Can I use Monzo in India?

Planning a trip to India? Perhaps you’re heading off on holiday, or visiting friends and family there.

Before you travel, you’ll need to find the best way to spend in Indian rupees during your overseas trip.

One option is Monzo, the popular British online bank. But the crucial question is - does Monzo work in India? Find out everything you need to know here in this handy guide.

Monzo is also a trusted partner of Wise Platform. Through our integration, customers of Monzo are able to benefit from the same fast and convenient payments as Wise customers, all from within their existing app.

Learn more about Monzo

Does Monzo work in India?

Yes, Monzo does work in India. It is a bank based solely in the UK, and not an international operation. But despite this, Monzo does let personal customers use their accounts and debit cards in other countries - including India.

So, you’re fine to use Monzo for holiday spending, and it’s not necessary to tell the bank in advance that you’ll be going abroad.¹

Can I use my Monzo card in India?

You can use your Monzo debit card in India, wherever you see the Mastercard symbol. This means you can pay at restaurants, shops, supermarkets and transport hubs.

You can also withdraw cash at Indian ATMs using your Monzo debit card. This can be helpful in case you need some Indian rupees on you, for places where cards aren’t accepted. But if you’re travelling outside of the EEA, you’ll be limited to withdrawals of £200 per 30 days - after which a fee applies.¹

Are Indian rupees supported for spending, and how does currency conversion work?

Indian rupees are supported for spending with your Monzo debit card.

Here’s how currency conversion works. When you spend in India, your pounds are automatically converted to Indian rupees (INR) by Mastercard, the card provider. Monzo uses Mastercard’s exchange rate, and doesn’t add any mark-ups or hidden charges on top. This means that you get a pretty good rate¹

Just remember the golden rule when using a UK debit card to spend or take out cash abroad - always pay or withdraw cash in the local currency.

If you choose to pay in GBP instead, the vendor or ATM operator may use their own exchange rate for the currency conversion. This is unlikely to be favourable for you, and could in fact be quite expensive.

📚 Read more: How to make international payments with Monzo: A guide

Fees for using Monzo in India¹

The great news is that Monzo doesn’t charge foreign transaction fees when you spend in another country using your UK debit card. This includes India.

However, there are some limits to be aware of when it comes to ATM withdrawals.

You can withdraw up to £200 a month while in India without paying any Monzo fees. This limit applies to ATM withdrawals in any other country outside the EEA. But if you exceed this, there’s a 3% fee to pay.

It’s also good to keep an eye out for fees charged by ATM operators too.

Can I open a Monzo account in India?

No, unfortunately you can’t open a Monzo account while living in India. As Monzo is a British bank, it only offers its accounts to UK residents who live in the UK permanently.¹

📚 Read more: How to open a Monzo account?

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And that’s it - now you know everything you need about using your Monzo card in India.

If you’re looking for a UK bank account and love managing your money on your mobile, Monzo is a great pick. You can also take advantage of its partnership with Wise to send money overseas.

Also, if you need the ability to handle several currencies at once (if you’re living or working between countries, for example), the money services provider Wise can be a good fit. With the Wise multi-currency account, you can send and spend in 40+ currencies and receive money like a local in over 9 currencies, including EUR and USD. It’s not a bank account but offers many similar features.

Sign up with Wise today 💰

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Sources used:

1. Monzo - Travel

Sources last checked on date: 12-Feb-2024