Part of the Monzo UK guide.
The standard Monzo current account is free to open and free to use for everyday UK banking. Here is a complete breakdown of every fee Monzo charges in 2026, so you can see exactly what you will and will not pay.
Monzo Account Fee Summary
| Fee type | Standard (free) | Monzo Plus (£5/month) | Monzo Premium (£15/month) |
|---|---|---|---|
| Monthly fee | £0 | £5 | £15 |
| UK ATM withdrawals | Free, unlimited | Free, unlimited | Free, unlimited |
| EEA ATM withdrawals | Free to £200/month; 3% above | Free to £400/month; 3% above | Free to £600/month; 3% above |
| Non-EEA ATM withdrawals | 3% on all withdrawals | Free to £400/month combined; 3% above | Free to £600/month combined; 3% above |
| Foreign transaction fee | 0% | 0% | 0% |
| UK bank transfers (Faster Payments) | Free | Free | Free |
| International transfers (via Wise) | Wise fee applies | Wise fee applies | Wise fee applies |
| Overdraft (if eligible) | 19–39% EAR | 19–39% EAR | 19–39% EAR |
| Card replacement | £5 (standard delivery) | Free | Free |
| Cash deposit (Post Office) | £1 or 3% (whichever is greater) | £1 or 3% | £1 or 3% |
Fees correct as of May 2026. Always verify at monzo.com.
Account Monthly Fees
Standard account — £0/month
The free Monzo account includes a full UK current account (sort code and account number), a UK debit Mastercard, Monzo Pots, Faster Payments, Direct Debits, standing orders, instant spending notifications, and basic budgeting tools. No hidden charges, no minimum balance.
Monzo Plus — £5/month
Adds: higher interest rate on Pots (currently a competitive easy-access rate), credit score monitoring, higher overseas ATM limit (£400/month EEA and non-EEA combined), and virtual cards. For a detailed comparison of what each tier includes, see Monzo Plus vs Premium.
Monzo Premium — £15/month
Adds: even higher Pot interest, comprehensive travel insurance (medical, cancellations, baggage), phone insurance, highest overseas ATM limit (£600/month), metal card, and lounge access. At £15/month, Premium competes directly with traditional packaged bank accounts such as Nationwide FlexPlus (£13/month), which offer similar insurance bundles.
UK ATM Fees
Monzo charges nothing for ATM withdrawals in the UK on any tier. There is no publicly stated monthly cap — though individual ATMs may impose their own dispense limits (typically £300–£500 per transaction). For a full breakdown including daily limits, see Monzo ATM withdrawal limit.
Overseas ATM Fees
Monzo’s overseas ATM fee structure varies significantly by tier:
| Plan | EEA free allowance | Non-EEA allowance | Fee above limit |
|---|---|---|---|
| Standard | £200/month | £0 free | 3% |
| Plus | £400/month combined | £400/month combined | 3% |
| Premium | £600/month combined | £600/month combined | 3% |
The free standard account’s £200/month EEA limit is the most restrictive among major UK app banks. Starling Bank offers unlimited free ATM withdrawals worldwide with no set monthly cap. Chase UK offers £500/month free globally. For a full travel account comparison, see Monzo vs Starling vs Revolut.
For detailed guidance on using Monzo abroad including worked examples and tips, see Monzo travel spending.
Foreign Transaction Fees
Monzo charges 0% on all foreign currency card purchases — transactions are converted at the Mastercard exchange rate with no additional fee applied by Monzo. This applies to all account tiers.
The Mastercard exchange rate is very close to the mid-market (interbank) rate. You will not pay more than the published Mastercard rate. As with any card used abroad, you should always pay in the local currency at card terminals — selecting “Pay in GBP” (dynamic currency conversion) uses the merchant’s exchange rate, which is typically 3–8% worse.
Bank Transfer Fees
Monzo uses Faster Payments for standard UK bank transfers:
- Free to send and receive
- Typically instant — seconds, 24/7
- Monzo applies internal per-transaction and monthly limits — see Monzo transfer limit for the current figures
CHAPS transfers: Monzo does not offer CHAPS (same-day guaranteed) transfers. For large same-day payments such as property completions, you will need to use a different bank or arrange the transfer to arrive the same business day via Faster Payments.
International Transfers
International money transfers from Monzo are handled via a Wise integration built into the app. Wise’s standard conversion fee applies — typically 0.35–1.5% of the transfer amount, plus a small fixed fee that varies by currency pair. Monzo does not add an additional charge on top of Wise’s fee.
For very large transfers (£10,000+), comparing Wise directly against a dedicated FX broker may yield marginally better rates, but for most amounts the Monzo/Wise integration is straightforward and competitive.
Overdraft Fees
Monzo offers arranged overdrafts to eligible customers, subject to a credit check:
- Rate: 19%, 29%, or 39% EAR — set by Monzo based on your credit profile
- No arrangement fee
- No monthly charge
- Interest is calculated daily and billed monthly
- Unarranged overdraft: Monzo does not allow transactions to push the account into unarranged overdraft — they are declined instead, avoiding unarranged overdraft penalty fees
The FCA banned fixed overdraft fees in April 2020 and required all banks to express overdraft costs as a single annual interest rate (EAR), making comparison straightforward. At 39% EAR, Monzo’s top rate is at the higher end — if you use an overdraft regularly, a bank offering a lower rate may reduce costs significantly.
Cash Deposit Fees
Monzo accepts cash deposits at Post Office branches. The fee is £1 or 3% of the deposit amount, whichever is greater:
| Deposit amount | Fee |
|---|---|
| £33 or less | £1 |
| £100 | £3 |
| £300 | £9 |
| £500 | £15 |
| £1,000 | £30 |
This makes cash deposits expensive compared to traditional high-street banks (typically free at the counter). If you handle significant amounts of cash regularly — for example if you are self-employed — a high-street account may be more practical as your primary account. For the full process including which Post Office branches accept deposits, see Monzo cash deposit.
Card Replacement Fee
A replacement debit card costs £5 on the standard free account (standard UK delivery). This fee is waived on Monzo Plus and Premium. Emergency card replacement abroad may carry an additional charge — check in-app for current pricing at the time.
What Monzo Does Not Charge For
The following are included at no cost on the standard free account:
- Opening an account
- Monthly account maintenance
- Initial debit card
- UK ATM withdrawals (unlimited)
- Faster Payments to UK accounts (sending and receiving)
- Setting up Monzo Pots
- Direct Debits and standing orders
- Real-time spending notifications
- Instant card freeze and unfreeze
More from the Monzo UK guide: