Owning a bank account in the UK is more of a MUST, a NEED, rather than a whim or just for the sake of savings. But unfortunately for some of us, it is quite a hurdle to get one. There are lots of requirements asked for by the banks or financial institutions and one of them is the proof of address. I’m gonna say it again but for some, it is but a tall order because of many hindering circumstances. But oopppssss… hold that thought! Fret no more because it’s not the end of the world. MONZO to the rescue!
This blog article was brought about by the constant posts of concerned people, especially those who are immigrants in this country and it drove me nuts (lol) because I kept and still keep on receiving queries regarding the matter. This article was supposed to be published a couple of months ago but life got in the way but I am back now to keep the page active (kinda).
So…. what is MONZO?
Monzo is a BANK – Monzo Bank Ltd fully authorized by the Prudential Regulation Authority and regulated by Financial COnduct Authority in the UK. Monzo works and offers services as that of the regular bank but is done digitally – meaning ‘mobile-only bank’. Monzo has got no branches or physical office and offers current account and contactless Mastercard in bright orange/coral card, as shown below.
How does Monzo work?
It works the same any normal current account. The account though is controlled via an app you install on your phone where you’re always being notified when there’s a transaction happening. The app is quite self-explanatory and easy to use. With your Monzo account, you can add some money, turn on payments, freeze and defrost your card, categorize a payment, send money to someone, request money from someone, split a bill, create a pot (savings), round-up payments, set a savings goal, set a spending budget, set when you get paid, set up a recurring payment, add a direct debit, pay salary into it. It is also easier to use Monzo card abroad. You’re allowed to withdraw £200 service fee-free every month when abroad!
How to apply for a Monzo account?
Download the app here https://monzo.com/download/ .
Once you’ve downloaded, you will be guided as to what to do next to set up an account. Make sure you have one valid ID such as passport or BRP card, which in the process you’ll be asked to take a photo of as a proof of your identity. You will also need to take a photo of yourself so better comb your hair before you sit down and start with the sign up process. Once everything goes well, you will receive your bright coral Mastercard debit card visa post at least 3 business days after you sign up.
For more information, please check this out https://monzo.com/about/