Monzo Business Account Review 2025: Pros, Cons & Alternative

Monzo’s business account works well for UK-based sole traders and limited companies that want a simple way to manage finances in GBP. The app is intuitive, onboarding is quick, and features like pots, instant notifications, and accounting integrations help with daily operations. The Pro plan adds invoicing, tax automation, and multi-user access, which suits small teams.

What works well is the user experience. UK bank transfers are instant, support is available 24/7 via in-app chat, and tools like Stripe’s Tap to Pay and payment links help with sales. Monzo is also a fully licensed UK bank, with FSCS protection up to £85,000.

But there are clear limits. There’s no multi-currency support, and international payments rely on third-party integrations with capped conversion fees. Eligibility is also restricted by business type and industry, which may exclude some applicants.

If you run a small business in the UK and prefer mobile-first banking, Monzo covers the essentials well. If you need cross-border functionality or deal with larger transactions, other providers may be better suited.

Key Highlights

• Free and instant UK bank transfers
• 24/7 in-app chat with real people
• “Pots” for budgeting and earning 1.6% interest (up to £100,000)
• Invoicing and Xero/QuickBooks integrations (Pro only)
• Easy cash and cheque deposits via Post Office/PayPoint
• FCA-licensed with FSCS protection up to £85,000

Monzo’s business current account covers the basics well for UK-based companies operating in GBP. You can send and receive UK payments instantly, receive international payments in GBP for free, and send funds abroad via Wise. A free business debit card is included, along with scheduled payments, instant transaction alerts, and the ability to manage funds using “pots.” You also earn 1.6% interest on balances up to GBP 100,000 from savings pots.

For deposits, you can scan cheques up to GBP 500 via mobile and deposit up to GBP 1,000 in cash every 6 months at Post Offices or PayPoints. Monzo also supports payment links, QR codes, and Tap to Pay for in-person sales with Stripe integration.

The Business Pro plan adds tools like invoicing, accounting software integrations (Xero, FreeAgent, QuickBooks), multi-user access, tax pot automation, and up to 5 virtual debit cards. You can also link other bank and credit card accounts to view everything in one place.

It’s also worth noting that Monzo is a fully licensed UK bank regulated by the Financial Conduct Authority (FCA), with eligible deposits protected up to £85,000 under the FSCS protection scheme.

Our Verdict: 7/10

Monzo’s pricing remains competitive, especially for UK-based businesses operating in GBP. There are 3 plans: Lite, Pro, and Team.

• Business Lite is free to use and covers all the basics.
• Business Pro costs £9/month.
• Business Team costs £25/month, with an extra £5 for each user beyond the first six.

Everyday payments, including direct debits, standing orders, UK transfers, and GBP card payments, are all free.

You can also withdraw cash in the UK or EEA with no fees. For non-EEA countries, the first £200 per month is free, then a 3% charge applies.

Receiving foreign payments comes with a 1% conversion fee, capped at £1,000, whether it’s euros or other currencies. Outgoing international payments use third-party rates with a mix of fixed (£0.50–£2.68) and variable (0%–1.3%) fees, all shown clearly before you pay.

Card usage is free, whether you’re spending in pounds or foreign currencies. ATM withdrawals in the UK and EEA are also free. Outside the EEA, the first £200 per month is free. After that, there’s a 3% fee on additional withdrawals.

Unarranged overdrafts are free of charge. Arranged overdrafts come with clear terms set out in your agreement.

Our Verdict: 8/10

The quickest way to get help is through the 24/7 in-app chat, where you’re connected to a real person, not bots. For most business users, that’s more than enough to resolve issues quickly.

There’s also a built-in Help Centre in the app, with clear answers on payments, account settings, and day-to-day banking questions.

If you need to speak to someone, Monzo provides phone support. Call 0800 802 1281 from the UK or +44 20 3872 0620 from abroad. UK calls are free, though international charges may apply. Please note that these lines are for support only, not general enquiries.

Our Verdict: 9/10

You can apply for a Monzo business account only if you are a UK-based sole trader or the director of a registered limited company by shares (Ltd).

If you are applying as a limited company, your business must meet the following criteria:

• Be tax resident in the UK only
• Have active status on Companies House
• Have at least one active (not disqualified) company director listed on Companies House
• Have at least one person of significant control (PSC) listed
• Generate income primarily from selling goods or providing services, not from investment or interest income.

Certain industries are also excluded regardless of business type. These include dating or escort services, money services businesses, precious metals, and others deemed high-risk. A full list is available on Monzo’s eligibility page.

The application is completely online and can be done via the mobile app or website. You will need to provide proof of your business address, your registered company number or name, your tax reference number, and a form of photo ID.

According to Monzo, 91% of business accounts are opened within one day.

Our Verdict: 8/10

Rating and Review

Trustpilot: 4.5/5 (based on 49,161 reviews)

Monzo is often praised for its great user experience, particularly the mobile app, instant notifications, and tools like pots and early payment access. Many clients find it easy to open an account and manage day-to-day finances, especially if they’re used to doing everything from their phone.

Support is available 24/7 via the app, which suits digital-first users who don’t want to deal with branch visits or phone queues. However, when more serious issues arise, like account freezes, suspected fraud, or complex verification, some users report slow responses and limited visibility on what’s happening behind the scenes.

It’s worth noting that Monzo is a fully regulated bank under the FCA and applies the same KYC and compliance checks required across the industry. 

Statrys is a licensed Money Service Operator based in Hong Kong, offering tailored payment solutions for entrepreneurs and businesses in Hong Kong, Singapore, and the British Virgin Islands (BVI).

With a Statrys account,  you can hold funds in 11 major currencies and send local payments in 12 currencies, including USD, AUD, GBP, EUR, and SGD. These can help you save more from conversions and simplify cross-border transactions.

You can also issue multiple prepaid Mastercard® cards for your team, with custom spending controls to keep budgets on track.

Every Statrys business account comes with a dedicated account manager who can be reached through multiple channels, including phone, WhatsApp and WeChat, so you get the support you need whenever you need it.