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My favorite app at the moment is Monzo. Available in the U.K., Monzo is an app that allows me to create, manage, and use a bank account (with a “funky” pink card they provide) entirely through the app, with no international fees. Recently, Monzo’s
banking-license restrictions were lifted, meaning that I now get real-time updates of my recent expenditures as well as detailed information on transfers and account balance. I will soon be able to also make bank-to-bank payments, get my salary paid in Monzo, as well as set up direct debits.
Monzo becomes particularly special when I travel. So far this year, I have traveled to Austin (for PCMA’s Convening Leaders), Turkey, Singapore, Indonesia, Ireland, Austria, and Germany. I was able to withdraw cash and make card payments from all these different places in the world, with no fees incurred. Along with all of this, I was able to track all transactions through the app and report any fraudulent payments via their live chat. I did report a dodgy transaction while I was in Singapore, and the response was not only immediate, but I also got my money back within hours.
Monzo is paving the way for a future that relies less on traditional brick-and-mortar banking, and more on innovative, independent, and convenient ways of managing your money.
JOHNNY D. MARTINEZ, Head of Marketing and Business Development, Shocklogic