Monzo Business Account Review 2024: Best Budget Business Bank Account?
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In this video, we'll review the Monzo business account and its two tiers, Monzo Lite (free) and Monzo Pro (£5). We will explain its benefits & fees and also compare Monzo Business to other UK business bank accounts.
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Monito is an independent comparison platform and publisher. Our product and service reviews - like this one - are produced independently by our employees, and recommendations given are our own.
Chapters:
0:00 Who can open a Monzo business account?
0:20 Monzo Business account features
0:49 What are Pots?
1:42 Exclusive offer with Xero
2:15 Business Account Fees
2:45 Cash & Cheque Deposits
3:23 Monzo's customer feedback
3:56 Starling Business, Barclays and Lloyds
Пікірлер: 51
Just what I needed, thank you. I'm jumpping on this.
@Monitodotcom
5 ай бұрын
Great choice, let me know if you have any questions. ^Jonny
Very informative! thanks man
@Monitodotcom
Жыл бұрын
Glad it was helpful! ^Jonny
Quick question - do the extra features (tax pots, etc.) emulate quickbooks? In other words, can the Pro account replace your accounting software? Or is it just a gimmick? With Quickbooks/ Xero I'm pretty sure you can integrate with bank account for free... so why would anyone pay £5/ month to do (what appears) to be the exact same thing?? Might be getting the wrong end of the stick here... but it'd be good to get your thoughts. Great vid bro - keep it up! :)
@Monitodotcom
Жыл бұрын
Hey buddy! "do the extra features (tax pots, etc.) emulate quickbooks?" - No, at least not to the same degree. There are some similar features but Monzo Pro is nowhere near as advanced "so why would anyone pay £5/ month" - Bro that is a really valid point! Thank you for highlighting that. You're absolutely right, it wouldn't make sense to pay for the 'privilege' of integrated accounting when Xero can just directly feed from Monzo. What a farce, clearly that's just a gimmick to upsell Pro. ^Jonny
@musiceditor7083
Жыл бұрын
@@Monitodotcom Thanks for the response man - good to get your opinion on this... noticed a lot of crossover between types of accounting, be that physical accountants, software & bank accounts recently So good to know that we're not the only ones who've spotted this All the best for the future :)
Not quite sure about same day setting up. Mine has been 8 days so far. Still just an egg timer saying we currently busy and experiencing delays.
@Monitodotcom
Жыл бұрын
Hey Martin, that's very interesting, can you let me know if and when your application is successful? And how long it takes? Thank you. ^Jonny
Is it FSCS portected too? please cna you do a video explaining what FSCS protection is and how it works?
@Monitodotcom
6 ай бұрын
It is FSCS-protected, Monzo are a licensed bank so any account with them comes with deposit insurance. At a most basic, you get deposit protection up to £85,000, so if for example Monzo went bust, the FSCS would step in and pay you up to that amount. This video does a pretty great job of explaining: vimeo.com/343180361 - ^Jonny
@troisxa
6 ай бұрын
Thank you i really appreciate this response. @@Monitodotcom
Hi .. so registered my business as a used car business and tried opening a Monzo business account and was told they don’t support my industry. Can you recommend a good bank I can open with ?
@Monitodotcom
3 ай бұрын
With cars you'll likely have to use a legacy bank, unfortunately I can't recommend any, but take a look at Metro. ^Jonny
You can deposit cash into the Monzo bank account in the post office here in the UK
@Monitodotcom
3 ай бұрын
Yup I got an e-mail about this recently, that's a really nice new feature! Except the fees and limits aren't the greatest, but it's better than not at all! ^Jonny
Looking at Monzo and Wise at the minute, wise seems the best option with trading abroad
@Monitodotcom
Жыл бұрын
Hey Mike! I'm currently considering Wise Business as well! You get access to Wise Interest which has really competitive savings rates that are easy-access, going to publish a full review on it soon. ^Jonny
@ionelamarinau
10 ай бұрын
which one is better monzo or wise? @@Monitodotcom
Sole trader account, will my trade name show on bank transfers both way? Thx
@jaygoodwin6287
22 күн бұрын
Did you get your answer?
@2upcCoUk
22 күн бұрын
@@jaygoodwin6287 no :(
Can partnership also set up an account?
@Monitodotcom
11 ай бұрын
No I'm afraid not, only sole traders or limited companies can open a Monzo business account. ^Jonny
Hello ! Can you give a quick video how to transfer money from USA to Georgia ?
@Monitodotcom
Жыл бұрын
Hey JYOTEE! I checked Monito.com for you (www.monito.com/en/compare/transfer/us/ge/usd/gel/1000) and for 1000 USD it appears PaySend or WISE are your best options. Hope that helps. ^Jonny
@jyoteemanda4974
Жыл бұрын
@@Monitodotcom thanks a lot !
@jyoteemanda4974
Жыл бұрын
I do have a question , I want them to receive on dollar account. So should I send from usd to usd ?
@Monitodotcom
Жыл бұрын
Sorry, I'm not sure I entirely understand. Are you trying to send someone in Georgia US Dollars?
@jyoteemanda4974
Жыл бұрын
@@Monitodotcom nope ) I’m sending US dollars to Georgian country ) but they need the money in US dollars for paying some fees .
can a non uk resident register for monzo business account ?
@Monitodotcom
4 ай бұрын
Depending on your business, if you're a LTD company then you must be a tax resident in the UK and nowhere else, if you're a sole trader then you must be based in the UK.
@user-gb1fo8cf5v
4 ай бұрын
yes you are right thank you, do you know what is the best bank for non uk resident without wise@@Monitodotcom
This is biased. U get a commission for this stuff? Cmon bro
Barclays are the worst bank in the country