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The online gambling industry in the UK is thriving as ever, and operators are trying to provide UK players with more and more legit payment methods they could use for their deposits and withdrawals, solutions like Monzo, for instance. This local payment solution has managed to become a household name in the UK and has been particularly popular with UK players in recent years. It certainly deserves so, as it offers excellent services to UK users, services that online casino players greatly appreciate. With it, you can make effortless and safe deposits and withdrawals in UK pounds, but do so much more, as well! So, make sure you follow our lead as we explore it together, and you'll see that it is, certainly, a solution worth a try. What is Monzo and why use it across UK online casinos for your deposits and withdrawals?
About Monzo
Its story began in 2015 when a UK-based company called Monzo Bank Limited decided to take matters into its hands and revolutionize online banking. With the aim of making banking better, the company set out a goal of building a digital bank, together with users, for the users. Using their feedback and insights, users make the solution better each month, and that’s why more than 10 million people are using it on a daily basis, for all kinds of banking performances.
The company is all about the users, and by solving their problems and treating them fairly, all the while being completely transparent, it has certainly made banking better for UK users. Users are given the freedom to test its app and suggest features and give feedback so that the solution is always functioning flawlessly. The solution is all about helping everyone belong, and have control over their banking experience, and it is certainly achieving that.
But nothing is fun and games with it: the digital bank is a serious institution authorized by the Prudential Regulation Authority and regulated by the Financial Conduct Authority in the UK. All your money is protected by the Financial Services Compensation Scheme, so you can rest assured that by trusting it, with it, your money will be safe at all times. The fact that it is expected to gain a boost from investors to continue improving its services speaks volumes of its integrity and success with users and merchants alike.
At the moment of writing, however, only UK residents can access its services, but the solution has also opened a branch for US users, offering a completely different official website for the US. But since its main operations are in the UK, in this article, we’ll focus on the UK offering; feel free to check out the US site to learn more about it if you’re a US citizen.
As far as UK users go, as long as 16 or older, anyone can use it. You just have to create your account with it quickly and you can start enjoying its services immediately. If you follow our lead, in the next section you'll learn the exact steps you'd need to take to get started with it. As soon as you do, you will be able to start using it across a large number of UK online casinos that offer it, for both deposits and withdrawals in your native currency, the UK pound.
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Getting Started with It
Assuming you’re meeting the two criteria to get started with it, that is, you’re a UK citizen aged 16 or older, you’re good to go, and you don’t need to meet any other conditions to get started with the solution. You will need your UK driver's license or passport to verify your ID, so have it close, and you’ll be ready to get started.
You will need to visit Google Play or Apple App Store to download its app for your Android or iOS device, and once you install the app, you will need to set up your account. If you go via its official website, you would need to press the Sign Up button, enter your email address, and submit your request. A new page will appear, where you'll get a QR code to scan to download its app.
As long as your smartphone is connected to the internet and you successfully went through these steps, use your email to log into your account. The account is free to open, of course, since the solution is all about saving you money and making your online banking experience as effortless as ever, so once your account is open, it’s time to start using it. First, you have to fund it, of course. You can top up your account with cheques, bank transfers, your salary, and even cash if you're willing to walk the walk and visit one of the PayPoint or Post Offices across the UK. That’s not all! The solution will also send you a card you can use, just like any credit/debit card, to make all kinds of payments and purchases both offline and online with it!
Before we take you through the steps you need to take to start using it across online casinos, we must mention some of the perks you get with this account/card. You can earn cashback, split bills, get paid early, and even free yourself from travel fees, as some of the major benefits you'll get once you decide to start using it. You can pay anywhere, even in different currencies when abroad, and that's why over 10 million users have put their trust in it. You can also learn about your spending habits and see where your money goes, as you'll get monthly and weekly insights into your transactions. And of course, you can save money, and even loan money if needed, under special conditions. It is, indeed, a bank like any other, offering the same services, only an entirely digital one.
Now that you know all about it, make sure you stick with us to learn how to start using it across the many UK online casinos that offer it.
How to Deposit at Online Casinos with Monzo?
This is a really popular payment method in the UK, so you should not be surprised to find it offered as an option for deposits across a great number of UK casinos. You should have no difficulty finding the site to join, so quickly check out a few UK online casinos and decide on the one for you.
After you register your player account with your chosen casino, by providing the required personal details, it’s time to try out the solution. To fund your player account with Monzo, go through the following steps:
- Head over to the Banking/Cashier page once you enter your player account.
- Look for the Deposits page and find Monzo's logo on it. Press it.
- In the new window, you will see the casino’s bank account number; copy it.
- Access your Monzo app, press Payments, then press Pay, and then press Pay by bank transfer.
- Paste the casino’s bank account number and set the amount you wish to deposit.
- Confirm your transaction and in an instant, the funds will reach your casino balance.
How to Withdraw Winnings with It?
You would need to use your banking details when withdrawing with the solution, of course, so the procedure will resemble the depositing one, only done in reverse.
Just select it on the Withdrawals page and enter the needed banking details. If the casino you joined is based elsewhere, not in the UK, you'll need to use a SWIFT transfer and share your IBAN code, in addition to your bank account number. Specify the amount you wish to cash out and wait for the operator to approve your request. Within 2 hours, if the transaction is local, the funds will arrive in your digital bank account, but if the transaction is international, it may take a few days before they arrive.
Fees and Limits
Most of its services are fee-free, like receiving funds in GBP, sending money within the UK, standing orders, direct debits, and account maintenance.
But just like any other bank, some of its services come with fees. You can learn all about them on its official website, depending on the services you’d like to use.
Allowed Countries
Located in England, London, but with offices in Cardiff and a fast-growing team of people from the UK, the solution is mainly focused on the UK market and is currently operating there, with hopes of going global at some point. We mentioned that it also has a US branch, so the two allowed countries at the moment of writing are the UK and the US.
While once you get started with it, you can use it for all kinds of local and international transactions, unless you are a UK (or a US) citizen, you would need to look for another payment method like this one, as this one will be out of your reach.
Accepted Currencies
Considering the UK is its main market, the UK pound/sterling is the currency that by default is used for your transactions.
The euro and over 40 other currencies are options, too, but they are subject to exchange fees when used. Therefore, if you manage to find yourself a nice UK-based online casino, to use your native currency, you will avoid this conversion fee and enjoy fee-free UK pound transactions with this solution.
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FAQs
Does Monzo offer Customer Support?
It most certainly does. You actually get 24/7 Customer Support at your disposal, so you just need to message its team in the app whenever you need assistance, whenever you need it, as the Support service has no opening or closing hours. You have the email address help@monzo.com and the 0800 802 1281 line to call from the UK, or the +44 20 38782 0620 to call from abroad.
Is its official website offered in many languages?
No, not exactly. Probably because it is only offered in the UK (and the US), but also because English is one of the most spoken languages in the world, so you should not have any issues exploring it and finding out everything you know about the solution in English.
Does Monzo offer joint accounts?
Yes, in fact, it does. You and the person you want to have a joint account with must both be registered Monzo users and have the “Payments with Friends” activated. The “Create a joint account” button is found in the Settings tab on Android and on the Profile page on iOS devices, so set it up correspondingly.
Do Monzo card payments come with fees?
No, actually, card payments in both the UK and abroad are all fee-free. You can learn more about the fees charged by the solution once you visit its official website and read the Fee Information document.
Is the solution active on social media?
It most certainly is. You will find it on YouTube, LinkedIn, Facebook, Instagram, and Twitter, so whichever would work best for you, follow it to be on track with any chances and news the solution posts about.