Fee information

Business Account v1.1 - 5th Feb 2019

This document informs you about the fees for using the main services linked to the payment account. It will help you to compare these fees with those of other accounts.

Fees may also apply for using services linked to the account that are not listed here. Full information is available in the Terms and Conditions.

A glossary of the terms used in this document is available free of charge.

General account services
Maintaining the account: £5 / month
Refusing a payment due to lack of funds: £0
Allowing a payment despite lack of funds: £0
Payments (excluding cards)
Direct Debit: £0
Standing Order: £0
Sending money within the UK: £0
Sending money outside the UK: Provided via transferwise see additional services below
Receiving money from outside the UK: Not applicable
Cards and cash
Cash withdrawal in pounds in the UK: £0
Cash withdrawal in foreign currency: First £200 in a 30 day period free, 3% after that
Debit card payment in pounds: £0
Debit card payment in foreign currency: £0
You can withdraw up to £200 from ATMs abroad in any rolling 30-day period without any fees. After that, we charge 3% of the total amount you withdraw above £200. That’s because cash withdrawals in a foreign currency outside the UK cost us money.
We calculate your £200 allowance for foreign ATMs per person (not per account) over all your Monzo accounts. So if you take out £100 from your business current account, you’ll have £100 left to take out, either from your personal current or business current account. This also means each user on the account will be able to take out £200 before they each start having to pay fees.
Overdrafts and related services
Unarranged overdraft: First £20 free, then £0.50/ day
You need enough money in your account to make payments. But some transactions that would take your balance below zero may still go through. If that happens, we won't charge anything up to -£20. But after that, we charge 50p a day at the end of each day. We calculate unarranged overdraft fees at the end of the day and take them from your account on the first day of the month.
Other services
Cancelling a cheque: Not applicable
Package of services
Not applicable
Services beyond these quantities will be charged separately
Information on additional services
Information on fees for services exceeding the quantity of services covered by the package of services (excluding fees listed above)
International money transfer - Transferwise: See https://transferwise.com/ for details
Charges outside our control
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.
To view this in the regulator's standardised format please go here.