Monzo review: is it right for UK businesses?

Current Account Switch Service data shows that Monzo recorded the highest net gain among SME and charity accounts in 2024, gaining 3,957 more accounts than it lost through the service.

That momentum makes Monzo worth reviewing. Monzo started as an app-led alternative to traditional banking, and Monzo Business brings that approach to sole traders and limited company directors.

In this Monzo review, we look at where Monzo Business works well, where it may feel limited and when a multi-currency account like WorldFirst may be worth comparing before you switch.

Key takeaways:

• Monzo works well for UK-first business banking: UK businesses get the most value when GBP payments, invoices, tax tools, accounting integrations and team spending controls support the same domestic workflow.
• The right Monzo plan depends on the tools you need: Lite gives businesses a free starting point, while Pro adds invoicing, Tax Pots and accounting tools. Team adds employee access, expense cards, approvals and bulk payments.
• The main Monzo fees to review are plan, cash and international payment costs: The free Lite plan does not show the full picture, so check which fees affect the final amount you send, receive or convert.
• Foreign-currency receipts need closer review: Monzo converts accepted overseas payments into GBP, which may work for occasional receipts, but can add extra steps when revenue and supplier costs share the same currency.
• WorldFirst is worth comparing when cross-border payments are the priority: A World Account can support UK businesses that need overseas collections, supplier payments and currency balances from one multi-currency account.

Open a World Account to simplify your global payment flows and manage international transactions in one place.

What is Monzo?

Monzo is a UK digital bank offering personal and business current accounts through its app and web banking. It launched in 2015 and operates from London.

For business customers, Monzo offers Monzo Business, a business current account for eligible UK sole traders and limited company directors. Monzo Business has three plans: Lite, Pro and Team.

Monzo Business features explained

Monzo Business features vary by plan, so check what each plan includes before you choose.

Features in all plans

All Monzo Business plans include features that can support account admin, payments and cash separation.

Key features:

• Business Savings Pots: Business Savings Pots let customers set money aside and earn up to 3.25% AER (Annual Equivalent Rate) variable interest, with instant access, monthly interest, no minimum deposit and a maximum balance of £1,000,000, subject to terms
• Making Tax Digital support: Making Tax Digital support helps sole traders prepare digital records and quarterly updates for HMRC’s new rules
• Tap to Pay on iPhone: Tap to Pay on iPhone lets eligible businesses accept in-person contactless payments without a separate card reader
• Loans and overdrafts for eligible sole traders: Borrowing depends on age, eligibility and terms, so businesses should not treat it as a guaranteed feature

Lite

Price: £0 a month

Lite is the entry-level Monzo Business plan for eligible UK sole traders and limited company directors that need core business account access.

Key features:

• Basic business account access: Lite gives businesses a starting point for managing everyday account activity through Monzo Business
• Savings and tax support: Lite can support basic money separation through Business Savings Pots and Making Tax Digital software
• In-person payment option: Eligible businesses can use Tap to Pay on iPhone to accept contactless payments

Pro

Price: £9 a month

Pro includes Lite features and adds more tools for businesses that want invoicing, tax and bookkeeping closer to the banking setup.

Additional features:

• Tax Pots: Tax Pots let you set aside a percentage of your income automatically
• Integrated accounting: Pro connects with accounting tools including Xero and QuickBooks
• Auto-exports and digital receipts: Auto-exports and digital receipts help reduce manual bookkeeping work across transactions, invoices, statements and receipts
• Invoicing and payment links: Pro users can create invoices and send payment links from Monzo

Team

Price: from £25 a month

Team includes Pro features and adds tools for businesses with employees, shared spending or regular outgoing payments.

Additional features:

• Team access: Limited companies can add up to 15 people, while sole traders can add two team members
• Employee expense cards: Employee expense cards give selected people controlled spending access
• Payment approval limits: Payment approval limits help businesses manage team spending before it leaves the account
• Bulk payments: Bulk payments can reduce repetitive admin for salaries, supplier payments or other regular outgoing payments

Related articles:

• Monzo vs Revolut
• Revolut review 2026
• Payoneer alternatives

Monzo Business fees

Monzo Business fees are simple for UK account use, but costs can change once payments cross borders.

UK transfers, GBP receipts and debit card payments in pounds cost £0, while plan fees, cash use, foreign-currency receipts and overseas payments can affect the account’s total cost.

In 2025, the EU accounted for 41% of UK exports and 49% of UK imports, so EUR receipts, supplier invoices and FX costs can become part of the account decision for many businesses.

Monzo FX and international payment fees

Monzo converts accepted foreign-currency receipts into GBP before the money appears in your account. For EUR payments and other accepted non-GBP currencies, Monzo charges a 1% currency conversion fee capped at £1,000 per transaction.

The payer needs your IBAN to send payments, and some international payment or invoice flows may also require your BIC/SWIFT.

For outgoing international payments, Monzo charges a fixed amount and a variable amount. The fixed fee is no more than £9, while the variable fee ranges from 0% to 1.80%, depending on the destination and currency.

Monzo uses a third-party exchange rate, usually the mid-market rate, and shows the exchange rate and exact charge in the app before you send.

Monzo’s setup can work for occasional overseas payments. For regular international trade, automatic conversion into GBP can create another step in the international transaction process if you later need to pay suppliers in the same currency you received.

Monzo Business pros and cons

The table below gives UK businesses comparing or switching accounts a quick view of Monzo Business pros and cons based on its UK product information, pricing and cross-border payment use cases:

Where Monzo Business works best

Monzo Business may work best if your business:

• Runs mostly in GBP, with limited exposure to foreign-currency receipts or supplier invoices
• Wants banking and finance admin in one place, rather than separate tools for every task
• Needs simple ways to separate money, such as money set aside for tax, bills or day-to-day expenses
• Has employees who need controlled access, spending limits or expense cards

In that setup, Monzo can cover the main account jobs without adding more complexity than the business needs.

Where Monzo may feel limited

Monzo may feel more limited if your business:

• Receives regular payouts from overseas marketplaces
• Bills clients in EUR, USD or other currencies
• Wants control over when currency converts
• Needs to match revenue, FX costs and supplier invoices by currency

Using Monzo for occasional overseas payments may be manageable. However, if your business receives and pays in multiple currencies every month, automatic GBP conversion can create extra steps and make a specialist multi-currency account worth reviewing before switching.

Is Monzo safe for business banking?

Monzo is safe for business banking in the sense that it is a regulated UK bank, and eligible deposits can receive FSCS protection, subject to the usual eligibility rules. Monzo Bank Limited is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and Prudential Regulation Authority.

However, you should also consider Monzo’s recent regulatory history. In July 2025, the FCA fined Monzo Bank Ltd £21,091,300 after finding that its financial crime controls had not kept pace with customer growth between October 2018 and August 2020.

The FCA also found that Monzo failed to properly follow a later restriction on opening accounts for higher-risk customers between August 2020 and June 2022.

Monzo has since made changes. According to the FCA, Monzo completed a financial crime change programme, improved its control framework, strengthened customer due diligence and risk-assessment processes, reviewed existing customers and invested in financial crime roles.

WorldFirst as a Monzo alternative for international payments

If you are considering Monzo because overseas payments have become harder to manage, WorldFirst offers a more focused alternative.

The table below shows how Monzo Business and WorldFirst compare across the areas that matter most for UK businesses transacting internationally:

WorldFirst brings over two decades of experience in international payments and has processed more than US$300 billion in payments for more than one million global businesses.

As part of Ant Group, it supports businesses managing international collections, FX and supplier payments.

Example: receiving USD and paying a USD supplier

Say your UK business receives US$80,000 from an overseas marketplace and has a US$55,000 supplier invoice due later that month.

With Monzo:

• The accepted US$80,000 marketplace payout converts into GBP before the money appears in your account
• Monzo charges a 1% currency conversion fee, capped at £1,000 per transaction
• If the payout were worth £64,000 before Monzo’s conversion fee, the 1% fee would be £640
• Your business would then hold the remaining funds in GBP
• If you later need to pay the supplier US$55,000, you may need to convert GBP back into USD for the outgoing payment

With a World Account:

• Your business could receive and hold supported USD balances
• You could then use that supported USD balance to pay the US$55,000 supplier invoice, where available
• Instead of converting the marketplace payout into GBP first, you can keep the currency flow closer to the way your business trades: overseas revenue on one side, supplier payment on the other

That difference can reduce extra conversion steps, simplify reconciliation and give you more control over currency conversion timing.

WorldFirst isn’t a bank. WorldFirst entities in the UK hold FCA authorisation as an Electronic Money Institution for issuing electronic money and providing payment services.

Open a World Account to manage currency balances and overseas transactions from one multi-currency account.

FAQ

1. Can I switch an existing business account to Monzo Business?

Yes. You can switch to Monzo Business through the Current Account Switch Service after opening a Monzo Business account.

2. How long does a Monzo Business account switch take?

A full business account switch usually takes seven working days. Choose your switch date carefully and avoid setting up new payments on the old account during the final seven working days before the switch.

3. What payment limits should businesses check before using Monzo?

Monzo Business accounts have limits for bank transfers, card payments and cash deposits. Current listed limits include £25,000 daily bank transfers, £75,000 rolling 30-day bank transfers and £10,000 card payments.

4. Can I have more than one Monzo Business account?

Yes. You can open up to three Monzo Business accounts, but each account must be for a different eligible business.

5. Can I pay cheques into a Monzo Business account?

Yes. You can pay cheques into a Monzo Business account in the app for cheques up to £500.

Sources:

1. https://find-and-update.company-information.service.gov.uk/company/09446231?
2. https://commonslibrary.parliament.uk/research-briefings/sn02815/
3. https://www.fca.org.uk/news/press-releases/fca-fines-monzo-21m-failings-financial-crime-controls
4. https://register.fca.org.uk/s/firm?id=001b000002syvKiAAI&utm
5. https://www.fca.org.uk/publication/final-notices/monzo-bank-limited.pdf
6. https://monzo.com/business-banking