Best Monzo betting sites

Fintech banks are changing the landscape of online payments. Monzo is one of the most reputable Neobanks and challenges traditional banking in all aspects. It possesses a full European banking license and offers a deposit guarantee scheme of up to £85.000 (€100.000). It is worth noting that it is available only to the UK market.

Things that make Monzo groundbreaking include setting up a current online account and having instant access to their cash via a debit card, the choice members have of getting a loan, and swift payments. We will cover everything about Monzo betting sites and more in this guide. 

Best Monzo bookmakers with a Welcome Bonus 

Players who deposit with Monzo bookmakers can enjoy welcome bonuses, quick payments and privacy in financial activity. Our top-rated brands offer all these traits for an outstanding betting experience.

How can I gamble on Monzo betting sites? 

Opening a Monzo account is easy; all you need to do is first download the app. Then fill out your address and home number. Confirm your identity by submitting your ID (passport or driving license) and recording a selfie video. Finally, submit the address you want and activate the card once you have received it. 

After verifying your account and activating your card, it’s straightforward to deposit with Monzo betting sites.

1. Register for a player’s account with your chosen bookmaker.
2. Deposit money into your Monzo account.
3. Enter or select the amount that you would like to add to your betting account.
4. Choose ‘MasterCard’ as a payment option and enter your Monzo card details.
5. After this, you may be asked to approve the payment in the Monzo app.
6. Now you’re ready to bet! Your money should be visible in your account within a few seconds. 

Pros of betting with Monzo

Despite the UK’s credit card ban, betting with Monzo is still possible because you will be using a debit card instead. Here are the pros of gambling with it. 

✔ Accepted from all online bookmakers via debit card: Because Monzo cards are not credit cards, players can still use their account to bet with their bookmaker. 

✔ Instant payments to your Monzo account: Monzo enables you to make fast deposits, with your money appearing in your betting account instantly. 

✔ No fees: Monzo does not charge a separate fee for gambling transactions. All payments and withdrawals in the UK, as well as payments abroad, do not have fees.

✔ Security and convenience: Monzo will ask you to approve transactions within the app, while others will require you to enter your card’s PIN code. Fingerprint technology is available as well.

✔ User-friendly app: Monzo allows you to request and add money within seconds, while you’ll also receive a notification in your Android or iOS device whenever a transaction is completed. 

Cons of betting with Monzo

There are many pros to betting with Monzo, but be aware of some downsides. 

❌ Free ATM withdrawals are only up to £200 per month: If you exceed the monthly withdrawal limit, you will be charged 3% for every transaction.

❌ Cards are only available for UK customers: Non-UK residents cannot obtain a Monzo card.

❌ Requires an app: You need to verify your Monzo account via mobile. Managing your money is also only available via this method. 

❌ Extra charges for money transfers abroad: Transferring money to an account-based outside of the UK will incur a percentage fee.

What about Monzo fees? 

Monzo charges you 3% for all ATM withdrawals after the £200 monthly limit, and an exchange fee for international transfers. This is 0.35% of the amount paid in GBP, with another 80p on top of it. Other than these, there are no additional Monzo fees.

Verdict on betting with Monzo by Book Spy

From its very first day, Monzo has caused quite a stir in the betting community. No fees, near-instant withdrawals and the acceptance from almost all online bookmakers are reasons a bettor might turn to Monzo for online payments. 

Nevertheless, I cannot overlook the fact that, like any other fintech, Monzo has shown a dislike towards gambling payments. That can lead to additional verification being needed, and even a temporary account suspension.

To summarize, while Monzo can be a useful payment option for newcomers, I would recommend that high-stake bettors use a wallet such as Skrill or Neteller. 

Complete list of bookmakers with Monzo