Challenger bank Monzo has launched Monzo Split, a new bill Monzo Split lets you share the cost of purchases and track what others owe, all within the app. It’s free to use and available to all Monzo customers. It offers two main ways to manage shared spending: 1) Single Split is best for one-off costs such as a taxi fare or dinner. You enter the total, choose who to split it with and Monzo calculates what each person owes. 2) Running Split is aimed at ongoing or group expenses, such as a shared holiday or household bills. You can add multiple payments over time and settle up when you’re ready. You don’t need to be a Monzo customer to take part as anyone can be invited to join a split as a guest via a link. They will be able to add their share and mark payments as paid. Monzo also offers automatic reminders to nudge people who haven’t paid. Customers on the bank’s paid plans can connect other bank accounts to manage expenses across different cards.splitting feature it says takes the hassle out of shared spending. Most banks allow you to send and receive money through their online and mobile banking platforms. Some have introduced extra features to make this process smoother. While these features are useful for simple one-off payments, they don’t go as far as Monzo Split. They don’t track multiple expenses, keep a running total or send reminders to people who haven’t paid.
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