Monzo for Business Alternative

TransferWise content team
4 minute read

Monzo are building a business account product, but have currently opened with just a small trial programme. Unfortunately, this means that they’re not accepting new applications for a business account, but you can register your interest to learn more when the waiting list opens up.¹

Despite being relatively new, Monzo already has some 2 million customers, attracted by the fact that they do things a bit differently to other banks and financial service providers. Monzo aims to build a bank which addresses the real problems their customers have, making banking more transparent and simple, along the way.

If you’re using Monzo as a personal customer, you may have noticed that international payments using Monzo are offered via TransferWise. Similar to Monzo, TransferWise are working to make it easier - and cheaper - to manage your money, making it a natural partnership.²

Monzo Alternative: Who can help?

Although new Monzo customers won’t be able to get themselves a business account just yet, there are some great alternatives out there.

A good option to consider, is the TransferWise borderless account for business. You can create an account online today, and get started in just a few simple steps. The account is entirely operated online or straight from the app, which makes it convenient to manage your money while you’re on the go.

Borderless accounts are designed for business owners with global aspirations, so you can hold multiple currencies in your account, and switch between them when you need to using the mid-market rate. You can also send international payments in over 70 different currencies, and get your own bank details to get paid like a local in regions like the UK, Europe, the US, Australia and New Zealand. More on that later.

Borderless accounts come with smart options for busy entrepreneurs, including integration with your favourite tools like Xero to manage payments and invoices with accounting software, and an open API to allow you to automate workflow and payments. You can also access a batch payment option which makes it simple and quick to make high volumes of transfers all at once - perfect for managing your payroll or paying suppliers.

Independent research shows that a borderless account can work out up to 14x cheaper than using an alternative like PayPal. This means you could buy inventory, pay your suppliers, and manage your team’s salaries, while paying far less in charges and conversion fees. You’ll have less to worry about, and more to invest back into growing your business.

Monzo debit card for business

At the moment you can’t get a debit card for your business through Monzo. However, you’ll be able to apply for a linked Mastercard debit card if you open a TransferWise account. You can use this card for spending in stores, ATM withdrawals and to make payments online.

Because the borderless account is a true multi-currency account, you can hold over 40 different currencies in it at once. You’ll then be able to spend those currencies to cover your business expenses, pay overseas suppliers or when you’re travelling. And if you don’t have the right currency in your account, there’s no need to worry. TransferWise will convert your balance into the currency you need, using the mid-market exchange rate.

Open a business account and save money on international payments with TransferWise

If you’re doing business overseas and need to make international business payments, TransferWise can help. Payments are made using the mid-market exchange rate, with low transparent fees.

You’ll also be able to receive payments for free in major world currencies, with your own local bank details - even if you don’t have a residential address in these regions. If you’re receiving payments in US, Australian or New Zealand dollars, or in euros, you can get paid like a local and then hold your money in the borderless account, or convert it and withdraw it back to your UK bank when you need to. You’ll only ever pay a small transparent fee for currency conversion, with no markup on the exchange rate to worry about.

Here’s what you need to know about the costs of a borderless account for business:

Account Pricing
Creating your account Free
Get a UK account number and sort code Free
Get a U.S. routing and wiring number Free
Get a European IBAN Free
Get an Australian account and BSB number Free
Convert currencies 0.33%-3.56%
Receive money in EUR, USD, GBP, AUD & NZD Free

Case Study: Sending 10,000 GBP to USD

Let’s give a real life example, to illustrate the service available from TransferWise. Imagine you need to send the equivalent of GBP 10,000 to pay a supplier in the US. You can transfer the money by bank transfer to get a fast and convenient service.

Here’s a breakdown of the costs:

Details Cost
Pay-in fee Free. TransferWise will not charge you a fee to send GBP from your UK bank account via a bank transfer.
Conversion Fee £37.62
Amount TransferWise will convert £9,962.38
Exchange Rate 1GBP =1.25120USD
Total amount recipient will receive $12,464.93

*Information correct at time of research - 9 July 2019, 5.40am BST

TransferWise value transparency - so you get up-front pricing, and a tool to compare TransferWise with other providers to make sure you are getting the best rate and deal for you.

If you love Monzo for their transparent, no nonsense approach to banking, you may want to get a Monzo account for your business. Unfortunately at the moment, Monzo aren’t accepting new business customers - but there’s no need to worry, as there are other great business accounts out there. Check out the borderless account for business from TransferWise as a great modern alternative to the accounts on offer from banks.

Sources used:

  1. Monzo Business Account
  2. Monzo International Transfers

Sources checked on 15-July 2019.

This publication is provided for general information purposes only and is not intended to cover every aspect of the topics with which it deals. It is not intended to amount to advice on which you should rely. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content in this publication. The information in this publication does not constitute legal, tax or other professional advice from TransferWise Limited or its affiliates. Prior results do not guarantee a similar outcome. We make no representations, warranties or guarantees, whether express or implied, that the content in the publication is accurate, complete or up to date.

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