Perhaps I am old fasioned in my thinking though. Monzo has an average rating of 4.5 out of 5 from 10459 reviews on Trustpilot. We road tested the best business bank accounts out there so you do not have to. Monzo and Starling Bank have overdraft protection, but Revolut doesn’t. The banks have the following app features in common. Compare accounts, fees and service. Manage payments – Send money, set up Direct Debits, subscriptions and standing orders, view subscriptions, send money internationally (with Monzo, TransferWise is integrated in the app, while Starling allows SWIFT payments directly from the app). Monzo’s Personal account features are more comprehensive than the Business account, though. Monzo works with a third-party lender offering business loans for Monzo Business account holders. In February 2019, Monzo ran an initial trial of its business accounts, … Monzo Business account – popular bank, but enough features? Standard business accounts usually charge per transaction on top of a monthly account fee. Accounting integration – Export bank statements to a PDF file from the mobile or web app. Starling Bank offers a Euro account to business users for £2 monthly. I often see people raving about Starling as a business bank, but no one ever mentions Monzo. Press question mark to learn the rest of the keyboard shortcuts. Some users complain of certain support queries being lengthy or unnecessarily tedious, which seems to be the case for the application process for the Business Bounce Back Loan. It depends on the type of business … Money placed in these pots does not form part of the main account balance but can freely be transferred back to the main balance when needed. Starling and Monzo both offer overdrafts. You can securely send international money transfers to bank accounts in 38 countries worldwide. Receiving a transfer from abroad is free, unless a payment sent in euros is going to your Starling Business or Sole trader account which is in GBP: this costs 2% on top of the real exchange rate. In contrast, accounting integrations are only possible on the Monzo Pro plan, not the free Lite plan. At Starling, you can top your account with both GBP and EUR. Can I use my personal account for business? To sign up with an account, you actually have to create a personal current account before adding a business account. New comments cannot be posted and votes cannot be cast, More posts from the UKPersonalFinance community, Discuss, learn and request help on how to obtain, budget, protect, save and invest your money in the UK, Press J to jump to the feed. Costs and fees there are no permissions settings. As with Starling Bank's app, you get an … The following table summarises the costs of using Monzo and Starling Bank business accounts. Monzo business vs Starling Bank business Starling Bank offers much of the same service as Monzo's paid-for 'Pro' option but does so for free. Starling Bank has won awards for being the best British bank in 2020, which is in line with the majority of customer reviews online. Since these are online banks, you should expect a decent range of app features to manage your business account entirely from the mobile app. Your cookie preferences. Monzo, the U.K. challenger bank, is officially launching business bank accounts today, after an extensive trial period over the last 12 months that saw early access given to 2,500 business … I've recently got a starling business account, it's been excellent so far. Monzo is a digital bank founded in 2015. There are, however, significant differences in the quality of service. Monzo don't (except in designated 'savings pots'). Both offer desktop access too, but account features are more limited there. Mobile application in minutes. We compare the two business accounts in terms of features, costs and services. Monzo allows more than one person from the same company to use the same account on the Pro plan only. For more information on Revolut's business account read our Revolut Business bank account review. Current account managed online – A clear strength of the platforms is that they are both fully-fledged bank accounts managed online through a mobile app, or browser app with somewhat fewer features. 5 best EFTPOS machines for small businesses, UK-registered/-based companies & sole traders, Bank transfers, Direct Debits, standing orders, Free via app (2 working days’ processing), Free via Freepost (2-3 weeks’ processing), First £200 during 30-day period is free, above costs 3% of withdrawal amount, 0.4% on top of exchange rate + £5.50 delivery fee + 30p (w/local partner). Then we will give our verdict of which is the best mobile banking app. There is no overdraft facility with Monzo Business, only for Personal account … The banks each have some unique business functions too. The best business bank in the UK. IBAN and wire transfers – Only Starling’s business accounts come with their own IBAN for international transfers. Monzo only has one ‘Business’ account for sole traders and registered companies alike, but there’s a choice between two account tiers: Business Lite (free) and Business Pro (£5 monthly) plans. Monzo vs Revolut vs Starling Bank: An Overview Monzo Loans and overdrafts – Only Starling offers loans and overdrafts for business directly. Cashplus. Loans and overdrafts – Only Starling offers loans and overdrafts for business directly. office rent, utility bills and wages. In publishing its 2020 accounts first with an independent auditor’s report included (page 79), Monzo chose the short straw, leaving itself exposed and unable to downplay the key issues comprised within the accounts and audit:. A business account with Starling is completely free and offers all the awesome features of the personal account with the addition of some brilliant features such as connecting to accounting software like Xero, Quickbooks, or FreeAgent. Monzo, on the other hand, lets you schedule outgoing and ingoing transfers between pots and the main balance, or lock pot balances to a certain date to deter you from using it. That’s because the system is not yet connected to the SEPA and SWIFT networks, though Monzo … Get push notifications every time money is spent so you know what’s going on with the account. Alternatives: TransferWise vs PayPal – cross-border transfers compared. However, you can use the Monzo debit card abroad or for payments in any currency. That being said, a few of the Monzo-only features are genuinely useful for some businesses, such as the additional settings for savings pots and budgeting features. Which to choose? Monzo … With Monzo, you send cheques to the company via Freepost, taking 2-3 weeks to clear. What’s QR code payment? Applying for a business account … Originally, Monzo offered a contactless prepaid Mastercard linked to its smartphone app but existing users have all been upgraded to a Monzo current account. Starling is available in GBP and EUR too for both current and business account holders. Accounts In many ways, Starling and Monzo banks are similar, but after testing both, we consistently felt that Starling was more polished and complete than Monzo business accounts. With a Starling Business Euro account, however, all SEPA transfers are free to send and receive. Multiple users – Co-directors can access the Starling Business account apart from the original account user. Instead of a personal IBAN for Monzo users, you can send international transfers via the Monzo app through a TransferWise integration. Put money aside for goals  – Starling calls it “spaces” and Monzo calls it “saving pots”, but they are basically the same thing: from within your account, allocate money into ring-fenced spaces to reserve it for a dedicated purpose such as HMRC taxes, a new computer, business trip etc. Invoices – Send invoices electronically from the app. The paid Monzo Pro subscription is better for companies, while Lite can suit sole traders. Lite’s limited features are better suited for sole traders while Pro is better for companies with more to manage. Any card payment in a currency other than GBP uses Mastercard’s wholesale rate with nothing added on top. Taking out an overdraft is cheaper with Starling than with Monzo though. Ways to sell securely, How to set up Click & Collect in a small business, Ways to accept payments without customer contact. Get started with Monzo Business today The customer service team can be contacted 24/7 by telephone, chat or email in both cases. Currencies in the app. It seems as though the bank has prioritised personal users over business accounts, whereas Starling Bank has clearly honed their business features over a long time. So what are the differences between the business accounts? Cash withdrawals abroad: Starling … Customer reviews Monzo fees; Monzo vs. Starling; Monzo account opening; Monzo banking features; Monzo additional features; Monzo customer service ⓘ Advertiser disclosure What is Monzo? The first £200 cash that’s withdrawn abroad every month is free, but Monzo charges 3% of the cash amount above this amount. Revolut also charges an ATM withdrawal fee of 2%. Starling has a payment scheduling function and a way to record and submit VAT information for HMRC. It is a very popular digital bank for UK customers, with a full banking license. All authorised Monzo account users can access all information and perform all functions, i.e. Starling Bank Business – does it live up to the good reputation? Both offer full-fledged bank accounts, have no physical bank branches and are managed through a mobile app. Payment cards – Both offer a Debit Mastercard for business account holders. How do they stack up now they’re both available? BBC Watchdog has confirmed the amount of frozen account was greater than all other British banks in the past year. You can register interest in opening a Monzo business account here. With both, you can apply through the app and, after a “soft” credit check, you’ll be offered an overdraft limit. A tale of two banks: Monzo vs Starling. Starling excels with more detailed controls such as prohibiting ATM withdrawals and card machine or online payments. PayPal Here UK review: how does it compare with iZettle and SumUp? I often see people raving about Starling as a business bank, but no one ever mentions Monzo. Both apps take a chat-first approach to customer service, via a customer service tab. Monzo Pro accounts can automatically deduct taxes into a special tax pot so you don’t have to sort that out manually. Monzo and Starling provide round-the-clock customer support through in-app messaging, email and over the phone. Monzo works with a third-party lender offering business loans for Monzo Business account holders. The Starling app felt more professional and customer support very friendly, while the free Monzo business account was more basic in features and piggybacking on other platforms to provide international transfers and loans. Many other users praise the service and account features. Compare business bank accounts from a variety of providers and see how Starling’s business account compares on areas such as support, fees, features and more. Monzo finally launched its business bank account in early 2020. Even if they don't simply rob you, their customer service is abysmal. Monitor spending – Categorise payments into colour-coded topics for e.g. Monzo, on the other hand, has had consistent issues with account holds, where funds and transactions are held for a long time for no clear reason, causing a lot of stress and financial hardship for the account holder. Starling Bank stands out with their own loans, business overdrafts, Euro account, SWIFT transfers, advanced debit card controls and access to all business features without a monthly cost. Interest: Starling pay 0.5% interest on cash up to £2k, 0.25% above. Starling Bank or Monzo for business? Lite’s limited features are better suited for sole traders while Pro is better for companies with more to manage. How does it work? Are online payments safe? That doesn’t mean there is no human support team behind it. £3) at the Post Office with Starling Bank. In this article, we compare the 3 platforms and talk about their pros, cons, and who they are best suited for. Starling Bank is a fully-licensed bank. There is no option for a credit card from these banks. Monzo focuses primarily on domestic business, meaning that current accounts come with a bank account number and sort code, but no IBAN for international transfers. Since then they’ve got over 4 million people on-board across their current, joint, business and 16-17 accounts. We held just over £1 billion on deposit. Monzo business account review After Revolut and Starling got into business banking in 2017 and 2018 respectively, it was just a matter of time before Monzo did the same. They differ in the amount of features, i.e. Several important Monzo features are only available on the pay-monthly Pro subscription, including accounting integration, invoicing and multi-user access. ... 926,000 retail accounts had been opened and 82,000 business and sole trader accounts. 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