.ie. We’ll give you details in our final response where this applies.

This framework contract (drafted in accordance with Order ECE/1263/2019) and your relationship with us as a consumer are governed by Spanish law, without prejudice to any mandatory rights you have under EU law.

If you live in Spain as a consumer, any disputes about this contract will be heard by the courts of your domicile in Spain, in line with Spanish consumer-protection rules.

Nothing in these terms affects your right to use any out-of-court complaint or redress procedures that are available to you, such as the Banco de España or the FSPO where applicable

Monzo Bank Europe DAC is a credit institution authorised and supervised by the Central Bank of Ireland. It operates in Spain through its Spanish Branch:

Monzo Bank Europe DAC, trading as Monzo is regulated by the Central Bank of Ireland. We are licensed as a credit institution by the Central Bank of Ireland and our reference number is C548457. Our address in Ireland is, Floor 1, 1 Cumberland Place, Fenian Street, Dublin 2. We are a Designated Activity Company registered with the Irish Companies Registration Office and our company number is 770591. Our VAT number is IE4339872OH.