Monzo Ireland: the coral card, fees and what you get
Monzo launched Irish accounts in April 2026 — Irish IBAN, CBI-regulated, 1.8% AER savings, no FX fees. What the card does and where the limits are.
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Monzo is the newest bank in Ireland, and for once the word “bank” is doing real work. When it launched here on 14 April 2026 it arrived with a full banking licence — Monzo Bank Europe DAC, regulated by the Central Bank of Ireland — rather than the e-money licence most app-based rivals started with. Around 100,000 people were on the waiting list before it opened.
That matters for two practical reasons: you get a free Irish IBAN (no more explaining a foreign IBAN to a payroll department), and eligible deposits are protected up to €100,000 under the Deposit Guarantee Scheme.
What you get
- A current account with no maintenance fees. No monthly charge, no per-transaction fees. That undercuts AIB and Bank of Ireland at €6 a month and PTSB’s €8.
- A Mastercard debit card with no foreign transaction fees — Monzo passes Mastercard’s exchange rate straight through.
- Savings at 1.8% AER (variable) from €1, instant access. DIRT applies, as it does to any Irish deposit interest.
- Joint accounts (both people need to be Monzo customers), business accounts and an under-16s account for children aged 6–15.
The limits worth knowing
- ATM withdrawals: free up to €300 every 30 days in Ireland and the rest of Europe, then 2.5% (minimum €1). Heavy cash users will feel this — the pillar banks don’t cap ATM use, though the 12c government ATM stamp duty applies everywhere.
- No credit products yet. At launch Monzo Ireland offers no credit card, overdraft, loan or mortgage. If you want a credit card from an app-first provider, Revolut now issues one in Ireland.
- App-only. No branches, and cash lodgements are more awkward than with a bank that has counters or An Post access.
Monzo or Revolut?
The honest split, based on what each actually offers in Ireland today:
| Monzo | Revolut | |
|---|---|---|
| Irish IBAN | Yes | Yes |
| Deposit protection | €100,000 Irish DGS | €100,000 (Lithuanian DGS) |
| Savings | 1.8% AER, instant access | Varies by plan |
| Credit card | No | Yes — 17.99% APR |
| Free ATM allowance | €300 / 30 days (IE + Europe) | Depends on plan |
| Monthly fee | €0 | €0 on Standard; paid tiers for more |
Revolut is several years ahead on features in Ireland — credit card, loans, trading, paid tiers. Monzo’s pitch is simpler: a genuinely free, Irish-regulated current account with better savings interest than the pillar banks’ demand deposits, and a debit card that costs nothing to use abroad. Plenty of people will end up holding both and letting salary and savings sit with whichever they trust more.
Frequently asked questions
Is Monzo available in Ireland?
Yes. Monzo launched Irish personal, joint, business and under-16s accounts on 14 April 2026. You apply in the Monzo app and get an Irish IBAN.
Is Monzo safe to use in Ireland?
Monzo Bank Europe DAC holds a full banking licence and is regulated by the Central Bank of Ireland. Eligible deposits are protected up to €100,000 under the Deposit Guarantee Scheme — the same protection you’d have at AIB or Bank of Ireland.
Does Monzo charge foreign transaction fees?
No. Card payments abroad get Mastercard’s exchange rate with no added FX fee. ATM withdrawals are free up to €300 every 30 days in Ireland and Europe, then charged at 2.5% (minimum €1).
Does Monzo Ireland offer a credit card?
Not yet. At launch Monzo Ireland offers no credit card, loans or mortgages. Revolut is currently the only app-based provider issuing a credit card in Ireland.
Can my child have a Monzo card?
Yes — the under-16s account covers ages 6 to 15, with parental controls. It’s one of the few options for Irish kids, since UK favourites like GoHenry and Rooster Money don’t accept Irish residents.