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Founded in 2015, Monzo’s mission is to offer its customers a fair and transparent alternative to traditional banking. In 2020, Monzo launched its first business banking service.
Monzo Business allows users to sign up, make UK bank transfers, and manage their finances from their mobile phone.
Discover everything Monzo has to offer its business customers, and see how it compares to rival business banking providers.
Pros and cons of Monzo business banking
There are several factors to consider before deciding whether Monzo Business Banking is the right option for you and your business.
Pros of Monzo business banking
- Set up from mobile
- Can close your old account and move your money for you when switching
- Fee-free UK bank transfers
- 24/7 customer support via mobile app
- FCA regulated and FSCS
Cons of Monzo business banking
- Accounting integrations only available with Pro account
- £1 charge to pay in cash at PayPoint
» COMPARE: Business bank accounts
What business accounts does Monzo offer?
Monzo Business currently offers two types of business accounts: Monzo Business Lite and Monzo Business Pro.
Monzo Business Lite is a full UK business current account that is available for no monthly fee. It comes with a range of features, including free UK bank transfers, payment links, and a business debit card.
Monzo Business Pro offers a wide range of features, including accounting integrations, virtual cards and multi-user access, for a monthly fee of £5.
How does Monzo compare to other digital banks?
The table below compares the business accounts offered by Monzo and other digital bank accounts.
|Tide||Starling||Cashplus||CountingUp||Mettle||Anna||Revolut||Card One Money||Acorn||Fair Everywhere||Monzo|
|FSCS protection||Yes (with ClearBank)||Yes||Yes||No||No||No||No||No||No||No||Yes|
|Free UK transfers||No (20p per transfer)||Yes||Yes (with limits)||No (30p per transfer)||Yes||Yes (with paid plans, limits apply)||Yes (with limits)||No||No||No||Yes|
|Cash deposits||Yes (for a fee)||Yes (0.7% fee, min £3)||Yes (0.3% fee)||Yes (for a fee)||Yes (with paid plans, limits apply)||Yes (1% fee may apply)||No||Yes (for a fee)||Yes (for a fee)||Yes (for a fee)||Yes (£1 fee)|
|Free ATM withdrawals||No (£1 fee)||Yes||No (subject to fee)||No (£1 fee)||Yes||Yes (with paid plans, limits apply)||No (2% fee)||No (£1.50 fee)||No (£1.50 fee)||No (£1.50 fee)||Yes|
|Integration with accounting software||Yes||Yes||Yes||Yes (built-in)||Yes||Yes||Yes||Yes||No||Coming soon||Yes (with paid account)|
|International transfers||No||Yes||Inbound only||Yes (through a partner)||No||Yes||Yes||Yes||Yes||Yes||Outbound only|
|Create and send invoices||Yes (for a fee)||Yes (for a fee)||No||Yes||Yes||Yes||Yes||No||No||No||Yes (with paid account)|
Source: NerdWallet, August 2022
» MORE: What are challenger banks?
What do other Monzo Business Account reviews say?
Monzo’s business customers have left reviews on a range of review sites.
App Store: 4.9 out of 5, based on over 109,900 reviews
Google Play: 4.6 out of 5, based on over 86,400 reviews
Trustpilot: 4.4 out of 5, based on over 22,700reviews
This information is correct as of 15 August 2022.
Designed with the needs of small businesses in mind, Monzo Business makes it easy to set up your new account and start managing your money all from your phone.
On the Lite plan you can create payment links and digital receipts, which simplifies customer transactions, while monthly budgets and itemised spending helps you stay on top of your finances. The Pro plan offers further features, such as accounting integrations and invoice tracking for a monthly fee.
Being able to make fee-free UK transfers can also be helpful for businesses that regularly need to move cash or make transactions.
Overall, if you want business banking services, Monzo has lots to offer. Just remember that you won’t get access to its full range of features unless you pay a monthly fee for the Pro account.
Monzo Business Account FAQs
How do I open a Monzo Business Account?
As long as you’re a UK-based sole trader or limited company, it’s easy to open a Monzo business account. You just need to do the following:
Download the Monzo app (if not already a Monzo customer) and be ready to provide your proof of business address, registered company name or number (if a limited company), your unique tax reference number, and ID. Answer some eligibility questions. Get approved and start using your Monzo business account.
If you’re switching from another business account, Monzo can close down your old account and transfer your money and direct debits to your new account.
Is Monzo good for small businesses?
Monzo Business may be a good option for small businesses. It was created in consultation with small business owners to try to tackle the pain points they face with conventional banking, which included complicated account opening and time-consuming admin.
Of course, your specific business requirements are important, so you should consider comparing options to make sure the business account you choose will work for you.
Can I use Monzo as a business account?
You can’t use your Monzo personal account for business. However, Monzo launched business banking in 2020, allowing UK small business owners to use its app and service for their business finances.
How long does it take to open a business bank account with Monzo?
You can sign up for a Monzo business bank account from your phone. All you need to do is download the Monzo app, provide some key info about yourself and your business, including your address, tax reference number and ID. You will also need to answer the eligibility questions.
Why won’t Monzo give me a business account?
Monzo won’t give you a business account if you don’t meet the eligibility criteria. You must be:
- a sole trader or registered limited company
- based in the UK
If a limited company, you must:
- be active on Companies House
- have one company director on Companies House
- have one person of significant control listed on Companies House
- make the majority of your income from selling goods and/or providing services
- be a tax resident in only the UK
Monzo also won’t support some higher risk industries. You can find a full list of unsupported industries here.
Is there a Monzo business credit card?
Monzo doesn’t currently offer a business credit card.
How much cash can I deposit in a Monzo business account?
Currently, business customers are allowed to deposit between £5 and £300 of cash at once, and up to £1,000 every six months.
Henry is passionate about helping individuals and businesses stay informed. Over the last 8 years, he’s written for startup and small business sites, with a focus on finance, insurance, and websites. Read more
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