Overview
Monzo Business, at a glance.
Monzo Business is a bank headquartered in the United Kingdom, regulated by PRA, Central Bank of Ireland. Business accounts cost from £0 a month. Opening an account takes 3–5 days.
Eligible deposits are protected by the Financial Services Compensation Scheme up to £120,000.
Why businesses pick Monzo Business
- A free plan, with no opening fee
- A licensed UK bank with FSCS protection up to £120,000
- Free, instant UK transfers
- International payments in 44 currencies
- Open to sole traders as well as limited companies
- Trustpilot score of 4.6 from more than 73,000 reviews
Watch out for
- Only for businesses based, registered and tax resident in the UK
- You must be in the UK when you apply
- Receiving a payment in another currency costs 1%
- Virtual cards need the Pro or Team plan
- Money services, lending, gambling, mining, jewellery and shell companies are not accepted
Business fit
Will Monzo Business accept your business?
Four quick answers. Where your company is registered and what it does rule a provider in or out faster than anything else.
Based on Monzo Business's published rules
Likely fit
Monzo Business lists both United Kingdom companies and Startups and SMEs as accepted.
Monzo Business does not publish a minimum company age or turnover, so those two answers are not checked here.
This is one provider. Your profile checks all of them.
- Every provider that fits your business
- The reason behind each match
- Company age and turnover checked too
Who it works with
Accepted and not accepted.
What Monzo Business publishes about the businesses it takes on.
Who Monzo Business serves
- Startups and SMEs
- Freelancers
- Professional services
- E-commerce
Not supported
Industries and countries Monzo Business does not accept, from its own published lists.
Industries
- Currency exchanges including virtual currencies, and money services business
- Mining and quarrying
- Defence and weapons
- Consumer credit or lending money
- Dating or escort services
- Precious metals and stones (like jewellery)
- Probate and estate management
- Gambling and betting
- Weapons manufacturing and/or selling
- Unlicensed scrap metal
- Unregistered waste management
- Shell companies
- Illegal or unlicensed drugs
- Used automotive vehicles
- Bidding fee auctions
- Regulated or unregulated financial investment, loan, foreign exchange (FX) or banking businesses
- Selling or making cannabidiol products (CBD), like cannabidiol oil
- Certain types of manufacturing
- Financial and insurance activities
- Public administration and defence, and compulsory social security
- Activities of extraterritorial organisations and bodies
Countries
- Not published
Coverage
Where can you use Monzo Business?
Coverage is a starting point. It does not confirm that every business in these markets is eligible.
Supported currencies
GBP account
- EUR
- USD
- CHF
- CAD
- AUD
- JPY
- AED
- ARS
- BDT
- BRL
- CNY
- COP
- DKK
- EGP
- GEL
- GHS
- HKD
- HUF
- IDR
- ILS
- INR
- KES
- KRW
- LKR
- MAD
- MXN
- MYR
- NGN
- NOK
- NPR
- NZD
- PHP
- PKR
- PLN
- QAR
- RON
- SAR
- SEK
- SGD
- THB
- TRY
- UAH
- VND
- ZAR
International payments out in 44 currencies.
Payment reach
Not published
Who can apply
Company incorporation countries1 countries · show list
- United Kingdom
Owner nationality
Not publishedOwner residency
Not publishedCompany types
Limited companies, Sole traders
Pricing
What does Monzo Business cost?
Look beyond the monthly fee. Your total cost depends on how many transfers you make, where they go and how much you convert.
Account cost
Opening fee
Free
Monthly fee
£0–25
depends on plan
Lite
Lowest cost£0 per month
£0 setup · £0 in year one
Pro
£9 per month
£0 setup · £108 in year one
Team
£25 per month
£0 setup · £300 in year one
Transaction fees
| Cost | Listed amount | How it is charged |
|---|---|---|
| Incoming | ||
| Faster Payments (GBP) | Free | No charge |
| Outgoing | ||
| Faster Payments (GBP) | Free | No charge |
Other fees
Currency exchange (FX)
| Cost | Listed amount | How it is charged |
|---|---|---|
| FX markup | 1% | Percentage of the amount · On payments received in another currency, capped at £1,000 |
Onboarding
From application to live account.
Opening an account typically takes three to five business days.
- 1
Apply
Start the application online or through the sales team.
- 2
Company and people
Give the company's registration details, directors and owners.
- 3
Checks
Upload the documents requested and complete identity verification.
- 4
Account live
Once approved, the account is opened and you receive its details.
Documents you need
Not published
FAQ
Your questions, answered.
Is Monzo a bank?
Yes. Monzo Bank Limited is authorised by the Prudential Regulation Authority and regulated by the FCA, reference 730427. Eligible deposits are protected by the FSCS up to £120,000.
How much does Monzo Business cost?
Lite is free, Pro costs £9 a month and Team from £25. UK transfers are free. Receiving a payment in another currency costs 1%.
Who can open a Monzo Business account?
Limited companies and sole traders that are based, registered and tax resident in the UK. You must be in the UK when you apply.
Which businesses does Monzo not accept?
Its list includes currency exchange and money services, lending, gambling and betting, defence and weapons, mining and quarrying, precious metals and stones, dating and escort services, and shell companies.
Alternatives
How Monzo Business compares.
If Monzo Business is not the right fit, these providers work with similar businesses. Compare their listed licences and services below.
| Provider | Licensed in | Known for |
|---|---|---|
 Monzo BusinessThis pageBank |   | Free planDeposit protection |
| Starling BankBank | | Free accountDeposit protection |
 TideE-money institution | | Free planNon-residents accepted |
 Revolut BusinessBank |  | Cards and spend controlsStartups and SMEs |
 Wise BusinessE-money institution |  | Low FX costsStandard businesses |
Not sure which one fits? Your profile ranks them for your business, with the reason behind each.