Monzo is the UK's most popular neobank. While it doesn't replace Wise for FX, it's a great UK current account to receive GBP into, with excellent budgeting and notification features.
Quick Verdict
Rating: 4.5/5 — ★★★★½
Best for: UK freelancers who want a great GBP current account to receive payments into
Not ideal for: International multi-currency operations or non-UK residents
Get started with Monzo →Key Facts
| Category | banking / neobank |
| FX fee | 🟢 Free |
| Withdrawal fee | Free |
| Monthly fee | Free |
| Payout speed | instant |
| KYC level | Standard (ID required) |
| Founded | 2015 |
| HQ | GB |
Country Availability
| UK | Canada | Australia |
|---|---|---|
| ✅ | ❌ | ❌ |
Fees
| Fee type | Amount |
|---|---|
| FX conversion | Free |
| Withdrawal | Free |
| Monthly subscription | None |
| Currencies supported | 1+ |
Features
| Feature | |
|---|---|
| Bank transfer | ✅ |
| Card payments | ✅ |
| Crypto | ❌ |
| Virtual card | ✅ |
| Physical card | ✅ |
| Multi-currency | ❌ |
| Business account | ✅ |
| Mobile app | ✅ |
| API access | ❌ |
| Upwork integration | ❌ |
| Fiverr integration | ❌ |
Pros
- Low FX fee — 0%
- No monthly fee
- Virtual debit card
- Mobile app (iOS & Android)
- Business account available
Cons
- Check availability in your country
Who Should Use Monzo
Perfect for: UK freelancers who want a great GBP current account to receive payments into
Skip it if: International multi-currency operations or non-UK residents
How to Get Started
- Visit https://monzo.com and create an account
- Complete identity verification (Standard (ID required))
- Set up your payment receiving details
- Share with clients or connect to your freelance platform
Frequently Asked Questions
Is Monzo available in the UK? Yes — Monzo is fully available in the UK.
Is Monzo available in Canada? Monzo is currently not available in Canada.
Is Monzo available in Australia? Monzo is currently not available in Australia.
What are Monzo's fees? Monzo charges no FX fee.
Is Monzo safe? Monzo is a regulated financial service with a strong safety record. Always verify current regulatory status on their website.
This review was last updated 2026-03-30. Fees and availability may change — always check Monzo's website for the latest information.
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