Monese vs Monzo for business banking

Updated on 8 December 2023

When it comes to business banking in the UK, there are several digital banks that have gained popularity for their user-friendly interfaces and innovative features. Two such banks are Monese vs Monzo. In this article, we will compare the key features, fees, and unique offerings of Monese and Monzo to help you make an informed decision for your business banking needs.

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Monese vs Monzo

Before diving into the details of each bank, let’s take a quick look at a comparison table highlighting the key features offered by Monese vs Monzo for business banking:

FeaturesMoneseMonzo
Account TypeBusinessBusiness
Account SetupQuick and EasySeamless
Mobile AppYesYes
Multiple CurrenciesYesNo
Contactless PaymentsYesYes
Expense ManagementYesYes
IntegrationsLimitedExtensive
Customer SupportEmail/ChatChat/Phone
Monthly FeesVariesFree
Monese vs Monzo

Wallester Business
✓ Virtual & Physical Cards
✓ No Setup Fees
✓ No Monthly Fee
Pricing Trial period Contact

Revolut Business
✓ Business Current Account
✓ Award-Winning Mobile App
✓ Quick & Easy Application Process
Pricing Trial period Contact

Tide Business Bank Accounts
✓ Free, Plus, or Pro Account
✓ iOS & Android Mobile App
✓ Upload & Auto-Match Receipts
Pricing Trial period Contact

Card One Money
✓ No Credit Checks
✓ Simple Fees
✓ Up To 3.5% Cashback
Pricing Trial period Contact

ANNA Money
✓ Apply In 10 Minutes
✓ Bookkeeping & Payroll Tools
✓ User-Friendly Mobile App
Pricing Trial period Contact

HSBC Business Banking
✓ Business Current Account
✓ In-Branch, Online & App Banking
✓ FSCS Protected
Pricing Trial period Contact

Metro Business Banking
✓ Business Current Account
✓ High Street Presence
✓ FSCS Protected
Pricing Trial period Contact

Mettle Business Banking
✓ Business Bank Account
✓ Online & App
✓ Quick & Easy Application Process
Pricing Trial period Contact

Monzo Business Banking
✓ Business Current Account
✓ Dedicated mobile app experience
✓ FSCS Protected
Pricing Trial period Contact

Virgin Money
✓ Business M Account
✓ In-Store, Online & App Banking
✓ Insights & Forecasting Platform
Pricing Trial period Contact

Monese

Monese offers business banking solutions that cater to the needs of freelancers, sole traders, and small businesses. Their account setup process is quick and easy, making it convenient for businesses to get started swiftly.

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Pros

  • Easy and quick account setup process.
  • Multiple currency account options, allowing businesses to transact in different currencies.
  • Contactless payments feature for seamless transactions.
  • Expense management tools to track business spending.

Cons

  • Limited integrations with other business tools.
  • Monthly fees vary based on the plan chosen.

Table of fees and charges

Fee/ChargeAmount
Account SetupFree
Monthly Fee£9.95 – £24.95
ATM Withdrawal FeeFree up to £200
Currency Conversion Fee2% – 2.5%
International Transfer Fee£0 – £15
Replacement Card Fee£4.95
Monese fees and charges

Unique and standout features

  • Multiple currency accounts: Monese allows businesses to hold accounts in multiple currencies, making it easier to transact with international clients and partners.
  • Quick account setup: Setting up a business account with Monese is a hassle-free process, allowing businesses to start operating promptly.
  • Contactless payments: Monese provides contactless payment options, ensuring convenient and efficient transactions.

Monzo

Monzo is a well-known digital bank that offers a range of banking services, including business banking. With its seamless account setup and user-friendly mobile app, Monzo has attracted a significant customer base.

Pros

  • Seamless and user-friendly account setup process.
  • Contactless payments for swift transactions.
  • Extensive integrations with various accounting and business tools.
  • No monthly fees, making it cost-effective for small businesses.

Cons

  • Limited to a single currency account.
  • Customer support primarily available through chat and phone.

Table of fees and charges

Fee/ChargeAmount
Account SetupFree
Monthly FeeFree
ATM Withdrawal FeeFree up to £200
Currency Conversion Fee3%
International Transfer FeeFree
Replacement Card FeeFree
Monzo fees and charges

Unique and standout features

  • Extensive integrations: Monzo offers a wide range of integrations with popular accounting and business management tools, streamlining financial processes for businesses.
  • Expense management: Monzo provides robust expense management features, allowing businesses to categorize and track their spending easily.
  • Budgeting tools: Monzo offers tools to help businesses set budgets and manage their finances effectively.
  • Business marketplace: Monzo has a business marketplace that connects businesses with various third-party services, enabling them to access additional tools and services.

Conclusion – Monese vs Monzo

Both Monese and Monzo offer compelling options for business banking in the UK.

Monese stands out with its multiple currency account options, quick setup process, and contactless payments. However, it has limited integrations and varying monthly fees.

On the other hand, Monzo provides a seamless account setup, extensive integrations, no monthly fees, and robust expense management tools. However, it doesn’t support multiple currencies.

When choosing between Monese and Monzo for business banking, consider your specific business needs.

If you frequently transact in different currencies, Monese may be a better fit.

However, if you value extensive integrations, budgeting tools, and a fee-free account, Monzo could be the right choice.

FAQ

Can I receive international payments with both Monese and Monzo?

Yes, both banks allow businesses to receive international payments.

Do Monese and Monzo provide physical debit cards?

Yes, both banks offer physical debit cards for business accounts.

Are there any transaction limits with Monese and Monzo?

Transaction limits may vary based on the specific plan and account type chosen. It is advisable to review the terms and conditions provided by each bank.

Can I manage my business expenses with Monese and Monzo?

Yes, both banks provide expense management features to help businesses track and categorise their spending.

Do Monese and Monzo offer business loans or credit facilities?

Currently, Monzo does not offer business loans or credit facilities. Monese, on the other hand, provides business overdrafts and loans to eligible customers.

Disclaimer: The information provided in this article is based on the features, fees, and offerings available at the time of writing (January 2024). It is recommended to visit the official websites of Monese and Monzo for the most up-to-date and accurate information.

Reviewed by , Managing Director

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