These are the fees for using your Monzo current account.
Maintaining the account: £0
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
Receiving GBP: £0
Receiving euros: 1% currency conversion fee (capped at £1,000) for payments you receive in euros and converted to pounds.
We convert any payments you get in EUR to GBP before the money appears in your account. We’ll charge a 1% fee that’s capped at £1,000 for doing this.
The person paying you will need your IBAN (International Bank Account Number), which you can find in your app. The vast majority (but not all) of these payments will come from bank accounts within Europe and through the SEPA Credit Transfer scheme.
Receiving a payment in a foreign currency that is not GBP or euros: 1% currency conversion fee (capped at £1,000) for payments received by you and converted to pounds. Effective as of 30 January 2024.
We convert any payments you get in these currencies to GBP before the money appears in your account. We’ll charge a 1% fee that’s capped at £1,000 for doing this.
The payer will need your IBAN (International Bank Account Number), which you can find in your app.
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.
Sending a payment in a foreign currency: Our fee is made up of a fixed amount and a variable amount and it will depend on where you are sending the payment and in what currency. The fixed amount will be between
£0.50 and £2.68 and the variable amount will be between
0% and 1.30%. You can find a breakdown of how the charges are calculated
here.
We use a third party exchange rate which is provided by a third party and is usually the mid market rate. You’ll always see the exchange rate and the exact charge which will apply in your app before making an international payment.
When we are unable to support a currency:
See Wise for detailsIssuing a debit card: £0
If you meet the criteria listed at the end of this document
Cash withdrawal in pounds in the UK: £0
Cash withdrawal in foreign currency in the European Economic Area (EEA): £0
Cash withdrawal in foreign currency outside of the European Economic Area (EEA): First £200 in a rolling 30-day period free, 3% after that
If you don't meet the criteria listed at the end of this document
Cash withdrawal in the UK or European Economic Area (EEA): First £400 in a rolling 30-day period free, 3% after that
Cash withdrawal in foreign currency outside of the European Economic Area (EEA): First £200 in a rolling 30-day period free, 3% after that
Debit card payment in pounds: £0
Debit card payment in foreign currency: £0
Overdrafts and related services
Arranged overdraft: Your interest rate is set out in your Overdraft Agreement
Unarranged overdraft: £0
Cancelling a cheque: 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)
Charge for a replacement debit card in the UK:
We don’t charge a fee for replacing cards which have been stolen, frauded or which have expired.
If you meet the criteria listed at the end of this document You’ll get 2 free replacement Monzo cards per account per year for any reason. After that, we’ll charge you a £5 fee to replace cards which haven’t been stolen, frauded or expired.
If you don’t meet the criteria listed at the end of this document We’ll charge you a £5 fee to replace cards which haven’t been stolen, frauded or expired.
Charge for a replacement debit card outside the UK: £30 in all circumstances
Cash deposit: £1 per deposit to pay in cash at any PayPoint or Post Office branch
Our replacement card and ATM fee criteria
We consider you to be meeting the criteria for bigger cash and card allowances if you meet at least one of the criteria below:
At least £500 was paid into a Monzo account in your name over the last rolling 35-day period, and you have at least one active Direct Debit on the same account in the same period.
You’ve received an eligible Department of Work and Pensions or a Department for Communities’ payment into a Monzo account in your name over the last rolling 35-day period.
You’ve received a student loan payment into a Monzo account in your name over the last rolling 8-month period.
You’re sharing a Monzo Joint Account with someone who has done at least one of the above.
What is an eligible Department of Work and Pensions (DWP) or Department of Communities' (DFC) Payment?
We will match payments that you receive from accounts that we know are used by DWP and DFC. If you receive a DWP or DFC payment which you think we have not detected then please contact us to apply for higher limits. You can find out more about how to apply for higher limits and which accounts we will automatically match in our help article.
