Monzo: A Smart Choice For Savvy Travelers?

If you're a frequent traveller, you know the importance of having a bank account that can keep up with your travel plans. Monzo is a digital bank that offers a range of personal and business accounts, serving over seven million customers. But is it good for travelling?

Monzo offers free overseas spending for travelling account holders, with some limits applying. You can pay anywhere in any currency using your Monzo card, fee-free, and the Mastercard exchange rate is passed directly to you without any additional charges. In the European Economic Area (EEA), you can make unlimited, free cash withdrawals if Monzo is your main bank account. Outside of the EEA, you can withdraw up to £200 for free every 30 days, after which a 3% fee is charged.

Monzo also offers other travel-friendly features such as instant notifications when you make a transaction, providing a breakdown of costs in the local currency and GBP. You can also split bills and track shared expenses with other Monzo users.

So, is Monzo good for travelling? With its free overseas spending, competitive exchange rates, and convenient features, it's definitely a strong contender for travellers looking for a digital banking solution.

Monzo offers free overseas spending for travelling account holders

In addition to free overseas spending, Monzo offers other benefits for travellers. For example, if Monzo is your main bank account, you can make unlimited, fee-free cash withdrawals in the European Economic Area (EEA). Outside of the EEA, you can withdraw up to £200 every 30 days for free, after which a 3% fee will be charged.

Monzo also offers features such as instant notifications when you make a transaction, providing a breakdown of costs in the local currency as well as in GBP. You can also categorise your card transactions as 'holidays' and track your spending to ensure you stay within your budget.

Monzo's app allows you to split bills easily, even with people who don't have a Monzo account. You can also put your holiday money into a 'Pot' and keep it separate from your main balance. This can be helpful for budgeting and ensuring you don't spend more than you intended.

Overall, Monzo's free overseas spending and additional travel-friendly features make it a convenient and cost-effective option for travellers.

Monzo offers instant notifications when you make a transaction

Monzo is a digital bank that offers app-based financial services. It is incredibly easy to get started with Monzo and get your new card sent out to you. Once it arrives, you can start using the app to manage your money at home and abroad.

One of the key features of Monzo is that it offers instant notifications when you make a transaction, giving you a breakdown of costs in the local currency as well as in GBP. This means that you can keep track of your travel costs in real-time and stay on top of your spending.

The instant notifications are particularly useful when travelling as they allow you to see the real-time exchange rates when you spend abroad. You can also categorise your card transactions as 'holidays' and then head to Trends to track your spending and check that you're staying within your budget.

Monzo also offers other benefits for travellers, such as fee-free spending and cash withdrawals within certain limits, worldwide travel insurance, and the ability to split bills and track how much everyone owes.

You can split bills in the app

Monzo is a great app to use when travelling, especially when it comes to splitting bills. The app allows you to split bills in just a few taps, whether your friends are on Monzo or not. You can also use the Shared Tabs feature to track how much everyone owes and settle up whenever you like. This means you can focus on enjoying your trip without worrying about who owes what.

The bill-splitting feature in the Monzo app is simple and easy to use. You can quickly calculate how much each person needs to contribute, even if they don't have a Monzo account. This makes it easy to split the cost of meals, accommodation, or any other shared expenses during your travels. You can also use Monzo's instant notifications and spending reports to keep track of your travel costs and stay within your budget.

In addition to bill splitting, Monzo offers other benefits for travellers. You can pay anywhere in any currency on your debit or credit card without foreign transaction fees or hidden costs. Monzo passes Mastercard's exchange rate directly to you, so you don't have to worry about sneaky fees or extra charges. If you use Monzo as your main bank account, you can also make unlimited fee-free cash withdrawals in the European Economic Area (EEA) and up to £200 every 30 days outside of the EEA.

Monzo also offers savings features, such as Instant Access Savings Pots, where you can earn interest on your travel funds. You can even lock or hide your savings to avoid spending it before your trip. Overall, Monzo's bill-splitting feature and other travel-friendly features make it a convenient and cost-effective option for travellers.

You can earn interest on your holiday money

Monzo is a digital bank that offers a range of personal and business accounts. It is incredibly easy to get started with Monzo and get your new card sent out to you. Once it arrives, you can start using the app to manage your money at home and abroad.

One of the key features of Monzo is that you can pay anywhere and in any currency on your debit or credit card, with no foreign transaction fees or hidden costs. This is because Monzo passes Mastercard’s exchange rate directly onto you, without any sneaky fees or extra charges. This leaves you with more money to spend on your holiday.

If you use Monzo as your main bank account, you can make unlimited, fee-free withdrawals in the European Economic Area (EEA). Outside of the EEA, you can withdraw up to £200 every 30 days for free. After that, Monzo will charge 3%.

With Monzo, you can also earn interest on your holiday money. You can put your holiday money into an Instant Access Savings Pot and earn interest, which you can take out at any time. This means that your holiday money can grow even when you're not on holiday.

Monzo also offers a range of other features that can be useful when travelling, such as the ability to split bills in the app, instant notifications when you spend, and the option to upgrade to Monzo Max for worldwide travel insurance, phone insurance, and UK and Europe breakdown cover.

Overall, Monzo is a great choice for travellers looking to avoid fees and earn interest on their holiday money.

Monzo offers worldwide travel insurance

Monzo Max is a premium account that offers a range of benefits for customers. The account has a minimum term of three months and is only available to those aged 18-69 who are UK residents.

Monzo also offers free overseas spending for travelling account holders, with some limits. If you have a free account, you can make £200 worth of free withdrawals outside of the EEA, with a 3% charge above this. Within the EEA, if Monzo is your main bank account, you can make unlimited, fee-free withdrawals.

Monzo is a digital bank, founded in 2015 and headquartered in London, England. It is one of the UK's top-rated digital banks, serving over seven million customers. Up to £85,000 held with Monzo is protected by the Financial Services Compensation Scheme (FSCS).

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