Monzo is a UK-based challenger bank that’s completely digital, allowing customers to manage their money via a highly-rated mobile app. It offers the convenience of a chequing account, pays competitive interest on savings and offers a range of other perks, so many people may be wondering whether you can get Monzo in Canada.
Is Monzo available in Canada?
No, Monzo is not available in Canada. This UK-based digital bank only offers accounts to residents of the UK and the USA, so Canadians should consider the following Monzo bank alternatives.
The attraction of the Simplii No Fee Chequing Account is simple: Unlimited transactions with no monthly fee or minimum balance requirement. e-Transfers are included too, and you get fee-free access to CIBC's nationwide network of over 3,400 ATMs. Optional overdraft protection is also available for added peace of mind. Like Monzo, Simplii has a very highly rated mobile banking app on both iOS and Android.
Backed by a Big Five Bank
Unlimited purchases, withdrawals and bill payments
The EQ Bank Personal Account is a hybrid account. Like Monzo, it offers the easy access to your funds that you'd expect from a chequing account, along with the interest-earning power of a high-interest savings account. It supports unlimited transactions, has no monthly fee, and pays up to 4% interest if you get your pay direct deposited into your account.
Unlimited transactions
No monthly fee or minimum balance requirement
Earn up to 4% interest on your balance
Fee-free ATM withdrawals across Canada
Doesn't offer cheques
No physical branches
Need to meet terms and conditions to earn the maximum interest rate
KOHO offers a reloadable prepaid Mastercard linked to a hybrid chequing/savings account. You can use the card anywhere Mastercard is accepted, and earn between 1% and 2% cash back on purchases depending on the plan you choose. You also earn a competitive 5% interest on your account balance.
Earn cash back on your spending
Earn up to 5% on your savings
User-friendly mobile app
Other perks like credit score monitoring and interest-free cash advances available
All plans have a monthly fee (can be waived on KOHO Essential)
Watch out for ATM fees
You'll need a $19/month Everything plan to maximize your cash back
Like Monzo, Tangerine's Daily Chequing Account comes with no monthly fee and no minimum balance requirement. You get unlimited transactions and free Interac e-Transfers, plus free access to over 44,000 ATMs around the world. And when you need to manage your money, you can do so via Tangerine's user-friendly online and mobile banking portals.
Neo's Everyday Account is an everyday account that lets you earn cash back on your spending — the larger your balance, the more cash back you can earn. You also get free everyday transactions with no monthly fee, and there's no minimum balance requirement to worry about. The money you deposit is also eligible for CDIC protection.
Earn up to 3% cash back on gas and groceries and 1% cash back on all other purchases
No monthly fees
Unlimited transactions
Cash back rate varies depending on account balance
Wise offers a multi-currency account that lets you send, spend and hold funds in 50+ currencies currencies. There's no monthly fee to worry about, and the account comes with a linked debit card that you can use in 160 countries. Wise also offers the mid-market exchange rate on currency conversions, helping you save money by avoiding exchange rate markups.
OFX is a specialist international money transfer service that lets you send money to over 170+ countries around the world. You can set up recurring transfers, take advantage of advanced tools like forward contracts, and you can send your transfer fee-free when you send over $10,000.
24/7 support
Send to a huge range of destinations
Advanced transfer tools
User-friendly mobile app
Not a daily banking account
Exchange rate markup applies
$200 minimum transfer amount won't suit everyone
$15 fee may apply to transfers of less than $10,000
Transfer Amount
$200 – Unlimited
Payout Method
Bank account
Pay By Method
Debit card Bank transfer
Transfer Methods
By phone call Through app Online
What is Monzo?
Monzo is a digital challenger bank headquartered in London, England. Founded in 2015, it offers a wide range of banking accounts and services through an Android and iOS mobile app.
It’s best known for the no-fee Monzo Current Account and debit card, but Monzo also offers savings accounts, investments, pensions, loans, a credit card and more. It’s also regulated by the Financial Conduct Authority and the Prudential Regulation Authority in the UK.
Is Monzo available outside of the UK?
Yes — but only in the USA. If you’re not a UK or US resident, you’ll need to consider Monzo account alternatives.
Does Monzo work in Canada?
If you have a Monzo account in the UK or the USA, you can use your Monzo debit card or credit card in Canada. The cards are available for use anywhere Mastercard is accepted, and there are no foreign exchange fees to worry about.
However, certain fees may apply. For example, UK customers can withdraw up to £200 fee-free outside the European Economic Area every 30 days, but after that a 3% fee applies.
Monzo bank account options
Canadian residents can’t open an account with Monzo, but this digital bank offers the following account options to UK and US residents. The widest range of accounts is available in the UK, where you can open a Monzo Current Account as a:
Personal account
Joint account
Under-16s account
16-17s account
The account is designed to provide easy access to your funds through the Monzo app and a Monzo debit card, allowing you to manage your day-to-day spending.
Monzo customers can also open savings accounts known as Savings Pots to earn interest on your balance — the rate you get varies depending on whether you want easy access to your funds or whether you’re happy to lock them away for a fixed term.
Yes, Monzo offers the Flex Credit Card. The card features no interest on purchases of £100 or more paid off over 3 months, with a 29% APR on all other purchases.
But while this Monzo credit card is not available in Canada, you might want to consider a credit card offered by the Monzo Canada alternatives listed above.
Monzo offers a range of financing options, including personal loans, car loans and home improvement loans. If you’re looking to borrow money, you might want to apply for a loan from a Monzo Canada alternative.
Options include:
Simplii Financial personal loans and lines of credit (including HELOCs)
Tangerine lines of credit and home equity lines of credit
Does Monzo offer a banking app?
Yes, the highly-rated Monzo app is free to download for iOS and Android devices. The Monzo app offers many similar features to the apps of the Monzo Canada alternatives listed above, including Tangerine, Simplii Financial and EQ Bank.
You can use the app to:
Get notifications about incoming and outgoing payments
Pay bills and transfer funds
Check your account balance and transaction history
Get spending insights
In short, the Monzo app lets you do many of the same things you can do on a mobile banking app from any Canadian financial institution, like Simplii and EQ Bank. But it also offers some features that aren’t available from all providers, such as the ability to deposit cheques and “round up” savings from purchases.
Monzo reviews: What do its customers think?
Monzo has generally received positive customer feedback, with hundreds of thousands of reviews across Trustpilot, Google Play and the iOS App Store.
Positive reviews commonly mention factors such as the ease of use of the Monzo app, perks like savings “pots” and the ability to earn cash back, and avoiding foreign transaction fees with the Flex Credit Card.
Negative reviewers complain about poor customer service and having their account frozen.
Of the Monzo Canada alternatives featured here, Wise and OFX are the highest rated on Trustpilot with an average rating of 4.3/5. In terms of app store ratings, KOHO has the top average, with 4.8/5 on the Apple App Store and 4.6/5 on Google Play.
Site
Rating
Trustpilot
4.2/5 stars from over 37,000 Monzo reviews
Google Play
4.4/5 stars from over 140,000 Monzo reviews
iOS App Store
4.8/5 stars from over 4,600 Monzo reviews
Reviews were last verified on October 4, 2024
Monzo international transfers and exchange rates
If you’re a US or UK Monzo customer and you need to send money overseas, you can send an international money transfer directly from your Monzo account. Monzo’s international transfer service is offered in partnership with Wise, one of the Monzo Canada alternatives featured above.
You can send money to 35 currencies, with the funds sent directly to your recipient’s bank account. You also get the mid-market (or real) exchange rate on transfers, with no markup to worry about, with transfer fees outlined clearly in the Monzo app before you submit your transfer.
Like Monzo, Revolut is not available in Canada. While Revolut was previously available here, the digital money app withdrew from the Canadian market in March 2021.
You can’t open a Monzo bank account in Canada, but the good news is that there are several reputable Monzo alternatives. Compare these digital banks and financial services providers before deciding where you should open an account.
Frequently asked questions about Monzo
Yes, Monzo offers a business bank account, but it's only available to sole traders and limited company directors in the UK. If you're searching for a business account in Canada, check out our guide to the best business bank accounts.
Yes, UK and US customers can set up overdraft protection on their Monzo account. In Canada, Monzo alternatives such as Tangerine and Simplii Financial provide the option of adding overdraft protection to your chequing account.
The CDIC is a federal crown corporation with the responsibility of insuring the eligible savings deposits of Canadians. When you deposit money with a bank or credit union that is a CDIC member, the CDIC insures up to $100,000 of your money in the unlikely event that the financial institution fails.
Tim Falk is a freelance writer for Finder. Over the course of his 15-year writing career, he has reported on a wide range of personal finance topics. Whether you're investing in stocks and ETFs, comparing savings accounts or choosing a credit card, Tim wants to make it easier for you to understand. When he’s not staring at his computer, you can usually find him exploring the great outdoors. See full bio
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