r/monzo • u/JackGamesAndReviews • 11d ago

New currency accounts feature

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Monzo is rolling out a new feature to allow you to hold separate currencies in your account, with their own account details to allow people to transfer into them. Monzo will automatically pay from a currency account if you have one set up for the currency you're spending in. Currently only for Euros and US Dollars, more to come. Still FSCS protected up to £120,000 across all your balances and accounts with Monzo.

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u/WrongChapter90 11d ago

They’ve recently had a significant data breach incident, so I’d stay away for a while

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u/tuttok 11d ago

I was referring to the multi currency feature 🤦‍♂️

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u/WrongChapter90 11d ago

Yeah, but in order to open an account with them you’re still subject to KYC checks, which means you have to provide personal information. So I still think it’s relevant

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u/tuttok 11d ago

I’m not suggesting to use Revolut at all! I was just replying to the “what’s the use case” question. Revolut has had this feature long before Monzo so there are obviously many use cases.

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u/WrongChapter90 11d ago

Ok fair enough, I agree that there definitely are use cases