Monzo
Monzo
Monzo is a UK bank regulated by the PRA and FCA, with over 10 million users and Faster Payments that work well toward exchanges. Its limitations are its mainly UK focus, crypto that is not self-custody and a monthly cap, around GBP 5K per 30 days, on transfers to exchanges.
Data & conditions
| Account fee | Free |
|---|---|
| IBAN | dedicato · GB |
| Multi-currency | No (single currency) |
| Outbound transfers to third-party IBANs | Yes |
| Utility direct billing | Yes |
| SEPA direct debit (SDD) | Yes |
| ATM withdrawal | not declared |
| Fund custody | Custodial (platform holds funds) |
| KYC | Full |
| Supported countries | UK · 1+ countries |
| Regulator | PRA, FCA, Central Bank of Ireland / ECB |
| OAM Italy registration | No |
| Segment | B2C |
| MiCA / License status | Full Banking License (UK, PRA/FCA)EU banking licence (Central Bank of Ireland / ECB, 2025) |
Plans & pricing
Monzo
- Price
- Free
- Issuance fee
- Free
- FX markup
- 0%
- Cashback currency
- Nessuno
- Required staking
- Nessuno
- ATM fee
- 3%
- ATM limit
- UK/EEA: £400/30gg gratis (non-main bank), illimitato (main bank); fuori EEA: £200/30gg, poi 3%
- Net annual cost
- Free
- UK current account
- Free EU spending
- Salary advance
- Pots
Monzo Extra
- Price
- €4
- Issuance fee
- Free
- FX markup
- 0%
- Cashback currency
- Nessuno
- Required staking
- Nessuno
- ATM fee
- 3%
- ATM limit
- UK/EEA: illimitato; fuori EEA: £200/30gg, poi 3%
- Net annual cost
- €42
- Account aggregation (open banking)
- Credit tracker
- Round-ups + investing
- Instant Access savings 2.75% AER
Monzo Perks
- Price
- €8
- Issuance fee
- Free
- FX markup
- 0%
- Cashback currency
- Nessuno
- Required staking
- Nessuno
- ATM fee
- 3%
- ATM limit
- UK/EEA: illimitato; fuori EEA: £600/30gg, poi 3%
- Net annual cost
- €98
- Everything in Extra
- Weekly Greggs
- Annual Railcard
- Monthly Vue ticket
- Uber One
Monzo Max
- Price
- €20
- Issuance fee
- Free
- FX markup
- 0%
- Cashback currency
- Nessuno
- Required staking
- Nessuno
- ATM fee
- 3%
- ATM limit
- UK/EEA: illimitato; fuori EEA: £600/30gg, poi 3%
- Net annual cost
- €239
- Everything in Perks
- Worldwide travel insurance
- Phone insurance
- UK/Europe breakdown cover
- Select Access savings 3.65% AER
Strengths
- UK FCA bank; 10M+ users; Faster Payments to exchanges OK.
- No notable sovereignty advantage documented.
Weaknesses
- UK-focus; crypto not self-custody; indicative caps on transfers to exchanges.
- Custodial: the platform holds your funds and can freeze or lose them.
- Full KYC required: verified identity, zero pseudonymity.
Verdict
The A rating reflects a real bank, regulated by the PRA and FCA, with over 10 million users and Faster Payments that work well toward exchanges: the solidity and reliability of a licensed institution. The limits for a continental user are its almost exclusively UK focus and the indicative GBP 5K-per-30-days cap on transfers to exchanges.
Monzo is a custodial bank with full KYC and non-self-custody crypto, so through this lens it offers little by definition. The GBP 5K-per-30-days cap toward exchanges is in fact the opposite of sovereignty: the bank decides how much you can move toward the on-chain world.
Promp's editorial rating based on real fees and net annual cost. Promp reviews third-party products independently.
"Sovereignty" rating: score computed on privacy/anonymity (30%), fund control (20%), censorship resistance (20%), trustless/auditability (20%) and costs (10%). Same data, different weights.
FAQ
Is Monzo a real bank?
Monzo operates under a Full Banking License licence (GB). It is regulated by PRA, FCA. Fund protection: FSCS £85k.
Can I send transfers to third-party IBANs with Monzo?
Yes, Monzo allows outgoing transfers to third-party IBANs, like a traditional bank account.
Does Monzo support direct debits and utility billing?
UK Direct Debit (BACS): supported. Utility-bill domiciliation: supported.
Which fiat currencies does Monzo support?
Monzo supports 1 fiat currency (GBP). Multi-currency accounts: not supported.
Can I withdraw crypto on-chain from Monzo?
On-chain crypto withdrawal is not documented; check the official website.
Sources
- Official service page Plans & pricing · Regulatory framework · Trust & safety · AER · +2 Data verified on Jul 16, 2026
- rte.ie Licenses & registrations Data verified on Jul 16, 2026
- bankingdive.com Regulatory framework Data verified on Jun 14, 2026
- community.monzo.com Issuer Data verified on Jun 14, 2026
Show 5 more sources
- csoonline.com Trust & safety Data verified on Jun 14, 2026
- financialit.net Company profile Data verified on Jun 14, 2026
- find-and-update.company-information.service.gov.uk Issuer Data verified on Jun 14, 2026
- fintechfutures.com Issuer Data verified on Jun 14, 2026
- uk.trustpilot.com Trust & safety Data verified on Jun 14, 2026