18 | MANE PRODUCT & TECHNOLOGY | FEBRUARY 2019
Monzo offers features such as instant notifications on transactions, meaning once the card payment has been made, your device will tell you the amount, location and what type of transaction it was, meaning you can keep track of finances instantaneously and log each transaction by date, type and amount. This then build to Monzo sending you via email a monthly log of your spending and even an annual log, displaying popular places you shop at, eat out at, popular amounts and spending patterns.
Whilst also looking at spending, one key feature of Monzo which has been raved about is travelling with the card. When using their bright orange card abroad, Monzo offer great exchange rates which are normally better than standard bureaus. On top of this, Monzo do not need to be informed of any travel plans, just simply use the card in as many different countries as you require, and as long as you have money in your account – you can use it almost anywhere.
Whilst it might not be possible to have more than one Monzo account at a time, it is possible to do savings with Monzo with their ‘Pots’. Users can set up small pots to put money in and out of to help save towards goals, presents and more.
If users have any issues with their accounts, they can be controlled on the app. Lost your card? Freeze it. Questions about a transaction? Speak to customer service in a live chat on the app. Their response time is very short and is known to be extremely helpful.
Drawbacks of Monzo include not being able to deposit cash due to there being no physical banks to put the money in at. Another drawback is the lack of a savings account despite their pots feature. Over time, Monzo has become the standout name in challenger banks with their app-focused banking but not far behind them are the just as well run Starling Bank.
Monzo explains the benefits of using a Monzo card when going on holiday here: