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Can I do a Balance Transfer with Flex?

Can I do a Balance Transfer with Monzo Flex?

No, we don’t currently support balance transfers. This means you can't move debt from another credit card or provider over to Monzo Flex, and you can't move your Monzo Flex balance to another credit card provider.

Balance Transfers vs. Money Transfers It’s easy to mix these two up, but they work differently:

  • Balance Transfer (Not supported): Moving a balance you owe from one credit card provider to another (usually to get a lower interest rate). We don’t support this in or out of Monzo.

  • Money Transfer (Supported): This is where you send money from your available Flex limit directly to a person or business’s bank account. You then pay us back in instalments, just like a normal Flex purchase. Just so you know we'll charge a 3% fee to transfer money. Only use money transfers when you really need to.

Looking for ways to manage your Flex balance? While you can’t move the balance to another provider, you can always:

  • Pay extra: Pay more than your monthly instalment to reduce your balance faster.

  • Pay early: Pay off an individual purchase or your entire monthly clear-out early.

  • Adjust your plan: Change your instalment length if you need to pay more or less each month (this may change the interest you pay).

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