Does Monzo work in China?

Monzo is a UK-based online bank offering smart banking solutions via an app on your smartphone. Monzo is fully regulated, meaning The Financial Services Compensation Scheme (FSCS) will protect up to 85,000 GBP of your money. Unlike any traditional bank, Monzo doesn’t depend on any physical branches. That’s why if you are an active user of Monzo, you know how easy it is to work around the app, from checking your balance and making daily payments to even settling expenses while you are overseas. Everything is at your fingertips in the comfort of your room.

Being an expat in China, whether you are living, studying, or working there, you might come up with a big question: Does Monzo work in China? This article will answer every question you might come up with about using Monzo in China.

Another great feature of Monzo is that the app is also a dedicated partner of Wise, offering fast and convenient international payments to Wise customers, all from within their existing app.

Table of contents
Does Monzo work in China? Can I use a Monzo card in China? Fees for using Monzo in China Can I open a Monzo account in China?

Does Monzo work in China?

The short answer is yes, you can definitely use Monzo in China! Even though Monzo is a British-based bank, it will still let you use both your account and card even in other countries, including China. And you don’t need to inform in advance that you’ll be using your account in another country¹. Monzo will not block your account and your card.

However, it is worth noting that you can only have GBP in your account, and CNY is not supported in Monzo. When using Monzo in China, the app will automatically convert your money using the Mastercard exchange rate. But besides the exchange rate from Mastercard, you don’t need to worry about any extra fees or charges when you make any foreign transactions.

Can I use a Monzo card in China?

Yes, you can definitely use your Monzo card in China! As long as your merchant accepts Mastercard, your Monzo card is all you need to pay for your food, travel, clothes, and anything else you need during your trip.

But you should be aware that sometimes merchants in China will not take foreign cards, especially when you are in smaller towns or local markets.

Fees for using Monzo in China

You might also be eligible for free cash withdrawals up to a certain limit for every 30 days. This period for the limit will reset 30 days after your withdrawal. If you are going over this threshold, you will then be required to pay a fee of 3% of your withdrawal amount. The threshold also depends on your account type as below:

Type of account	Limits (for every 30 days)2
Monzo free account	£200 fee-free
Monzo Plus	£400 fee-free
Monzo Premium	£600 fee-free

You should also be aware that the ATMs might charge you a fee for withdrawing the cash. This fee is collected by the bank which operates that ATM; Monzo will receive nothing from this portion.

There aren’t any fees for foreign transactions when using Monzo in China. Instead, Monzo will apply Mastercard’s exchange rate directly to you. You can see this rate using the Mastercard® Currency Converter Calculator.

Can I open a Monzo account in China?

A Monzo account is only available if you are legally living in the UK full-time. Monzo will ask you to submit your home address along with other personal documents.

So, no, you cannot apply for a Monzon account while you are in China!

There you have it - now you know everything you need about using Monzo in China! If you've been using Monzo for a long time, you surely appreciate the convenience of this banking service. Even when you're overseas, Monzo will continue to support all your financial needs. You can also take advantage of its partnership with Wise to send money overseas.

But if you are looking for an alternative which lets you handle several currencies all at once, Wise might actually be your good fit! Wise is also an authorised British-based online financial service, so there is no need to rely on a branch as well. If you’re an expat living in China, you can now transfer your legal earnings in CNY to your own bank account abroad with Wise. Wise is cheap, fast, convenient and transparent and surely is a great option to send more than 50 currencies to 70+ countries at mid-market exchange rates.

This service is provided in partnership with a licensed third-party payment provider in China.

Send money with Wise

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Sources:

1. Monzo: Fee-free Debit & Credit Cards Made for Travel
2. Monzo: Monzo Help - Understanding fees for using your Monzo card abroad

Sources last checked on 14 Jun 2024