Monzo
UK digital bank with no foreign transaction fees, real-time exchange rates, and trip spending reports.
Freemium
Pricing
2
Platforms
—
Rating
iOSAndroid
Monzo is a UK mobile bank widely used for travel: pay in any currency with no foreign transaction fees (Mastercard's rate is passed through directly), see real-time exchange rates and instant spend notifications, and get a spending report at the end of your trip. It also splits bills with friends whether or not they use Monzo. Fee-free ATM withdrawals are unlimited in the EEA and capped (then 3%) elsewhere.
Pros
- +No foreign transaction fees on card spending
- +Real-time exchange rates and instant notifications
- +End-of-trip spending reports and bill splitting
- +Fast in-app account management
Cons
- –Primarily for UK residents
- –Foreign ATM withdrawals capped outside the EEA before a 3% fee
- –No web app for full banking
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