Monzo Business is a digital banking solution designed to cater to the needs of freelancers, sole traders, and small business owners in the UK. With its user-friendly mobile app, competitive pricing, and a range of useful features, Monzo has quickly become a popular choice for business banking. In this review, we’ll explore its key features, benefits, pricing, and areas for improvement.
Key Features
- Business Accounts: Monzo offers two types of business accounts – the free Monzo Business Lite and the premium Monzo Business Pro (£5 per month).
- Invoicing: Create and send invoices directly from the app with the Business Pro account.
- Tax Pots: Automatically set aside money for taxes, helping business owners stay organized.
- Integration with Accounting Software: Seamlessly connect with platforms like Xero, QuickBooks, and FreeAgent.
- Expense Management: Categorize transactions and upload receipts directly into the app.
- Multi-User Access: Business Pro users can grant access to multiple team members.
- Customer Support: 24/7 in-app customer support is available for all users.
Pros
- User-Friendly Interface: The app is intuitive and easy to navigate.
- Real-Time Notifications: Instant alerts for all account activity.
- Effortless Budgeting: Tax Pots help business owners stay on top of their financial obligations.
- Competitive Pricing: Free and affordable pricing options with transparent fees.
- Seamless Integrations: Easy syncing with popular accounting tools.
- Instant Payments: Faster payments using the UK’s Faster Payments network.
Cons
- Limited International Features: While international payments are supported, the fees can be higher compared to traditional banks.
- Cash Deposits: Depositing cash is possible through PayPoint, but it incurs a £1 fee per deposit.
- No Physical Branches: Monzo is an online-only bank, which might not suit businesses needing in-person banking services.
Pricing
- Monzo Business Lite: Free with essential business banking features.
- Monzo Business Pro: £5 per month with additional features like multi-user access, invoicing, and accounting integrations.
Final Verdict
Monzo Business is an excellent choice for small business owners, freelancers, and entrepreneurs looking for a simple, transparent, and cost-effective banking solution. Its range of tools helps manage finances efficiently, especially for those already using cloud accounting software. However, businesses with frequent cash transactions or international needs may want to explore alternatives.
For a digital-first business owner seeking a streamlined financial experience, Monzo Business offers excellent value. Its transparency, simplicity, and affordability make it a leading contender in the UK business banking landscape.