Monzo

zell12

Secured a EU banking licence. Opening 2026.

https://monzo.com/ie If invited, we’ll give you a €25 reward when you activate card.

NIMAN

Is there still a government levy on owning cards in Ireland?

Was it €40 annually?

zell12

Monzo are a fully digital bank akin to Revolut, Bunq, etc. with virtual or physical debit cards

Delta2113

https://www.boards.ie/discussion/comment/124076346#Comment_124076346

€30

 The charge is for Government stamp duty (GSD). This is an annual tax on your credit card. 

 Stamp Duty (GSD) on ATM/debit cards, applied by banks yearly for the previous year, at €0.12 per ATM withdrawal, capped at €2.50 for ATM-only cards and €5 for combined debit/ATM cards (if used for both in Ireland).

Delta2113

Earn 1.6% AER (Annual Equivalent Rate) variable interest on your savings, paid monthly and subject to DIRT (Deposit Interest Retention Tax) when they launch.

Ever so slightly better than free Revolut.

TheDriver

What are they like for foreign currency? I like revolut allowing the different wallets so you can buy currency when it's strong and hold onto it until needed.

blackbox

With a name like Monzo I thought it might have originated in Japan.

According to Wikipedia it is a UK bank.

Mimikyu

Seems invites started going out this week. Few hundred judging by their forums. Still 1000 or so before me on the waitlist. No IBAN or incoming/outgoing payments yet and top ups by card.

I think they should have had everything ready to go before they even opened the waitlist. I think part of Revolut's problem is people see it as just a payments app to keep a few Euro in and not a fully fledged bank and it'd be a shame for Monzo to get the same reputation. I know Monzo has a full banking license but Revolut have theirs too and haven't been able to shake that perception.

Not sure how much of an impact they'll have long term. They don't seem to offer anything Revolut don't already offer.

Delta2113

Got my free 25 euro after activating with Google Pay. Should have Physical card in a few days and I did a top up with Google Pay.

smurfjed

https://www.boards.ie/discussion/comment/124134593#Comment_124134593

Got the invite an hour ago so going through the KYC process.

As for Revolut, i think their biggest problem is their reputation for closing accounts and then providing crap customer service.

Birka

https://www.boards.ie/discussion/comment/124150164#Comment_124150164

How do you activate on Google Pay before you receive the card? I can't activate the card in the app as I don't have a card number

decies

Just signed up today got my free €25 euro physical card on its way . Card and virtual card added to Apple Pay . I

Already have Revolut and trading 212 for trading stocks etc am still not sure how much I will use this ? Anybody clued on about advantages of Monzo?

bennyx_o

Also applied today. App seems less 'fussy' than Revolut (although limited so far, no IBAN etc as yet) Will be interesting to see ow it compares to Revolut

Quackster

https://www.boards.ie/discussion/comment/124185004#Comment_124185004

T212 is my go-to at the moment for day-to-day card spending due to the 1.5% cashback but I've signed up as well. Might come in useful at some stage.

extra-ordinary_

https://www.boards.ie/discussion/comment/124185004#Comment_124185004

You get a "free €25" but then have to pay the government €30 stamp duty on it?

AlmightyCushion

https://www.boards.ie/discussion/comment/124185259#Comment_124185259

It is a debit card not a credit card. It is only credit cards that have the €30 stamp duty.

decies

card arrived today . The edge is to help blind people apparently

Delta2113

https://www.boards.ie/discussion/comment/124174407#Comment_124174407

Can't remember exactly - have a look around for -'activate card' or 'add card to Google Pay' or similar in Monzo app. It was very straightforward.

Justin10

Oddly I think their licence being issued by the central Bank of Ireland will make a big difference for people to trust them vs revolut

irishgeo

Thinking of switching from n26.

What are the ATM withdrawal rules with Monzo.

Mimikyu

https://www.boards.ie/discussion/comment/124237049#Comment_124237049

€300 every 30 days, 2.5% (€1 minimum) after that. Not too sure if it’s calendar month or rolling 30 days based on account creation.

TheDriver

Don't move until it's fully functional. At moment they have a licence and they are now getting the iban payments sorted, apparently in Q2 after testing.

I'm an early access user and I like it so far. I'll prob be moving my main account to it once properly operational.

irishgeo

Yeah I'll probably move over slowly.

Why would you launch without IBAN payments?

TheDriver

https://www.boards.ie/discussion/comment/124238099#Comment_124238099

They said you get a licence first and then you apply for iban payments thing. They are early access only and clearly state you cannot get your money out unless you spend it. I assume it'll be full launch when it's all working.

irishgeo

https://www.boards.ie/discussion/comment/124238157#Comment_124238157

im 21k on the list so it might be ready to go when they get to me.

TheDriver

I thought everyone on the waiting list got in. I was just below 2000 I think according to my card

Mimikyu

https://www.boards.ie/discussion/comment/124238651#Comment_124238651

I got in mid January, think I was 800-odd, wife who was in the thousands is still 2000-odd on the list last she checked.

Without IBAN, transfers or my wife being off the waiting list for a joint account there’s not much for me to test at the moment.

Delta2113

https://www.boards.ie/discussion/comment/124238157#Comment_124238157

If you also have Revolut for example is that you can use Google Pay and transfer money out from your Monzo balance as a work around to Revolut (Top up Revolut).

daheff

got mine last week. you can only top up by debit/credit card at the moment, so pretty pointless at the moment.

at least i got the €25 sign up bonus. added that to my google wallet. works fine. got a snazzy pink card in the post too.

Yggr of Asgard

The signup was smooth including using the eircode to avoid having to type the address.

But than, notification - your account is approved and e-mail that we've approved the account.

But I'm stuck on the The card's on the way screen and only the activate button is availble which I can't because well the card is not here yet.

Not impressed, there should have been wording to that affect in the mail or in the app, it's now one of these, well if the account is approved and you have apple pay, why I am stuck at this screen?

AlmightyCushion

https://www.boards.ie/discussion/comment/124251272#Comment_124251272

You can activate the card by adding to Google wallet. You don't need the physical card for that