Monzo Business Account review (2025)

Key takeaways:

• Monzo is a free, mobile-first option for UK sole traders and small limited companies focused purely on domestic operations, offering useful tools like Savings Pots and basic accounting integration. However, its strict eligibility rules and "app-only" focus limit its appeal for diverse or high-volume businesses.

• Monzo’s biggest limitation is its inability to hold multiple currencies, automatically converting all international funds received into GBP for a 1% fee. For any business with significant global ambition or cross-border payment needs, this structure creates friction and unnecessary cost.

• For any UK business looking to operate or scale globally, Airwallex offers the superior financial OS. We move beyond basic domestic banking by providing true multi-currency accounts, local bank details in over 60 countries, and market-leading FX rates from 0.5%, delivering the scalable infrastructure needed to grow internationally without friction.

Are you a freelancer or a small business owner looking to open a business bank account? If so, chances are, you’ve heard of Monzo — perhaps it even makes your shortlist. But before you start the application process, is it the right business banking solution for you?

Here’s our comprehensive Monzo business account review for 2025. Let’s get started and compare key features, pricing, and benefits.

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 700,000 business customers ¹ (1 in 8 UK businesses). Monzo tailors its Business Accounts 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.

If 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 include:

Mobile app. The Monzo app is the central hub for business banking, offering real-time notifications and instant access to all account features. You can handle essential banking tasks through web banking, although the web version offers a more basic experience where customers can view account details or move funds between pots.

Savings Pots with interest. Businesses can organise funds into separate “Savings Pots” with instant access and no minimum required deposit, no withdrawal restrictions and monthly AER interest at 1.5%. 

International payments. Through Monzo’s Wise integration, businesses can send money to more than 70 countries with low fees (lower than high street banks). Customers can receive payments in more than 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 help further streamline business spending. 

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

Instant notifications. Stay on top of finances in real-time with instant notifications. Receive transaction notifications for both payments received and made, giving you valuable insight into your cash flow at all times. 

Monzo Business Account pros and cons

Pros of Monzo Business Account 

1. Useful “Savings Pots” feature. The pots help business owners save money for taxes or other specific business expenses, i.e. travel or trade shows.

2. Integrates with market-leading accounting software. These integrations reduce manual data entry as transactions automatically sync from Monzo to your accounting system. This improves accuracy and simplifies tax reporting.

3. No branch visits. As a digital-first banking platform, busy business customers can sign up online without faff.

4. A free plan. If you’re just starting out, Monzo’s Lite plan is completely free for business customers. 

Cons of Monzo Business Account

1. App banking only. Although this might be a pro for many customers, if you prefer face-to-face banking, Monzo isn’t for you. It’s worth noting that although you can’t pay cash into a bank, you can deposit funds through a Post Office branch or at a PayPoint location, which might not be very convenient for some. 

2. No business credit card facility. If you’re looking to grow your business, you might want to access funds through a credit card. But with Monzo, that’s not currently an option available to its business customers.

3. Limited multi-currency support. Monzo deals with business accounts in GBP only, so you can’t hold multiple currencies in the same account. Any international payments you receive will be automatically converted to GBP. 

4. Limited account eligibility. Some business types can’t apply for a Monzo business account; these include charities, trusts, public limited companies (PLCs), community interest companies (CICs) and partnerships, including LLPs.

What Monzo Business Customers have to say

Discuss the opinions of Monzo business users using exact quotes from reviews and reputable sources where possible.

Most business customer reviews are positive, with many praising the simplistic user experience, instant notifications, and budgeting tools, including the savings pots. One customer said 

There have been some customers citing problems with account freezes, with one customer stating Monzo held their money for over a month even after providing supporting paperwork: “will get your money frozen for no reason then even after providing all proofs and paperwork they will keep your money for a month time so if you got stuff to pay totally avoid it.” Branding it a “nightmare experience”. 

Monzo Business Account plans and pricing

Comparing Monzo to top competitors

What do you need to open a Monzo business account?

To be eligible to open a Monzo Business Account, you must be a UK-based sole trader or limited company and be at least 16 years old. Applications are online only. 

Documents you need to apply for a Monzo business account:

For sole traders:

• Photo ID

• Unique tax reference number

• Proof of UK business address

For limited companies:

• Provide details of every person with significant control (PSC) or ultimate beneficial owner (UBO)

• Valid photo ID, date of birth, and country of residence for the above people

Why you should consider Airwallex over Monzo

While Monzo offers core digital business banking features, perfect 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

To open an Airwallex account, simply click sign up here, fill in our online application form and upload the required documentation. Approval typically takes a few days; after that, you can access your account immediately.  

FAQs

What documents do I need to open a Monzo business account?

To open a Monzo Business Account, you must be a UK-based sole trader or limited company. Sole traders will need to provide personal identification, a tax reference number, and proof of a UK business address. Limited companies must supply their registered company number or name, ensure their details are up to date on Companies House, and have a listed person of significant control (PSC).

How much does it cost to open a Monzo business account?

There’s no setup fee to open a Monzo Business Account. Monzo offers three pricing tiers: the Lite plan is free at £0 per month, the Pro plan costs £9 per month, and the Team plan is £25 per month. Each tier offers different features and limitations tailored to suit varying business needs.

How long does Monzo business take to approve?

Monzo typically approves business accounts within 1 business day, but in some cases, it may take up to a week depending on your business type and verification requirements.

Sources 

• https://fintech-intel.com/banktech/monzo-tops-13-million-customers/

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

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

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

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

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

• https://uk.trustpilot.com/review/www.monzo.com?stars=1 

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

Disclaimer: We updated this article in Q3 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].