Monzo has quickly become one of the UK’s most popular digital banks — and for good reason. With an easy to use app, fee-free spending abroad, and features designed for everyday life, Monzo current accounts are a smart way to manage your money instantly.

In this post, we’ll break down how Monzo current accounts work, the key benefits, how to earn money by referring friends, how to use your card abroad, and how parents can manage money transfers between their children’s accounts

What Is a Monzo Current Account?

A Monzo current account is a full UK bank account that’s entirely managed via a mobile app. It comes with:

  • A coral debit card (Mastercard) (different colours for children)
  • Account number and sort code
  • Access to features like budgeting tools, instant notifications, and savings pots
  • Compatibility with Apple Pay and Google Pay

You can open an account in minutes from your smartphone — all you need is some ID and a UK address.

Benefits of a Monzo Current Account

1. Instant Spending Notifications
As soon as you spend or receive money, Monzo sends you a notification. It’s a great way to keep track of every transaction in real time.

2. Budgeting Tools and Spending Breakdown
Monzo automatically categorises your spending and shows you where your money goes each month. You can set budgets for groceries, travel, and more.

3. Fee-Free Spending Abroad
Monzo doesn’t charge you for using your card abroad — you’ll get the Mastercard exchange rate, which is generally very competitive. For cash withdrawals abroad, there’s a limit (usually £200 every 30 days on the free plan), after which a small fee applies.

4. Pots for Saving
You can set money aside in separate “pots” for rent, holidays, or anything else — and even set up automated transfers or round-ups to build your savings effortlessly.

5. Easy Money Transfers
Whether it’s paying a friend back or transferring money to your kids, Monzo makes it simple. You can send money instantly between Monzo accounts, with no fees.

6. Monzo Flex & Overdraft Options
For those who qualify, Monzo offers “Flex” — a buy-now-pay-later feature, as well as authorised overdrafts.

How to Refer a Friend and Earn Money

Monzo lets you earn cash by referring your friends. Here’s how it works:

  1. Open the Monzo app using my link and go to the “Payments” tab.
  2. Tap “the present icon button” at the top of the page
  3. Share your unique referral link with a friend.
  4. When they sign up using your link and make their first card payment, you both get a mystery amount from £10 – £50 or whatever the current reward is).

It’s an easy way to make a little extra while helping someone discover a smarter way to bank.

Using Monzo Abroad

One of Monzo’s standout features is how travel-friendly it is:

  • Card Payments: Use your card worldwide with no extra fees.
  • Cash Withdrawals: Fee-free up to £200/month abroad on the free plan; after that, there’s a 3% fee.
  • Great Exchange Rates: You’ll get the Mastercard rate — better than what many traditional banks offer.
  • Instant Notifications in GBP: See how much you’ve spent in pounds right away, even when abroad.

It’s ideal for holidays, gap years, or business trips.

Transferring Money Between Your Children’s Monzo Accounts

Monzo doesn’t currently offer full accounts for children under 16, but once your child turns 16, they can open a standard Monzo current account. If your children each have Monzo accounts:

  • You can send money instantly between accounts completely fee FREE.
  • It’s free and arrives immediately.
  • You can set up scheduled payments — great for regular allowances.
  • You’ll get a notification once it’s sent.

For younger children, many parents use Monzo joint accounts with a partner or use pots to manage funds for their kids. You could even create savings pots named after each child and move money accordingly.

Final Thoughts

Whether you’re looking for a smart way to bank, an easy way to budget, or a travel-friendly card, Monzo delivers. With features like instant notifications, no foreign transaction fees, and handy money management tools, it’s designed for modern life.

Don’t forget — you can make a little extra by referring your friends. If you’re already a Monzo user, send them your link and enjoy a bonus when they join.

Now click HERE to use my link and earn a reward of either £10, £20 or £50 completely free. Just make sure to use your card within 30 days

For more tips on finding free money, check this out.