Source: https://rivet.global/blog/monzo-business-alternatives-uk
Published: 2026-08-21 · Updated: 2026-11-08 · By Alexia M.

# Monzo Business alternatives for UK companies in 2026

Monzo Business alternatives compared: Starling, Tide, Lloyds, NatWest, Barclays, HSBC and Santander on fees, cash, eligibility and foreign currency.

## Key takeaways

- Monzo Business costs £0 on Lite, £9 a month on Pro and £25 a month on Team, and holds pounds only. Euros and other currencies you receive are converted at a 1% fee, capped at £1,000.
- Monzo accepts sole traders and limited companies by shares that are UK tax resident and have a UK-based director. LLPs and partnerships cannot apply.
- Starling has no monthly fee and accepts LLPs, but needs every person with significant control and every director with access to be a UK resident.
- High street banks charge after a free first year (Barclays £8.50, Santander £9.99, HSBC £10 a month) and are where cash-heavy businesses and borrowers usually go.
- A company paid in dollars or euros needs currency account details more than it needs a different sterling account.

A Monzo Business account costs nothing on Lite and £9 a month on Pro, opens in the app in an afternoon and handles sterling well. Most companies that search for an alternative have hit one of three walls: they take cash and £1 a deposit adds up, a director has moved abroad, or clients started paying in dollars and euros. Each wall points to a different account.

Prices below were read on each provider's own page on 8 November 2026.

## What Monzo Business gives you

| Plan | Monthly fee | Adds |
|---|---|---|
| Lite | £0 | Free UK transfers, cards, cash and cheque deposits, MTD software |
| Pro | £9 (first month free) | Invoicing, virtual cards, accounting sync, tax pots |
| Team | £25, plus £5 per member after six | Bulk payments, expense cards, payment approvals |

Pro customers who opened before 26 November 2024 still pay £5. Cash deposits at PayPoint or the Post Office cost £1 each on every plan. The account is in pounds only: euros and other currencies you receive are converted to sterling with a 1% fee, capped at £1,000 per payment.

Monzo accepts UK sole traders and directors of UK limited companies by shares. The company has to be active at Companies House, earn mostly from selling goods or services, and be tax resident in the UK and nowhere else. LLPs, partnerships, charities and CICs cannot apply.

## The alternatives, side by side

| | Monthly fee | Who can apply | Cash |
|---|---|---|---|
| Starling | £0 | Ltd or LLP; UK-resident PSCs and directors with access; no corporate shareholders | Post Office, 0.7%, minimum £3 |
| Tide | £0 Lite; £12.49 Smart; £27.49 Pro; £69.99 Max | Sole traders and companies | Included on every plan |
| Barclays | £0 for 12 months, then £8.50 | At least one UK resident on the application | 60p per deposit |
| Santander Classic | £0 for 12 months, then £9.99 | UK businesses with up to two directors or owners | See tariff |
| HSBC Business Banking | £0 for 12 months, then £10 | Established businesses, UK tax resident | £1.50 per counter credit plus a percentage |
| NatWest start-up | Two years free everyday banking | Under £1m turnover, trading under a year | See tariff |
| Lloyds | 12 months free for first-time business customers | See Lloyds' eligibility | See tariff |

## If you are leaving because of cash

Monzo's £1 per deposit is cheap for a few deposits a month and expensive for a shop banking takings daily. Starling's 0.7% with a £3 minimum costs more on most deposits. Barclays charges 60p per cash deposit at the Post Office, Barclays Collect or a self-service machine, after a free first year. HSBC is changing its cash pricing on 14 December 2026, when counter cash transactions become free and branch cash rises to 2% of value, so read the new list before choosing it for cash.

## If a director lives outside the UK

This is the wall the app banks share. Monzo wants a UK-based director, Starling wants UK residence for every person with significant control and every director with access, and NatWest's Mettle asks for UK-resident owners. Barclays is looser: at least one person on the application must be a UK resident. A company with no UK-resident officer usually has to look beyond UK banks altogether. Our guide to [UK business accounts for non-residents](/blog/uk-business-bank-account-for-non-residents) covers who accepts them.

## If you are leaving because clients pay in dollars or euros

Swapping Monzo for Starling or Tide changes the app, not the problem. Each is built around a sterling account. A US client still pays by international wire, the money still lands as pounds, and someone still takes a conversion fee on the way. On Monzo that fee is 1% of the payment. On a $20,000 invoice that is about $200 a time before any fee the sender's bank charges.

What fixes it is account details in the client's currency. A US client pays USD details by ACH or domestic wire. An Irish client pays a euro IBAN by SEPA. You choose when to convert, at a rate you can see, or you keep the dollars to pay US suppliers and software bills. Our [UK USD business account](/blog/uk-usd-business-account) guide shows the numbers on a real month.

## Paying into the United Kingdom: the local rail

| What | Detail |
|---|---|
| Local rail | Faster Payments |
| Run by | Pay.UK |
| Settlement | Seconds, 24/7; the scheme limit is £1,000,000, and each bank sets its own |

Bacs still carries most payroll and Direct Debits, on a three-day cycle.

Source: [Pay.UK: Faster Payment System](https://www.wearepay.uk/what-we-do/payment-systems/faster-payment-system/). Checked when this guide was last updated; the scheme's own page has the current figures.

## Where Rivet fits

Rivet is for that last case. It opens accounts for registered companies, including UK limited companies with owners and directors abroad. Starter is free and gives USD account details in your company's name. Growth adds EUR and GBP details and payouts on local rails to 120+ countries, with FX from 0.50% shown before you confirm. USDC and USDT are on every plan.

Rivet does not take cash, does not lend, and is not a bank: regulated partner institutions hold client funds under safeguarding rules, and the FSCS does not cover them. Plenty of UK companies keep Monzo or a high street account for sterling and HMRC and add Rivet for foreign currency. See [Accounts](/accounts) and [how to switch business bank account](/blog/how-to-switch-business-bank-account) if you are moving everything.

## Questions

### What is the best alternative to Monzo Business?

It depends on why you are leaving. Starling is the closest like-for-like app account with no monthly fee. Tide suits sole traders and small companies that want a free plan with paid upgrades. A high street bank suits businesses that bank cash or want lending. For dollar and euro income, add a multi-currency account.

### Can a UK company with a director abroad open a Monzo Business account?

Monzo's eligibility page says the director must be based in the UK and the company must be tax resident in the UK and nowhere else. Starling requires UK residence for directors with account access and for all persons with significant control. Barclays needs at least one UK resident on the application.

### Does Monzo Business have a euro or dollar account?

No. The account holds pounds. Euros and other currencies sent to it are converted to sterling with a 1% fee, capped at £1,000 per payment, according to Monzo's business fee information.

### Is Monzo Business covered by the FSCS?

Yes. Monzo is a bank and lists FSCS protection up to £120,000 on eligible deposits. Payment and e-money firms such as Rivet safeguard client funds instead, which is a different protection.