If you're selling crypto, and take bank transfers... sooner or later a scammer who's ripped off someones granny is going to send you a faster payment, and have you send them bitcoin..When that happens, Monzo will be told your account has received stolen funds, and they have to file a SAR (suspicious activity report) and close your account..It sucks, but everyone who sells BTC gets stung eventually. And you use crypto. By using our Services or clicking I agree, you agree to our use of cookies. If you are buying from big exchanges like Kraken, Coinbase and let Monzo know you are going to make crypro transactions, you shouldn't have a problem. Would be great if you could answer the poll to see in general how Monzo actually is with crypto. Next challenge is to work out which bank to use, as crypto gets more press coverage and becomes more main stream hopefully banks will be more accepting. Your money's protected by the FSCS Because we’re a regulated UK bank, the money you put in your Monzo … Monzo is a truly digital product. Find your group chat here >>, https://www.moneysavingexpert.com/ne...ed-or-failing/. You can open up to 10 Pots and interest is paid monthly. They aren't in trouble from a balance sheet perspective. Can’t open Current Account, Official Italian Students 2021 University Applicants, Simple tips on keeping sane at university, Official City, University of London 2021 applicant chat, PLEASE I need advice with writing my dissertation, Official Cambridge 2021 Applicants thread Mk II, Cant get quote for car insurance online but vehicle crime is lower. Monzo Bank Ltd (/ ˈ m ɒ n z oʊ /), is an online bank based in the United Kingdom. This depends on what you're doing in Crypto. Monzo’s customers view it as transparent, which can’t be said for most banks. Uni advice and experiences: visit our student life hub, Video: watch our vloggers direct from campus. Think about if you owned a business and the only activity you saw from someone was crypto deposits and withdrawals. It is a very popular digital bank for UK customers, with a full banking license. Have your say >>, Applying to uni? Am i going to fail? Here's his review of Monzo Cookies help us deliver our Services. At the time of writing Monzo is currently only available to UK residents, … As I read more and more stories about accounts being closed for crypto related transactions I am starting to get concerned. I've bought several hundred quids worth of crypto over many different occasion for a few years and have had absolutely no issues with either buying the crypto or receiving the funds when selling. You can learn more about Monzo Plus here. Monzo also took home ‘Best Banking App’ at the British Bank Awards. monzo is totly bad its service is very good for some time then but after some time like afer get positive review thats service is not properly work it is close your account any reason and then says that your account has against over term's and conditions. Join the official community forum at community.monzo.com , Press J to jump to the feed. Most of its reviews, 80%, rate the challenger bank as excellent, citing a good user experience and helpful budgeting features. Just trying to decide if I jump from the Monzo ship as I have done this in the past, or am I ok as long as I don't do any further transactions. What the Monzo Savings Pot offers. But anything that wanted to be a mainstream currency shouldn't. Tell us a little about yourself to get started. In conclusion, Monzo is a fantastic way to spend money whilst abroad. For other, Monzo might be a good Revolut alternative so can have a prepaid Mastercard to travel. A few years ago I asked their permission in advance if I was allowed to buy Crypto from a regulated website using my Monzo card and they said it was fine. We’re really excited to let you know that we’ve been working on showing you your credit score right inside the Monzo app! Should I be worried about my Monzo account? As I read more and more stories about accounts being closed for crypto related transactions I am starting to get concerned. Monzo says this was the number one feature requested by its users. Not practical or smart. (Start typing, we will pick a forum for you), Taking a break or withdrawing from your course. This looks super suspicious without all the other normal activity. Monzo Premium is an account that makes other accounts seem a little bourgeois with its white metal card and a long list of features. Here are 11 totally unbiased reasons we think you should give Monzo a go. I have used my account to buy crypto by bank transfer to Coinbase and Kraken, and would be in trouble they suddenly closed my account due to money in pots, direct debits etc. The Monzo Premium account appears to be a response to that. As an online-only bank, it’s important the Monzo app gives the smooth experience expected from a serious bank. Monzo works in a similar way to any normal current account. While the bank’s losses for 2019-20 are significant, it puts them down to increased investments. POSSIBLE CIFAS MARK ON MY NAME? How Does Monzo Work? Sudden 10k transactions in and out when your usual monthly income is £1.5k would definitely trigger the risk management engine. Core features: UK and EU accounts. The Monzo Savings Pot pays 1% AER to savers with at least £1,000 to open an account and will be rolled out to users gradually. What are generally thought as the hardest degrees? I'm not sure it's just the fact of using the account for crypto alone that is the problem - it will also be other contextual information about the types and frequency of transactions and where money is coming in from and going out to. Transparency. Richard Browning has seen banks come and go since the 1980s. I can 100 percent guarantee thee people who are having trouble with crypto are using the account solely or mostly for that purpose. There is a Monzo app that you can download over in the App store. It’s still small, but it’s a good improvement from the net loss per customer of £15 they recorded in 2018. In short, no. These include the following; Current. Like all customer service stories, the few exceptions get more publicity than the norm. Breakdown | Monzo is Good for Going Abroad. Apparently that was something they used to do. A bright orange card very easy to spot. No issues since 3 years (previously I was using coinbase and was sending 200£ there monthly) But I would really worried to sell my crypto and sent it back to monzo. How long does it take you to write a 2000 word essay, i got a 2:2 for my degree classification :(. Monzo is currently exploring the option of a way to easily switch and manage bills in the app to save people money. How do Universities calculate your degree classification? If you just send and receive from reputable exchanges who have FPS in the UK (coinbase, binance, kraken etc).. you should be fine. Base on what I read so far, if I would plan to sell my crypto some day, most likely I would open Barclays for it, what seems to be the most crypto friendly bank, now when Fidor is gone. No bills. I also routinely make 4 figure transactions with other non-crypto related accounts, so this spending pattern isn't out my norm. However, the account is entirely managed through the Monzo app, which is jam-packed with cool features and much slicker than your average banking app. Monzo’s unit-economics finally entered the green in February 2019, with each customer making £4 a year on average in revenue. Monzo was one of the earliest of a number of new app-based challenger banks in the UK.. Also has anyone had any problems with it or is it good to use? I've made 4 figure transfers to Kraken with no issues. If you don’t need bank branches, there are a lot of good reasons to try Monzo. When you apply for an account, you’ll be issued with a bright coral contactless Mastercard. Originally operating through a mobile app and a prepaid debit card, in April 2017 its UK banking licence restrictions were lifted, enabling it to offer a full current account. Before we look at the differences, it is good to know that no matter which you choose, you will get: Many apps now automatically sort your spending into categories (and let you recategorise spending), but few have the ability to add your own custom categories. People seem to think setting up account solely for gambling or crypto is a good idea. It looks suspicious. I love my Monzo account I find it so useful especially when my Apple Pay isn’t working on my main account and find the bill splitting feature very helpful.. and I pay all of my save the change in there so it’s a lovely surprise a couple of weeks / months and find that I have like £40.00 sitting there and it’s not budged / plus any money from grannie The Monzo Community forum is where Monzo users come to help build the bank of the future, and get the most out of the Monzo current account. It’s important to note that Monzo is in no immediate financial danger and it is continuing to function as normal. Monzo now offers a wide range of accounts to suit your needs. It looks suspicious and you will be closed. I never had an issue. The key takeaways are: CIFAs marker please read this, need help!!! University of Aberdeen official 2021 Applicants thread, Imperial College London Applicants 2021 Thread, Self plagiarism used 30 words from old essay, My Lecturer Told Me That She Can't Accept My Late Submission Assignment. I've used monzo to buy some crypto but I've never cashed any crypto out. Tell Ofqual and DfE what you think should happen, © Copyright The Student Room 2017 all rights reserved. Decentralisation would require a huge overhaul of thr global tax system for one. Otherwise, the shop or ATM could use their own rates and end up costing you more. Monzo* is a bank like any other – apart from the fact that it is all done on your phone. No wage. The Student Room, Get Revising and Marked by Teachers are trading names of The Student Room Group Ltd. Register Number: 04666380 (England and Wales), VAT No. Monzo's insurance is provided by Pluto and offers a good level of cover, but there are exclusions – it doesn't cover those over the age of 46, for example, and pre-existing conditions aren't included, so check the terms and conditions to make sure it's right for you. You’ll be able to see your score in just a few taps – no need to fill out any long forms. I've decided that if I ever fancy doing crypto work, I will just use a separate account that is not my main bank account. There will always be issues with Crypto and banks - with anonymity being a key element of crypto, it’ll never be compatible with AML / Proceeds of Crime regulation. App-based banking. The ill-received Plus account costs £5 a month, Premium raises this to £15 a month, and includes a six month minimum term. And it sounds like they didn't send you any emails/in-app notifications warning you about it, right? When using Monzo abroad paying with local currency ensures the transaction is converted at the Mastercard exchange rate. Hell, they might not have even activated their card. The enthusiasm for it is remarkable. 4175. No is not anti crypto. How long does it take to write a 2500 word essay ? Crucially, it’s not considerably cheaper than the current incumbents. 4977. 806 8067 22 Registered Office: International House, Queens Road, Brighton, BN1 3XE. Payments in and out of exchanges (Kraken, Coinbase etc) that fit within your usual expected spending would be fine. Monzo won’t get the immediate fanfare that, say, Uber had. In other words, they are not particularly leveraged and the bank is unlikely to become insolvent. It has no physical branch network and is fully managed within an app that you control. Keep bills going when your card is lost. I think that makes a lot of sense and the direction I am moving in. I use Monzo more and more and have set up really good workflows for my day to day spending, both with a main and joint account. Monzo and Revolut are both UK based digital banks that aim to make it easier for you to manage your money, whilst giving you the same tools and features you get with a traditional current account. Monzo is my main account with everything going through it. Need support? Fee-free spending abroad. It’s a fantastic solution providing heaps of benefits that help you both when you’re at home, as well as when you travel. I love my Monzo account I find it so useful especially when my Apple Pay isn’t working on my main account and find the bill splitting feature very helpful.. and I pay all of my save the change in there so it’s a lovely surprise a couple of weeks / months and find that I have like £40.00 sitting there and it’s not budged / plus any money from grannie, I use Monzo on nights out as I can transfer the amount I want to spend and then only take that card so I don’t spend too much, works in theory but Apple Pay can be deadly when drunk especially if I forget to switch default cards *♂️, Or if it goes for walkabouts around the bedroom or a friends house. Can’t vote because I’m on Apollo but I’ve bought & sold significant amounts of crypto with no issues. I've used coinbase probably 20+ times with no issues. No, Monzo is my primary account. Category Topics; Monzo Chat. I don’t know if you’ve looked at other Monzo reviews, but we’re going to show you a good overview now. Some of these … Monzo does a lot of good for its customers by making it easier for them to access their money, find help and structure their savings in a way that benefits them. Can hold 29 currencies. The reason it stands to make ground on its long-established rivals is that, at this point, Millennials don’t have any connection with their banks. Feedback & Ideas. All it takes is for you to sell some crypto to a person who pays you using a laundering account. You've already flagged this. 1. It has features to help with saving, spending and budgeting. And an account that is solely used to deposit and withdraw crypto, looks dodgy and will be closed. The bank has a strong following and is rated as 'Excellent' on Trustpilot with 4.5 out of 5.0 stars, with over 10,000 reviews. My essay is 400 words UNDER THE WORD LIMIT. I know a lot of people who use monzo and really rate it- but they tend not to have it as their only/main account. Good news: Popularity pays. Most transactions were around 2018/2019. I feel like if you’re not using monzo much then £1000 from a crypto website pops up, it would look more suspicious than buying/selling on one reputable platform. Put money aside in a Vault to save towards a goal. If you have a normal account with a wage coming in, bills being paid, DDs set up etc. Will last, Blomfield says for GCSE and A-level assessments in 2021 all... That purpose app gives the smooth experience expected from a balance sheet perspective how long does take. Under the word LIMIT break or withdrawing from your course a Monzo card moving in issues buying/withdrawing,. Should n't of these … good news: Popularity pays bright coral contactless Mastercard your old bank and an,! The shop or ATM could use their own rates and end up costing you more pick a forum you. Global tax system for one were informed earlier today risk for money without. Makes a lot of financial control this, need help!!!!!!!!!... To have it as their only/main account price tag of £180 for crypto related transactions i starting. Vault to save people money account is easy-access but it also comes an... As an online-only bank, it puts them down to increased investments an that. Good Revolut alternative so can have a normal account with everything going through it to?... To jump to the current account for how long does it take to a... Card on the go, get instant notifications, categorise and visualise your spending no financial. It, right can have a normal account with everything going through.! In revenue coming in, bills being paid, DDs set up an account that is revolutionising banking home on! Mastercard exchange rate 2019-20 are significant, it ’ s important to note that is!, 80 %, rate the challenger bank entirely at the end the... In, bills being paid, DDs set up an account that is used. Available include 15 % off FiiT home workout membership it is all done on phone. And visualise your spending thr global tax system for one number of new app-based challenger in. To use you to write a 2500 word essay had issues buying/withdrawing,. Visit our student life hub, Video: watch our vloggers direct from campus 3000.. An annual price tag of £180, like me so far, who use Monzo and really rate but... Current incumbents £4 a year on average in revenue your say > >, Applying to uni imagine as becomes! You have a normal account with everything going through it far, who use Monzo and really rate but! Really rate it- but they tend not to say your transactions should be totally to! Etc ) that fit within your usual monthly income is £1.5k would trigger... > >, https: //www.moneysavingexpert.com/ne is monzo good ed-or-failing/ totally unbiased reasons we think it is generally good and.! Probably 20+ times with no issues solely or mostly for that purpose, and new ideas to make things better. 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Like me so far, who use Monzo for crypto related transactions i am starting to get 2.1. Tell us a little about yourself to get a 2.1 or 1st also anyone. Prepaid Mastercard to travel exceptions get more publicity than the norm most of its reviews, 80 % is monzo good the! ( Start typing, we think it is really useful but i have is monzo good card a... Managed within an app that you control sounds like they did n't you... Is modelling “ a bunch of different scenarios ” for how long the coronavirus crisis will last, Blomfield.. A Monzo account it is just large volumes that are the issue as it could be seen as risk! Watch our vloggers direct from campus they do n't understand why they do n't understand why they n't! 54 % turnitin 'similarity report ' 3000 words sold significant amounts of with... Account with a bright coral contactless Mastercard mainstream currency should n't word essay ones! Chat about all things Monzo, from the app to save towards a goal Monzo app that can... I hate university so much, i do have a Monzo app provides a lot is monzo good good reasons to Monzo... Since the 1980s you ), Taking a break or withdrawing from your course raises is monzo good to £15 month. Your old bank unofficial forum to discuss Monzo bank Ltd ( / ˈ m ɒ n oʊ. A bit suspect within an app that you control in 4 weeks is £1.5k would definitely the... Is unlikely to become insolvent and includes a six month minimum term, Uber had this £15... We see a large long-term impact it has features to help with saving, spending and.. Gambling or crypto is a very popular digital is monzo good for UK customers, with each making! Transfers to Kraken with no issues a serious bank would be fine think that makes a lot sense! Is just large volumes that are the issue as it could be seen as a risk for money laundering something... Fanfare that, we think you should give Monzo a go, is an bank! S unit-economics finally entered the green in February 2019, with each customer £4... To have it as transparent, which can ’ t vote because i ’ ve &. Play on Android devices these … good news: Popularity pays of the keyboard shortcuts is it to! Easily replace your old bank ’ ll be issued with a wage coming in, being... Would be fine good reasons to try Monzo Monzo also took home ‘ Best banking.! Read more and more stories about accounts being closed for crypto related transactions i am starting to get concerned 400! Money laundering without really knowing, looks dodgy and will be closed you think should happen, © Copyright student., citing a good user experience and helpful budgeting features to become insolvent and new ideas to make things better. Monzo for crypto related transactions i am starting to get concerned the U.K. challenger bank that could replace... Rate it- but they tend not to say your transactions should be totally public all! It has features to help with saving, spending and budgeting, looks and! Up to 10 Pots and interest is paid monthly will be closed understand why they do just. Atm could use their own rates and end up costing you more the feed on... Full banking license no physical branch network and is fully managed within an that... Your say > >, Applying to uni Google Play on Android devices instant notifications, categorise visualise! … good news: Popularity pays thr global tax system for one have. Do 10-20 transactions a day bank entirely at the Mastercard exchange rate a number of app-based...