Monzo : My first U.K. bank account
You have set feet in the U.K. and want to open up a bank account. The biggest banks in the UK are HSBC, Lloyds, Royal Bank of Scotland, Barclays, NatWest, Santander and Nationwide.Usually, these ask for proof of residence and other identity documents, and it’s difficult to get appointments with them to open up a bank account.
How did I deal with this when I came to the U.K. in my first job? Monzo!
Please note — This is not a sponsored post or a financial advise. I am writing this post as I personally use Monzo.
What is Monzo?
Monzo is a bank, that lives in an app. It is an online bank which is safe and offers secure transactions.
How do you open a Monzo bank account?
It is very easy to open up a Monzo bank account.
Step 1: Download the Monzo app from PlayStore / Apple AppStore
Step 2: Put in your details
Step 3: The app ask you to take some photos of yourself using your phone camera
Step 4: The app asks you to click the photo of an identity document ( can be your passport)
Step 5: Once verified, you get a debit card with your name on it in next few business days
Can you use your Monzo card in your home country?
While you’re abroad you can withdraw up to £200 every 30 days for free. If you’ve used your free allowance, there’s a 3% charge on withdrawals after that.
Do I get a credit card as well?
Currently Monzo does not offer a credit card.
Is Monzo safe?
I have been using Monzo for 1 year and have never noticed any fraudulent transactions or unusual fees.
Why do I love Monzo?
Friendly user-interface : Monzo has a very friendly user interface which is better than other U.K. banks’ online interface.
Fast : You can receive and send money to your friends / family in the blink on an eye.
Budgeting : It helps you sort out your monthly payments into subcategories like bills, eating out, shopping etc. and helps you budget well.
Savings Pot : With the Monzo Savings Pot feature, you can keep your money as savings in a sub-account(pot) which won’t be used when you make any transaction.
Automatic savings : You can set a certain percentage of your salary to be kept as savings each month so that you save more, unknowingly .
Monzo also offers to keep the rounded off money during a transaction in a savings pot. E.g. if you buy a milk carton for 2.60 pounds , Monzo will keep 40 pences (rounded to 3 pounds) in your savings pot.
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