The Monzo Business Card is redefining how businesses in the UK manage their finances, combining innovation, simplicity, and efficiency. Whether you’re just starting out or have been in the industry for years, this card is tailored to meet the dynamic needs of modern businesses. Monzo offers a reliable and user-friendly banking experience, enabling entrepreneurs to focus on growth and customer satisfaction.
Trusted by over 500,000 businesses, the Monzo Business Card is a tool that not only simplifies financial management but also adds value through cutting-edge features. From seamless integration with accounting tools to innovative expense controls, it is a game-changer for businesses of all sizes.
Key information about the Monzo Business Card
How does the annual fee work?
The Monzo Business Card offers flexible pricing options to cater to a variety of business needs. For those looking for essential banking services without any added costs, the Lite plan is a perfect choice. With no annual fee, it allows small businesses and startups to manage their finances without financial strain. The Lite plan provides all the essential features you need to keep your business running smoothly.
For businesses that require advanced tools and functionalities, Monzo offers the Pro plan at £9 per month. This plan includes additional features such as tax-saving pots and integrations with accounting software like Xero, QuickBooks, and FreeAgent. Moreover, Monzo ensures a risk-free trial by offering the first month of the Pro plan for free.
How is the credit limit determined?
Monzo takes a tailored approach to determining credit limits for its Business Card. For conventional credit cards, the limit is based on factors such as the business’s financial history, creditworthiness, and income. Monzo’s system ensures that the assigned credit limit aligns with the business’s operational needs and financial capacity.
For businesses using Monzo’s prepaid card option, the power to decide the limit is entirely in the hands of the user. By depositing the desired amount into the account, business owners can control their spending and ensure better budget management. This flexibility makes the Monzo Business Card an excellent choice for businesses that want a practical and self-determined approach to financial planning.
Advantages of the Monzo Business Card
- Fast application process: With 91% of applications approved on the same day, Monzo ensures that businesses can quickly access their accounts and start managing their finances without unnecessary delays.
- Seamless accounting integration: Monzo works with popular platforms like Xero, QuickBooks, and FreeAgent, automating bookkeeping tasks and saving business owners valuable time and effort.
- Expense cards for teams: Employers can issue expense cards to team members and set spending limits, simplifying expense management and reducing administrative overhead.
- Comprehensive payment options: Whether you’re dealing with cash, cheques, or online payments, Monzo has you covered. Use payment terminals, QR codes, or payment links to streamline your transactions.
- Savings with interest: Businesses can earn up to 1.60% AER interest on their spare funds, with no minimum deposit required. This feature ensures that your money works for you even when it’s not being actively used.
- 24/7 customer support: Monzo offers round-the-clock assistance through in-app chat, email, and phone. The friendly support team is always available to help resolve issues or answer questions.
Standout advantage
The standout advantage of the Monzo Business Card is its Tax Pots feature. Tax Pots allow businesses to automatically set aside a percentage of their income for taxes or other significant expenses. Every time a payment is received, the pre-determined amount is moved into the designated pot. This eliminates the stress of manually calculating and saving for tax bills and ensures that businesses are always prepared. It’s a proactive, hassle-free way to manage obligations, freeing up time to focus on growth.
Disadvantages
- Limited to UK businesses: The Monzo Business Card is currently only available to UK-based businesses, which may limit its accessibility for international entrepreneurs.
- Monthly fees for advanced plans: While the Lite plan is free, businesses that require additional features need to pay for Pro or Team plans, which may not suit those on tight budgets.
- No physical branches: Monzo operates entirely online, which might be a drawback for businesses that prefer in-person banking services.
A standout disadvantage
The main drawback of the Monzo Business Card is its lack of physical branches. For businesses that value face-to-face interactions or need in-person banking support, this could be a significant disadvantage. While Monzo offers 24/7 online customer service, the absence of a physical location may not appeal to those who are accustomed to traditional banking models.
Who can apply for this card?
The Monzo Business Card is available to UK-based sole traders and limited company directors. Applicants must be at least 18 years old and meet the basic criteria for a business account. A valid UK address, proof of identity, and a clear understanding of your business’s financial activities are essential.
While Monzo does not explicitly cater to those with poor credit scores, its flexible approach may provide opportunities for a wide range of applicants. The application process is straightforward, and Monzo’s user-friendly platform makes it accessible even to those who are not tech-savvy.
How to apply for the Monzo Business Card
For the website
To apply online, visit the Monzo website and navigate to the business accounts section. Click on the “Apply for a business account” button, and you’ll be prompted to create a Monzo account or log in to your existing one. Follow the on-screen instructions to provide details about your business, such as its legal structure, financial information, and address. Once submitted, most applications are reviewed and approved on the same day, enabling you to start using your Monzo Business Card immediately.
Through the app
For a more convenient experience, you can apply via the Monzo mobile app. After downloading the app from the App Store or Google Play, sign in or create a new account. Select the business account option and complete the application form. The app also allows you to upload any necessary documents, such as proof of identity or address, directly from your smartphone. Once approved, your Monzo Business Card will be sent to you, and you can start managing your finances with just a few taps.
At the branch
While Monzo operates primarily as a digital bank, certain partnerships may allow applications to be initiated at affiliated branches or stores. Visit a participating location, provide the required documentation, and follow the steps outlined by the staff. Although this method is less common, it ensures that businesses preferring in-person interactions can still access Monzo’s services.
