How to Buy Bitcoin & Crypto with Monzo Bank

Key Takeaway: Monzo Bank does not offer direct crypto trading but allows GBP transfers to FCA-regulated exchanges like Uphold. This method ensures instant, fee-free deposits, making it the most efficient way to buy Bitcoin with Monzo. 

However, Monzo restricts transactions to personal crypto wallets, so users must trade within compliant platforms.

How to Buy Bitcoin with Monzo Bank

Monzo Bank does not offer direct cryptocurrency trading. However, customers can transfer GBP from their Monzo account to FCA-registered crypto exchanges in the UK.

One of the most accessible platforms is Uphold, a London-based exchange that supports over 300 cryptocurrencies and is regulated by the Financial Conduct Authority (FCA).

Step-by-Step Guide to Buying Bitcoin with Monzo and Uphold:

1. Create an Account – Sign up on Uphold, complete KYC verification, and secure your account.
2. Deposit GBP – Go to the Funding section, select Bank Transfer, choose Monzo Bank, and follow the steps to deposit GBP.
3. Buy Bitcoin – Navigate to Bitcoin’s trading page, ensure your deposit currency is GBP, and enter the amount you wish to buy.
4. Confirm Purchase – Review the details, finalize your order, and your Bitcoin will appear in your Uphold wallet.

Monzo Bank’s Policy on Crypto Transactions

Monzo Bank allows customers to send GBP to regulated cryptocurrency exchanges but does not offer direct crypto trading or wallet services. Here’s what you need to know about Monzo’s stance on crypto transactions:

• No Direct Crypto Transfers – Monzo does not process transactions to or from personal cryptocurrency wallets. Deposits from external crypto wallets will be rejected.
• Supports FCA-Regulated Exchanges – Customers can transfer funds to UK-based exchanges that comply with Financial Conduct Authority (FCA) regulations.
• Account Verification Required – To fund a crypto exchange account, users must have an active Monzo account and may need to verify transactions for security purposes.

Monzo’s policies may change based on evolving regulations, so it’s best to check their latest guidelines and ensure your chosen exchange remains compliant with UK laws.

Best Deposit Methods for Monzo Bank

The most cost-effective way to fund a crypto exchange account from Monzo Bank is through Faster Payments (FPS). This method offers instant transfers, zero fees, and no deposit limits. Here’s a breakdown of deposit options when using Uphold or similar FCA-regulated platforms:

• Faster Payments (FPS) – Instant, free GBP transfers with no deposit limits, making it the best option for Monzo users.
• SEPA (Single Euro Payments Area) – Free for EUR deposits but takes 1–3 business days to process.
• Debit/Credit Card, Apple Pay, Google Pay – Instant but limited to £15,000 daily, £15,000 weekly, and £50,000 monthly.

For withdrawals, FPS also enables free and near-instant GBP transfers back to Monzo Bank, ensuring quick access to funds.

What is Monzo Bank?

Monzo Bank is a UK-based digital bank with over 8 million users, known for its app-first approach and crypto-friendly policies that allow GBP transfers to regulated exchanges. 

It offers real-time spending alerts, budgeting tools, and fee-free international transactions, making it a popular choice for modern banking. Key services include Monzo Plus and Monzo Premium for enhanced features, as well as Monzo Business for freelancers and small businesses. 

Conclusion

Monzo makes it easy to fund crypto exchange accounts through Faster Payments, allowing free and instant GBP transfers to FCA-regulated platforms. 

While the bank doesn’t support direct crypto trading or wallet services, users can buy Bitcoin and other assets through compliant exchanges like Uphold. 

As regulations evolve, staying informed about Monzo’s crypto policies ensures seamless transactions and compliance with UK financial laws.