The Bank of the Future {Mortgages and Loans


Bank and postal current accounts around the world have been forced, in the course of the technological evolution of the last few years, to interact more and more decisively with the multiple home banking solutions offered by the banks. To these were added several alternative solutions such as the one we intend to investigate in this review, namely Monzo .

Monzo, la banca del futuro Monzo , the bank of the future

Monzo, what it is and how it works

Monzo, what it is and how it works

To start our review, we need to define what Monzo is and what kind of applications Monzo supports for managing its savings and financial operations that we are all subject to in our daily lives. Monzo is a prepaid card (specifically a debit card) issued by this British company, which is part of the international Mastercard circuit , recently equated with traditional banking institutions. To be even more direct, as also stated by the reference site of Monzo itself, on which it is possible to perform the guided registration procedure, it aims to be an important alternative to traditional banks, with a look at the generations that use continuously smartphones and tablets, with the absolute abolition of paper supports.

Browsing the website of Monzo immediately highlights the attention to the client’s proposition of an “intelligent hub for the management of the entire financial life of the individual subject or family unit”. It is possible to top up your Monzo prepaid card through the App and you can use it in ATMs, in stores and for online payments.


The online account managed through the App

Monzo, the online account managed through the App

Let’s clarify what the Monzo app is for and how it facilitates our financial life. The Monzo App is not only used to top up our reference debit card (although it is mandatory to make a first deposit of at least 100 pounds or its equivalent in another currency), but it allows us to view our balance in real time ( with notifications that appear on our device in the event of upward or downward variations), to add notes referring to the operations that are carried out and to have receipts that certify certain operations. The main peculiarity of the Monzo account, and consequently of the physical card connected to it, is that of being able to carry out operations also on foreign territory and in different currency, without any type of commission applied and without any obligation to inform Monzo of its transfers in the country abroad. This is a substantial difference that can be noticed with respect to traditional credit institutions, since they provide for the application of commissions on transactions carried out abroad and in different currencies from sterling, Monzo ‘s reference currency, as a UK company . Here is a figure that makes the great success of Monzo even clearer: users who have chosen this type of management of their savings have spent over 200 million pounds in over 120 countries around the world, with related currencies. Lately, however, Monzo has introduced a maximum limit of 200 pounds that can be withdrawn from ATMs in foreign countries.

An important note for all those who want to opt for Monzo: the costs of opening the account and managing the “standard” account are completely FREE!

Monzo. What does the future have to offer?

Monzo. What does the future have to offer?

Monzo tries to be always in step with the times and therefore for the more or less near future the possibility of inserting the support of Apple Pay and Google Pay, as well as important updates regarding the expansion of the operations to be carried out is planned. as, for example, overdrafts. Following the authorization received in 2017 to be able to operate as a traditional credit institution without any kind of restriction, it allowed those who chose to open a Monzo account to be able to immediately request their debit card and avoid the waiting list language that was intended to obtain a Monzo card.


A little curiosity before concluding our journey inside the “Mondo di Monzo”. Before assuming the current name of ” Monzo “, the name chosen for this particular financial management tool was “Mondo”. This name was the result of over 12,000 suggestions received from Monzo’s management by its customers, who had as their limit only to indicate a name that started with the “M.” If you see someone then show a card for a payment in a shop with the word “Mondo” there is nothing to be alarmed about; he is simply a historical customer of this particular type of account.


Our conclusions

Monzo. Our conclusions

We have personally tested the Monzo site, its app and the management of the debit card connected to it. We can say that the account opening procedure and the card receipt times are fast enough so that in a few days you can have your account activated and be able to manage your debit card. This is orange in color and therefore easily identifiable in its portfolio.

According to us Monzo is a valid alternative to the traditional banking institutions’ home banking. We also emphasize the net cost savings for transactions carried out abroad and for account management. The latter are completely absent!

Also read: What is the best online trading site?

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