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From the FAQ:
- Is Monzo a bank?
“Monzo Bank Ltd” is fully authorised in the UK by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority and the PRA.
- Is my money safe with Monzo?
Your money is fully protected by the Financial Services Compensation Scheme (FSCS), meaning that all your money up to £85,000 is guaranteed by the British Government.
- What fees do you charge?
We don’t charge any fees for using Monzo day-to-day. Payments in the UK, cash withdrawals in the UK and payments abroad are all free, with no added fees. If you’re withdrawing cash abroad, you can withdraw up to £200/month for free, after which you’ll be charged a 3% fee. You can still make payments in shops, restaurants and online for free though, even when abroad.