‍Can I Buy Bitcoin with Monzo Bank?‍

Monzo Bank does not directly facilitate cryptocurrency purchases within its banking services. However, users can transfer British Pounds (GBP) from their Monzo accounts to FCA-registered crypto exchanges in the UK.

Customers can securely deposit funds into crypto exchanges through regular banking methods. These typically include Faster Payments transfers, bank wire transfers, or debit card deposits, enabling straightforward access to digital asset markets.

How to Buy Crypto with Monzo

Monzo Bank customers looking to invest in cryptocurrency can easily transfer British Pounds (GBP) into reputable cryptocurrency exchanges regulated by the UK's Financial Conduct Authority (FCA).

eToro (UK) Ltd is authorised by the FCA under Firm Reference Number: 583263. It allows deposits through bank transfers, Faster Payments, debit cards, and e-wallets.

Follow this step-by-step guide on how to buy cryptocurrency using Monzo Bank and eToro:

1. Open Account: Visit the eToro website, sign up for a new account, and complete the required identity verification (KYC).
2. Deposit Funds: Head to the deposit page, choose your preferred payment option, such as a Faster Payments bank transfer from your Monzo account.
3. Choose Cryptocurrency: Navigate eToro’s available cryptocurrencies, select your preferred asset, such as Bitcoin (BTC) or Ethereum (ETH).
4. Complete Purchase: Enter the GBP amount you wish to invest, carefully review the transaction details, and confirm your purchase to receive your cryptocurrency.

Monzo Bank Cryptocurrency Policy

Monzo positions itself as a crypto-friendly bank, allowing customers to send funds into crypto platforms registered with the Financial Conduct Authority (FCA), though it doesn't offer in-app trading or crypto storage. While most transactions go through seamlessly, Monzo may occasionally block payments flagged as high risk. 

To protect customers against fraud and ensure adherence to regulations, Monzo sets thresholds on crypto-related payments. For instance, users have reported a rolling monthly limit of around £5,000 for transfers to FCA-regulated exchanges, although higher-value transactions may be reviewed on a case-by-case basis.

Alternative Crypto Exchanges for Monzo Customers

Monzo Bank customers seeking reliable cryptocurrency exchanges have several FCA-approved platforms available in the UK to choose from:

• Kraken: Kraken accepts GBP deposits directly from Monzo accounts through Faster Payments or bank transfers. The platform supports over 500 cryptocurrencies, with transparent trading fees between 0.16% and 0.26%.
• Uphold: Uphold facilitates easy GBP deposits from Monzo via bank transfers or debit cards. It offers more than 250 crypto assets and maintains transparent trading fees, typically between 0.8% and 1.2% per transaction.
• Coinbase: Coinbase is another trusted, regulated option that enables GBP deposits from Monzo Bank through bank transfers or debit cards. Users can trade more than 250 cryptocurrencies with straightforward, volume-based fees averaging around 0.2%.

Monzo customers should consider each exchange’s deposit methods, cryptocurrency range, fee transparency, and security standards before making a selection.

About Monzo Bank

Monzo Bank is a UK-based digital challenger bank founded in 2015 that transformed personal finance through a mobile-first model. Operating entirely via its app, Monzo offers fee-protected current accounts, budgeting tools, real-time spending alerts, seamless payment features, and intuitive spending categories. 

As one of Britain’s largest neobanks, it has over 12 million customers and reported revenues approaching £1.2 billion in 2024–25, with sustained profitability across consecutive years.

Final Thoughts

While Monzo Bank doesn't offer direct cryptocurrency trading, it provides straightforward pathways to invest securely through FCA-regulated exchanges. 

Before proceeding, Monzo customers should carefully verify each exchange’s fees, crypto offerings, and compliance with UK financial regulations to confidently manage their digital asset investments.