Monzo Business Account Review [2025]: Features, Fees & Alternatives

‎ ‎Monzo Bank Limited is a UK challenger bank fully licensed and regulated by the Financial Conduct Authority (FCA) and the Prudential Regulation Authority. Since launching in 2015, it has grown into one of the UK’s most widely used app-based banks, serving both personal and business bank account customers through a mobile-first online banking platform.

For businesses, Monzo offers a GBP business current account designed for small businesses, sole traders, and limited companies in the UK. The account covers modern banking essentials, including instant UK bank transfers, integrated payments, basic cash and cheque handling, and connections to accounting software like Xero and QuickBooks. Eligible deposits are protected up to £85,000 under FSCS protection.

Mobile-First Business Banking

Run day-to-day payments and account activity through Monzo’s app-first platform with instant notifications, tax and savings pots, and real-time spending visibility.

Fast Account Opening

Applications for sole traders and limited companies are typically approved the same day, with verification completed in the app.

24/7 Customer Support from Real People

Get help anytime through the in-app chat, phone line, or email. All handled by real people rather than automated bots.

GBP-Only Business Accounts

Monzo operates exclusively in GBP with no support for multi-currency balances or foreign currency accounts.

International Payments via Third Parties

Cross-border transfers rely on third-party providers and currency restrictions. This may not suit businesses with frequent overseas payments.

✅ Who Monzo is ideal for

• UK-based sole traders and small limited companies:
  If your business runs mostly in GBP and you need a simple business bank account for everyday payments, invoicing, and cash flow, Monzo fits that routine well. Most users open the account quickly and manage everything from the app.
• Business owners who prefer handling finances on their phone:
  Monzo’s strength is its mobile-first design. Instant notifications, pots for planning taxes or savings, and clear spending breakdowns make everyday money management feel smooth. It works well for businesses shifting from a personal account to a dedicated business current account.
• SMEs that rely on accounting integrations or easy payment tools:
  Linking Monzo to Xero, FreeAgent, QuickBooks, or Sage takes only a few minutes. Features like payment links and Tap to Pay via Stripe help you collect payments without extra hardware. Teams using these tools for bookkeeping or shared multi-user access find it convenient.

🚫 Who Monzo is not ideal for

• Businesses that need multi-currency support or FX management:
  Monzo works only in GBP. This can be limiting if you receive payments in USD or EUR, work with overseas suppliers, or want a fee-free way to manage foreign currency balances.
• Companies that make frequent international transfers:
  You can send money abroad, but it runs through third-party services with restrictions. It works for occasional payments, but less practical if you handle international transfers every week or rely on predictable cash withdrawals abroad.
• Industries or structures that fall outside Monzo’s eligibility rules:
  Monzo does not support a long list of higher-risk sectors and does not onboard partnerships, LLPs, charities, or companies with corporate shareholders. If your structure is complex or has multiple team members involved, you may not qualify.

Monzo offers three business plans designed for different company needs:

• Lite plan covers everyday GBP banking with no monthly fee
• Pro account adds invoicing and accounting integrations
• Team plan is built for companies that need shared access and clearer spending controls through multi-user access

For most small businesses, the Lite plan is enough. Most costs appear only when you start using international financial services or rely on cash deposits.

For full details, Monzo provides a complete breakdown of business fees and plan comparisons.

From a cost perspective, Monzo remains low cost if your business runs entirely in GBP. UK transfers, debit card payments, and EEA cash withdrawals are fee-free, which helps keep everyday activity predictable.

International payments are where the fees start to matter. Incoming foreign payments always include a 1% conversion fee. Outgoing transfers rely on third-party partners with variable pricing, which can add up quickly if your company pays overseas suppliers often.

Monzo works best as a digital-first GBP business account designed for UK sole traders and small limited companies. Here is a closer look at the features you will use most often.

Getting Paid and Making Payments

Monzo gives you several flexible ways to handle customer payments. You can create and send invoices through the app or web dashboard, and include payment links or QR codes. If you accept card payments, Monzo’s Stripe partnership supports Apple Pay, Google Pay, contactless cards, and Tap to Pay on compatible devices.

For everyday functionality, UK transfers run through Faster Payments and usually arrive instantly, helping keep cash flow predictable.

Expense Cards and Team Controls

With Monzo, team spending can be handled without extra tools. You can give expense cards to employees who need them and decide how much each person can spend. All card activity appears in real time, so it is easier to keep track of how company money is being used.

Receipts, VAT details, and notes can be added directly in the app, which helps tidy up bookkeeping and reduces manual follow-up. If your business needs shared access, the Business Pro plan includes stronger team features such as multi-user access and permission controls.

Tax and Accounting Integrations

Monzo connects to Xero, FreeAgent, Sage, and QuickBooks, so transactions and categories sync automatically without exports.  Tax Pots also help you set aside a percentage of income for future tax bills, making everyday bookkeeping smoother.

For sole traders, Monzo is preparing to support direct HMRC filing through Making Tax Digital in April 2026. You can join the waitlist by applying for a free Monzo Business account.

Opening a Monzo Business account is quick and fully online. You can start the application either on the website or directly in the Monzo app. The onboarding takes place in the mobile app, where you complete identity checks, verification, and account setup. 

Monzo states that 90% of applications are approved the same day, and in practice, the process is straightforward because most company details are pulled automatically from Companies House.

To apply, download the app, enter your business information, verify your identity, and describe what your company does. Once Monzo completes its checks, your account can be used straight away.

Who Can Open?

Eligibility includes:

• UK-based sole traders
• UK-registered limited companies by shares
• Directors and persons of significant control who are based in the UK
• Businesses operating in supported sectors
• Businesses that are UK tax residents

Monzo does not support:

• Partnerships, LLPs, limited companies by guarantee, charities, clubs, or trusts
• Companies with corporate shareholders or complex ownership layers
• Businesses in restricted or higher-risk industries

Required Documents

Monzo matches most company information automatically with Companies House. In most cases, you will not need to upload documents unless further checks are required.

You will need to provide:

• Basic business details
• Personal information for all directors and PSCs
• Valid photo ID and a short selfie video
• A description of your business activity
• Additional proof, such as invoices, website links, or trading evidence if Monzo requests extra verification

Before closing the Monzo Business Account review, it helps to see what real customers say about using the service. Google Play and Trustpilot give a clear picture of how the Monzo business bank performs in practical use.

Google Play Reviews

On Google Play, Monzo holds a 4.5 out of 5 rating from more than 160,000 reviews. If you scroll through them, the first thing you notice is how often people talk about the app itself. Many reviews are short and enthusiastic, calling it “so easy”, “clean”, or “the best banking app I’ve used”. 

Users also highlight quick onboarding and how smooth it feels to send money, set up pots, or manage day-to-day spending without requiring any in-person steps you would expect from a high street bank. It reads like people talking about an app they genuinely enjoy using.

The lower ratings shift the tone a bit. Some users mention payments pending longer than expected or identity checks looping before they can log in. These issues do not appear everywhere, but when they do, reviewers say getting a clear update from support can take longer than they hoped.

If you mainly need a straightforward GBP account for everyday money management, Google Play feedback is encouraging. Most problems show up only when additional checks or identity steps are required.

Trustpilot Reviews

Trustpilot adds a wider perspective, with more than 60,000 reviews and an average rating of 4.6 out of 5. Here, users focus less on design and more on how Monzo works as a bank. Many reviewers highlight how easy it is to track spending, organise pots, and stay in control of payments. Several say it feels faster and clearer than traditional high street banks.

As you read further, some issues that matter more to business users start to appear. The most common issues involve accounts being frozen, payments blocked, or funds held during checks. When that happens, users say support can feel slow, scripted, or unclear about what’s actually going on.

For simple day-to-day banking, Trustpilot suggests Monzo performs well. The problems tend to appear often when payments are large or when money comes in frequently, since those situations rely on faster support.