Monzo in Europe: Your digital travel assistant
Monzo in Europe is an innovative online bank based on a mobile app that is revolutionising banking. This unique solution provides a wide range of benefits that will become indispensable to you both in your everyday life and when travelling. Monzo is currently available exclusively for UK residents, but the company is looking to expand to other countries in the future. If you live in the UK and want to learn about the benefits that Monzo offers and how it will help you when travelling, keep your attention, and keep reading.
To learn more about banking in Europe, visit forexsniper.info
What is Monzo?
Monzo in Europe was founded in 2015 and received regulation from the FCA in 2016. This bank operates entirely online through a downloadable app available for both iOS and Android devices. The app is designed with users in mind, offers a great user interface and includes a clever set of features.
To register with Monzo, all you need to do is download the app, scan your ID and record a short welcome video. This process only takes a few minutes. Once your registration is confirmed, your account will be activated. As a welcome gift, you'll be sent a stylish bright coral Monzo card in Europe, and you can also use Apple Pay or Google Pay payment systems.
Benefits of Monzo
Here are some of the benefits of using Monzo when travelling:
Accumulation pots
Before the beginning of your trip, it's wise to start saving for it. At Monzo, you can do this using the 'pots' feature. These are special accounts where you can put money aside and it won't show up on your main balance. That way, when it's time for you to travel, you can easily and conveniently transfer the amount you need to your main balance and enjoy your trip knowing that your finances are under control.
A welcome introduction when you arrive in a country
When you arrive in a new country, Monzo greets you with an information window that provides key information about your destination. Here you can find out the current exchange rate and get information about possible fees that may apply in that country. This allows you to be aware of the financial aspects of your trip and plan your expenses more consciously.
Keep track of your expenses while travelling
When travelling, as well as in everyday life, it's easy to lose track of your spending. Many of us may find that by machine tapping our contactless card, we spend far more than we had planned. Going over budget can spoil the fun of travelling, but it's important to have an idea of how much you're spending.
No fees for using the card in shops, restaurants and bars
One of the most appealing aspects of using Monzo when travelling is the lack of Monzo card usage fees. Many of us are very familiar with the feeling of frustration when, after returning home, we find our bank accounts clogged with endless fees for every transaction made while travelling. With Monzo, you can enjoy your adventures without worrying about fees because once you activate your account with your Monzo card in Europe, Google Pay or Apple Pay, you no longer have to pay for every transaction. This gives you an extra level of financial freedom and allows you to focus on what's most important - enjoying your journey.
Free EU withdrawals abroad
As well as using your Monzo card in Europe to pay for purchases in shops, bars and restaurants, you can also withdraw money from ATMs. It's important to note that there are no fees or limits when withdrawing money from ATMs in Europe (for Monzo cardholders). However, if you withdraw cash outside the EU, you can withdraw up to £200 within 30 days.
If you need to withdraw more than £200 within 30 days in countries outside the EU, you'll be charged a 3% fee. This fee, as Monzo explains, covers the bank's costs.
However, you should be aware that although Monzo does not charge a fee for cash withdrawals, your ATM provider may still charge its own fees. These fees are usually informed on the ATM screen.
Split payment option
A unique feature of Monzo is the ability to split the cost of a payment. For example, when you pay a restaurant bill or hotel stay with a friend or partner. This is solved simply: you send them a link that automatically links their payment to the corresponding transaction. However, your friends must also have a Monzo account to use this feature.
Freezing your card if you lose it
Sometimes you happen to lose your bank card while travelling, which can be an unpleasant event that requires an immediate response. At Monzo, this can be done quickly and easily through the app by simply freezing the card. And if you find it, unfreezing it is just as simple.
Summary of expenses at the end of a journey
Another important feature of Monzo is that when you end your trip, you can view a summary of your expenses while you've been away. Whilst this doesn't always work perfectly, sometimes showing that you're already home when you're still abroad, when it does work, it's really useful.
Partnering with Wise for international transfers
In 2021, Monzo partnered with Wise (formerly known as TransferWise) to give you the ability to make international transfers straight from the app. This means that sending money abroad is now much easier - whether it's a payment to another bank account abroad, your own move, or simply transferring funds from your Monzo account to another country.
Summary
Using Monzo while travelling will really change the way you think about financial transactions abroad. You'll find that a Monzo card in Europe makes financial transactions easier and more enjoyable.
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