Monzo is one of our favourite challenger banking apps. It’s been at the forefront of the digital finance revolution for some time now, adding many innovative features and incentives to appeal to new customers. After its recent 3.0 update, it looks even better than before. It also makes some of the lesser-known features stand out a little more. We take a look at five of these Monzo ‘hacks’ for getting the most out of the app.
1. Split the cost
Rather than having endless notes, IOUs, or a detailed
spreadsheet of who owes what for what, Monzo makes it easy to split the cost of
purchases with friends and family. It’s easy to do as well; you simply have to
navigate to the transaction you want to split and tap on it. From here, choose Split the bill and select the friends
you want to split it with. Your friend will then get a notification, and they
can pay you back with a few taps.
2. Create a shared tab
When you’re on a long trip or spending time with multiple
people, the shared expenses can soon start mounting up. Monzo lets you create a
Shared Tab, meaning you can keep track of who owes you and what you owe others.
Navigate your way to the Payments
section, choose Share in the top
right, and click Create a new tab.
You can add a name to the Tab, and add multiple contacts to it.
To keep on top of your own purchases, whether it’s just to
be organised or because you need references and booking numbers, Monzo lets you
store your receipts. Like most of the app’s features, it’s incredibly easy to
use. All you have to do is select one of your transactions and tap Add receipt. You can choose whether to
take a photo of it or select one stored in your phone’s library.
4. Use instant payback
Having to remember to pay people back for things can be a
pain, especially if you don’t have cash on you most of the time. With Monzo,
you can instantly pay people back, even if you don’t have their sort code,
account number, or mobile number to hand. The Nearby friends option uses your phone’s Bluetooth and means you can
pay people back in seconds. The option is located under the Payments section.
5. Pool your money
Monzo lets you create a joint account with another Monzo
holder. If you’re saving up for something together, or want to make sure you
both have cash available, it’s a great way of pooling your resources. You can
also arrange for your bills and other payments from that account. On the Monzo
home page, click Open a joint account
and follow the steps to set it up.