Our customer support team are on hand 24/7 to answer your questions. Just open a chat in the app and let them know what you need or check some of the most frequently asked questions below.
We started Monzo in February 2015 with the mission of building the best current account in the world. In August 2016, we were granted a UK banking licence with restrictions by the FCA and PRA and are now working hard to roll out our free current account in 2017. You can join the Monzo Beta today to get a taste of what we're creating and help us make it amazing.
We used to be known as Mondo. Unfortunately, due to a trademark dispute we had to change our name and so are now Monzo!
Yes! "Monzo Bank Ltd" is authorised by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority and the PRA. Our Financial Services Register number is 730427. However, our authorisation is currently restricted, meaning we aren't yet offering full bank accounts.
Until we get our restrictions lifted in 2017, we’re live with limited-edition Alpha and Beta cards (Monzo MasterCard® Prepaid Debit cards). These cards can be topped up and used at cash machines, in-store, online and at contactless terminals. They allow us to test features with real users and iron out early bugs.
For now, your Monzo account will not have a sort code or account number which means no access to Faster Payments, Direct Debit or Standing Orders. We’re working on making these available when our banking licence restrictions are lifted.
Once our banking licence restrictions are lifted, your money will be protected by the Financial Services Compensation Scheme (FSCS) meaning that all your money up to £75,000 is guaranteed by the British Government.
During our Alpha and subsequent Beta testing periods, your money will be held in a separate, protected account by Wirecard, our issuing bank. In the unlikely event Wirecard were to become insolvent, your funds would be protected against any claims made by creditors. All card transactions are processed by the MasterCard network and are protected by MasterCard rules.
Additionally, we guarantee that you will never lose money as a result of any mistakes or problems we make while testing.
The important, legal bit: Your money will be held by Wirecard Card Solutions Ltd. (WCDS) who are authorised by the Financial Conduct Authority (FCA) to conduct electronic money service activities under the Electronic Money Regulations 2011 (Ref: 900051). The card itself is an e-money product and although it is a product regulated by the Financial Conduct Authority, it is not covered by the Financial Services Compensation Scheme. In the unlikely event that Wirecard Card Solutions Ltd (WDCS) becomes insolvent, your funds may become valueless and unusable, and as a result you may lose your money. However as a responsible e-money Issuer, WDCS ensures that once it has received your funds they are deposited in a secure account, specifically for the purpose of redeeming transactions made by your card. In the event that WDCS becomes insolvent funds that you have loaded which have arrived with and been deposited by WDCS are protected against the claims made by creditors.
We don’t charge any fees for using your card abroad, neither at points of sale nor at ATMs 🎉 We pass the MasterCard rate directly on to you. Since we use this rate, you may notice a small fluctuation between when you do the transaction and when the charge is finalised with MasterCard (normally one or two days later).
You’ll be pleased to know that we never charge you any fees for withdrawing money from an ATM. However, some ATMs may charge fees themselves that Monzo has no control over.
Some ATMs may show a note saying “Your Card Issuer may charge you for this transaction”. We will not charge you for the transaction. This notice appears because the ATM registers your card as a prepaid card and is not specific to Monzo.
If you have lost your card, the first step is to freeze your card in the "Card" section of the app. Once your card is frozen an option to “Order a Replacement Card” should appear underneath the frozen card in the app. Just tap it and follow the instructions.
If you have a complaint the best way to contact us is via the in-app chat. Alternatively you can also;
Email us at [email protected]
Call us on 0800 8021 456
Write to us at: Complaints, 12 Epworth St, London, EC2A 4DL
If you complain to us and you are not happy with the resolution you can refer your complaint to the Financial Ombudsman Service. For more details you can visit their website.