Definitely, today the traditional banking and financial services can not cover all requirements of the global community. Currently, because of the easy access of people to the electronic and virtual world, they are expecting new types of services and improvements in the financial sphere. Nevertheless, we are facing the online platforms that are providing banking services and replacing the traditional format of banking. In this short article, we want to introduce Monzo and its banking services that totally are in online format, and also discover its special service about overdraft.
Monzo & Its Features
As mentioned above, monzo is an alternative way for banking services that is totally in online format and will allow users to control all their banking activities by using monzo’s mobile app. With this platform, customers will be able to save, spend and manage their funds as easily as possible and in a totally secure community. Monzo is providing debit Mastercards that allows users not just to make their financial activities in online format but also with the physical cards and can have easy access to their funds by withdrawing it from any ATMs. Additionally, with saving funds, monzo is providing users with a 0.23% interest on their savings that in a period of time can be a huge money for the users. Should be noted that in the trips, customers still can use their monzo debit Mastercards, without any fees in case of withdrawal or exchange rates. Besides all mentioned services, monzo is trying to make life easier for its users by providing different possibilities like loans and overdrafts that can be helpful for most of the customers around the world.
Overdraft by Monzo
This online platform, as said before, is trying to manage all banking needs of the users around the world. However the idea of overdraft, made this platform unique among its kind. Worthy to mention that overdraft is designed for short term borrowing money especially for cases that really need money for a certain time; with monzo the interest is low and if the user pays it back as soon as possible, it will be cheaper than what it should be. The limitation for customers to get the overdraft from monzo is 1000 pounds and the user should be eligible for this according to the monzo’s terms and conditions. As soon as the users will be eligible to get the overdraft, they will be able to choose their overdraft variable between 19%, 29% and 39% variables. Should be noted that users always be able to check the eligibility, the amount of overdraft and all interest by their mobile phone and with the monzo mobile app.
Conclusion
Surely, the value of the monzo and its idea, in the time of difficulties like covid-19, now is more bold than before. All services of monzo with the feature of providing overdraft, made this platform more unique than before among its kind and it can continue this way in its future updates.
