Monzo
digital bank
Monzo is one of the UK's most popular digital banks, offering a GBP current account with strong budgeting tools, real-time spending notifications, fee-free overseas spending at Mastercard rates, and a distinctive coral debit card. Accounts are FCA-regulated and FSCS-protected up to GBP 85,000. Requires a UK residential address and phone number — non-residents cannot open accounts. Monzo Plus and Monzo Premium tiers add features such as cash ISAs, credit builder tools, and travel insurance. Business accounts are available for UK sole traders and limited companies. Widely regarded as one of the best everyday accounts for UK residents.
Details
- Headquarters
- United Kingdom
- Currencies
- 1
- Monthly Fee
- Free
- Non-Residents
- Not accepted
- US Persons
- Not accepted
- Debit Card
- Available
- Business Account
- Available
Opening Requirements
- •UK residential address
- •UK phone number
- •Government-issued photo ID
- •Age 18+
Nationality Acceptance Matrix
Who this provider will and will not onboard. Refusals are listed first. Sourced from the provider's own published terms and recent public onboarding reports — confirm with the provider before applying.
| Nationality | Accepted | Notes |
|---|---|---|
| us | NO | US persons not accepted; US nationality triggers FATCA obligations Monzo declines; US market not served. |
| iran | NO | Blocked — OFAC/UK sanctions. |
| cuba | NO | Blocked — OFAC/UK Cuba sanctions. |
| north korea | NO | Blocked — UN/OFAC/UK DPRK sanctions. |
| syria | NO | Blocked — UK/OFAC Syria sanctions. |
| uk | YES | UK residents are the exclusive customer base; nationality is secondary to UK residency requirement. |
| eu | YES | EU nationals accepted if UK-resident with a valid UK address and phone number. |
| russia | YES | Russian nationals accepted if UK-resident; individual sanctions screening applied; some account closures reported. |
| china | YES | Chinese nationals accepted if UK-resident. |
| myanmar | YES | Accepted if UK-resident; specific designated individuals screened against UK sanctions list. |
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