Monzo Online Casinos

Introduction

It is no secret that UK players across online casinos licensed by the UKGC have a wide variety of payment methods to use, but none as local and as safe as Monzo. This is a virtual bank app that allows you to use a bunch of bank-related services, but one that offers some impressive completion times. With it, you can store, send, receive, save, and manage your funds via one account, in a few simple taps on your mobile device. All it takes to use it is to be a UK resident with a smartphone, and with it, you get great value for your money and time. So, if it is a solution you'd want to try, make sure you follow our lead as in this article, we'll share with you everything we've found out about it. What is Monzo and why use it across UK online casinos?

About Monzo

Monzo Bank Ltd, a company authorized by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority (FCA) launched a new kind of bank in the UK, with the purpose of revolutionizing mobile banking. Monzo premiered in 2015, so it already has over a decade of a successful run under its belt. It functions just like any bank app, but it gives you far more perks than you would imagine. It is, indeed, a bank, headquartered in London and registered in the Financial Services Register in the country, but one that is super-modern and innovative, as all you need to use it is to be a UK citizen with a mobile device.

The money you keep with it is protected by the Financial Services Compensation Scheme, so you can rest assured that if you store up to £85,000 in your account, your money will be safe with it at all times. As long as you have your mobile device with you and download its app, you will see that it is incredibly easy to get started with and use. In fact, the services it offers deserve a separate paragraph in our article.

You need to deposit a minimum of £500 to open the account, and if you're willing to forget about these funds for 6 months, you'll earn up to 4.92% interest on it. Saving money is not all it offers, of course. You can add money and spend it, and choose set budgets to get warnings and notifications whenever you're spending more than you were supposed to. Direct Debits are also an option with it, and you'll manage your money by getting informed if they get higher for the next month so you don't get unpleasantly surprised. A line of credit, overdrafts, and loans are also possible, but the best part is, that you also get to use three different cards that are offered anywhere where MasterCard is accepted, both nationally and internationally.

Therefore, you should not be surprised to learn that the solution is already offered across the best UK online casinos there are. SlotsNBets surely offers it, but so do many other leading casino brands licensed to offer their services in the UK by the UKGC. And since you can use it for both deposits and withdrawals, stay with us to learn how to use it to get the most seamless online banking experience at your favorite UK casino with this solution.

How to Start Using Monzo

You probably caught the two conditions you need to meet in order to be eligible to use Monzo, but let’s review them again. So, first things first, you cannot use it unless you’re a UK citizen, aged 16 or older, with a valid ID. If you are, the other thing you need to get started with the solution is to have a smartphone.

 As long as you are meeting these two conditions, proceed by visiting the Apple App Store or Google Play Store, respectively, depending on the operating system your smartphone uses, and download the app. Install it, enter your email address, and provide an ID (driving license, national ID card, biometric residency permit, or passport), and accept the T&C for your account to become active.

Next, top up your account with money. You can deposit cash at any of the 28,000 PayPoints or 11,500 Post Offices all across the UK, use your salary, cheques or bank transfer to add money to your account. Given how convenient this is, it should come as no surprise the solution is already used by over 9 million Brits.

Once you've topped up your account, you can start sending, receiving, storing, and managing your money via the app, basically using all of the services it offers. On that note, the minute your account has been created and funded, you will get your card sent to your address via post. Activate it and the minute you do, you can use it, just like your bank app, across all the UK casinos that offer it. In fact, continue reading to get the exact steps you’d need to make upon depositing and withdrawing with the solution.

Depositing and Withdrawing with the Solution

If you know something about Brits, it’s that most of them are avid casino players. The UK government has even set a limit as to how much young players can stake at certain games, and the industry is going strong in the country for decades, enjoyed among players of all ages. Thus, considering Monzo has over 9 million UK users, it shouldn’t be shocking to learn that most of them are casino players. This, by default, means that the interest in this payment solution is huge, and operators who cater to UK players wish to please them in any way they can. That’s why the solution has managed to get listed as an accepted method across many UK casinos.

Your first task here would be to find the right casino to join. Do your search and the minute you have a winner, register a player account with it. After that, to fund your casino account with Monzo, go through this step-by-step procedure:

1. Enter your player account and search for the Banking/Payment Methods page.
2. Look for the Deposits section and find Monzo’s logo on it.
3. Press it and a pop-up will appear with the casino’s sort code and bank account number.
4. Copy them and enter your Monzo app.
5. Tapp Payments>Pay>Pay by bank transfer.
6. Set the amount you wish to deposit, paste the casino's sort code and bank account number, and confirm the transfer.
7. In real-time, the funds will reach your casino balance.

Important: If no pop-up appears with the casino’s banking details, immediately contact the casino’s Support team to give them to you, otherwise, the transfer will be unsuccessful. Also, if the casino you joined is based elsewhere, you’ll need to make a SWIFT transfer or use Wise to complete the transaction. And, finally, if you wish to use the card, just proceed by entering the needed card details, as you would do with any other credit/debit card.

Deposits with the solution are instant, but withdrawals are quick, too. Local transfers are completed within 2 hours, believe it or not! International, of course, would take a couple of days before they arrive.

Nevertheless, to make a withdrawal, find the solution's logo in the Withdrawals section, press it, set the amount you wish to cash out, and then enter your IBAN code (found on the "Manage Account" screen of the app). Wait for the casino to confirm the transaction, after they make sure you're all clear to receive as much as you requested, and that would be it.

Coverage and Restrictions

A London-based company designed Monzo for UK residents, and at the moment of writing, the solution is only available in the UK.

However, given the fact that it is also active in the US, under completely different conditions, and the company has shared its plans on making it global in the future, anything can be expected. As of now, unless you are a UK player, you won’t be able to use it as your payment method across online casinos.

Fees and Additional Charges

As any bank would, the solution charges fees for its next-level services. The solution is completely honest and transparent when it comes to fees, and it promises that basic services are fee-free.

So, for direct debits, account maintenance, sending money within the country’s borders, standing orders, and receiving money in GBP, you have to pay £0. These basic services are free of charge. But, feel free to visit its official website to discover which fees you are subject to. For instance, if you’re receiving money in euros or other currencies, a 1% exchange fee applies. But find out all about them on the official website. 

Accepted Currencies

The UK pound/sterling is the official currency, and the one you’ll use for local transfers, but since it also supports SWIFT transfers, the solution also supports the euro.

Over 40+ currencies are allowed, but they are all subject to exchange fees. So, if you wish to receive or send money in a different currency, expect the previously mentioned 1% exchange fee. But, rest assured that if you join a casino that accepts pounds, your deposits and withdrawals will be exchange-fee-free.

Customer Support

When you visit its official website, you’ll find a Help page containing articles that can get you answers to the most frequently asked questions. But, there’s also a local phone line you could use to call its Support team at 0800 802 1281 and an international one at +44 203 872 0620.

You can also submit complaints or get answers via the App Chat or via the post, sent to its headquarters address, and an email address, at help@monzo.com.

Conclusion

Monzo is certainly an all-encompassing payment solution that is perfect for all those UK players out there, trying to make the most effortless deposits and withdrawals in their local currency. It provides you with all the things you might need for your online gambling transactions, so the first chance you get, give it a go.

FAQs

How do I apply for the Monzo card?

You don’t need to apply for one, as the minute you create your account, it is automatically designed and sent to your home address, via post. Expect it to arrive in several days.

Can I explore its official website in different languages?

No, considering it is a solution designed with UK users in mind, one that has yet to go global, its website is available only in UK English.

Will I find Monzo on social media?

You will, for sure. It has profiles on Twitter, Instagram, and Facebook, as well as YouTube and LinkedIn. It is quite active, actually, so make sure you follow it on any of these social media platforms to stay up to date with all the things it posts.

Can I close my virtual bank account if I want?

Sure. You would first need to bring your account balance to £0, and then tap on your profile icon, select Close account, and provide some ID details to close your account for good.

Will I be able to use Monzo on a desktop device?

Even though the app was designed specifically to offer next-gen banking, the solution offers a desktop browser interface you could use via your desktop device. This desktop version, however, is not as advanced and does not offer the same features the app does, so bear that in mind.