Monzo Business Account Review (2025): Features and fees

Looking for a finance partner to help you manage your business finances? Monzo’s Business Account offers a fresh approach, blending traditional banking security with a straightforward mobile app. Suited to small businesses and start-ups, Monzo offers instant notifications to keep you informed, digital receipt capture, and team cards to help with expenses, and ‘Savings Pots’ to help you set money aside.

But is it the right fit for your 2025 plans?

Keep reading for a breakdown of Monzo’s Business Account key features, pricing, and benefits to help you decide.

What is Monzo?

Monzo is a UK bank with a mobile-first approach. Established in 2015 and fully licensed as a bank in 2017, the company now serves over 500,000 business customers¹. Its Business Accounts are tailored for UK-based sole traders and limited companies, offering tools like integrated accounting software, expense cards and tax planning capabilities. Monzo positions itself as an intuitive, tech-driven alternative to traditional banks, particularly for small businesses and startups looking for streamlined, digital solutions.

How does Monzo work?

Monzo runs its Business Accounts through the same intuitive mobile app as its personal banking service. Once users have opened a business account, they get instant access to real-time notifications, expense tracking, savings pots, and contactless payment acceptance.

f you have a team, you can give them access to banking features, create virtual cards and link your account to popular accounting software like Xero, FreeAgent, or QuickBooks. While you can handle basic banking tasks through Monzo’s web platform, the full features are only available in the mobile app.

Monzo operates on a three-tier pricing structure designed for different business needs. The free plan offers essential banking features, while paid tiers unlock additional capabilities like team spending controls and accounting integrations.

Key features of Monzo Business Accounts

Built for digital-first businesses, Monzo combines essential banking tools with smart money management features to help companies stay on top of their finances.

Key features:

• Mobile app

• Savings Pots with interest

• International payments

• Team expense cards

• Accounting software integration.

• Instant notifications.

Mobile app

The Monzo app is the central hub for business banking, offering real-time notifications and instant access to all account features. Essential banking tasks can also be handled through web banking.

Savings Pots with interest

Businesses can organise funds into separate ‘Savings Pots’ with instant access, withdrawal and 1.60% AER interest.

International payments

Through Monzo’s Wise integration, businesses can send money to 70+ countries with low fees. Customers can receive payments in 40+ currencies via SWIFT with automatic GBP conversion and 1% fee.

Team expense cards

Customers can issue team expense cards with customisable spending limits and approvals on some plans. Instant receipt capture and categorisation also help streamline business spending.

Accounting software integration

Monzo integrates with Xero, FreeAgent, and QuickBooks to automate bookkeeping and speed up the financial reporting processes.

Monzo pricing and fees

Monzo offers three pricing tiers to suit businesses of different sizes².

Additional fees apply for international payments (from 0.33% via Wise)³, receiving international payments (1% conversion fee, capped at £1,000) and cash deposits (£1 per deposit, limit of £1,000 every 6 months, up to £300 at a time)⁴.

What do you need to open a Monzo business account?

To open a Monzo Business Account, you must be a UK-based sole trader or limited company⁵. You can apply via your app if you already have a Monzo personal account. If it’s your first time, you can apply for a Monzo Business account via a web link or in the app. You’ll need to the below information to hand.

For sole traders:

• Personal identification documents

• Tax reference number

• Proof of UK business address.

For limited companies:

• Registered company number or name

• Updated details on Companies House

• Person of significant control listed on Companies House.

Monzo does not currently support partnerships, public limited companies, charities, or certain high-risk industries.

Alternatives to Monzo: consider Airwallex

While Monzo offers core digital business banking features for small UK businesses, Airwallex provides broader international capabilities for companies operating globally. With multi-currency accounts in 20+ currencies, the ability to get local bank details in 60+ countries, and competitive FX rates from 0.5–1%, Airwallex is an alternative for mid and enterprise-level businesses requiring sophisticated cross-border payment solutions.

How to open a business account with Airwallex

Opening an Airwallex account is straightforward. Simply visit the Airwallex website, complete the online application form, and upload the required documentation. Approval typically takes a few days, after which you can access your account.

Sources & References

• https://monzo.com/business-banking/features

• https://monzo.com/business-banking/plans-pricing

• https://monzo.com/help/business-accounts/wise-cost-business-banking/

• https://monzo.com/legal/business-account-fee-information/

• https://monzo.com/help/business-accounts-signup/eligible-businesses/

Disclaimer: We wrote this article in Q1 2025. The information in this article is based on our own online research. Airwallex wasn't able to manually test each tool or provider. The information is provided for educational purposes only and a reader should consider the specific requirements of their business when evaluating providers. This research is reviewed annually. If you would like to request an update, feel free to contact us at [[email protected]]. Airwallex (UK) Limited is authorised by the United Kingdom Financial Conduct Authority (‘FCA’) under the Electronic Money Regulations 2011 (‘EMRs’) (firm reference number 900876). If you would like to request an update, feel free to contact us at [email protected].