Monese is a multicurrency digital bank with European account details (IBAN) as well as a British sort code that supports SEPA payments. You can open EUR or GBP current accounts with Monese, send, save and spend money. You can download the Monese app available on Google Play and Apps Store. With the Monese app, you can manage multiple Monese accounts with a single app. You can use the app to spend, end and manage money.
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Benefits of a Monese Bank Account
Monese is an ideal bank for you if you live abroad, looking for an easy-to-access bank account in Europe or in the UK, and if you are a traveler or a digital nomad. You can integrate your Monese current account with contactless payments like Google Pay and Apple Pay, as well as online wallets such as PayPal.
- You can open a personal account, joint account and Monese business account for UK registered businesses as well as spend, send and save like a local in 20 countries.
- Monese bank is ideal for you if you are a frequent traveler and want to spend or manage money while away from home. You can use it to open a multicurrency account in GBP, EUR and RON.
- You can view and manage two accounts in two separate currencies simultaneously, a European IBAN account in Euro and a full UK GBP account with a sort code.
Your European Monese bank account number is Belgium-based (it’s a Belgium IBAN). If needed for you, you can also apply for a French-based account number. You can use both for free transfers in the SEPA zone, and to receive money from any bank account based in an EU or EEA country. This means you can use this bank account in any European based country, including the UK.
How Monese Bank Works
Monese is a digital only bank. You can access its services through an app or any browser. You can make payments, send, receive money and set recurring payments using Monese account. Furthermore, you can also pay your bills using Monese bank. The account also includes virtual payments cards from Mastercard that you can use to make online payments.
Monese current account comes with a dedicated European account number and sorting codes, which makes it easy to get paid directly into your Monese account if you are within EEA. You can also transfer funds at low currency exchange rates. You can link a contactless debit card to your Monese account that you can use to withdraw funds from ATM and pay for goods and services when you are traveling.
Monese Account Types: You can open a Monese personal account, a joint account and a Monese business account while manage the separate accounts from the same app.
How to Open Monese Bank Account
You must be 18 years old and above to open a Monese account. You need to sign up on Monese website or download the Monese app from the App Store or Google Play Store. After you have clicked on Open free account, you will need to enter your email and verify your phone number, and then you will have to be ready to take a photo of your ID document(s). Monese accepts Identity card (picture must be taken of the front and the back of your ID), passport and residence permit card. Monese currently does not accept Driving Licenses for Monese account creation.
You can sign up for a free Monese account without credit checks or needing to have an official physical address. Your address can be verified through the app, and you do not have to send any proof of address.
Monese Personal Account Review
Monese has three plans for personal accounts. It also offers joint accounts. Monese Simple Plan is the first available option at Monese and is for free. The paid versions called Classic Plan and Premium Plan and offer more services, benefits, and features.
Here’s the breakdown of Monese plans:
- Simple Plan. It is free and international transfers cost a 2.5% fee and an additional 1% on weekends. To get a card for the first time, you need to pay £/€4.95 while ATM withdrawals cost a £/€1.5 fee. Cash tops cost 3.5% fee.
- Classic Plan. It costs £/€5.95 while international transfer costs 0.5% fee. Local transfers and first card delivery are free. You get £/€500 free monthly ATM withdrawals and £/€400 free cash tops.
- Premium Plan. It costs £/€14.95 while international and local money transfers and first card delivery are free. You get £/€1,500 free monthly ATM withdrawals and £/€1,000 free cash tops.
How to Add Money to Monese Account: You have several options for adding money to your Monese account. These include: using an instant top-up with a credit or debit card, topping up with cash at any UK Post Office, PayPoint or Paysafecash location. You can also make an incoming bank transfer, transferring money between your EUR, GBP and RON accounts, and also instant bank transfer from a linked UK bank account. Additionally, you can request payments from your friends or get your salary paid directly into your Monese account.
Monese Fees
| Service | Simple | Classic | Premium |
|---|---|---|---|
| Monthly fee | £/€0.00 | £1.95 £/€5.95 | £/€14.95 |
| Card delivery | £/€4.95 | Free | Free | Free |
| ATM withdrawal | £/€1.5 | £/€500 Free monthly | £/€1,500 Free monthly |
| Cash top-ups | 3.5% fee | £400 free monthly | £1,000 free monthly |
| International transfers | 2.5% fee, additional 1% fee | From 0.5% | Free |
| Card spending in foreign currencies | £2000 free monthly | Free | Free |
Monese Joint Account
You can open a joint account with Monese for UK residents. It is usually connected to a personal account. You need to first open a personal Plus account. It will cost you £9.95 to open a personal Plus account and UK joint account. Monese joint account comes with 2 Monese contactless MasterCard debit cards.
Monese Cards
Once you have opened your Monese bank account, you can create Monese virtual card and order a contactless MasterCard debit card. You can use the card online, withdraw cash from ATMs, or use it for in-store shopping. The Monese debit card is accepted in 200 countries and by major retailers. You can use the Monese debit card as a prepaid card. You can set a budget and the card will ensure that you do not exceed the amount.
Monese Integrations
- Monese Avios Integration. You can integrate your Monese account with Avios to spend money at selected retailers and selected travel companies. Avios is used for rewards like hotel bookings and flights once you have collected enough.
- Monese Apple Pay. You can use your Monese account to make payments in person using your iPhone or iOS where Apple Pay is accepted. With just a tap on your phone, you can pay for goods and services in many shops and retailers around the world.
- Monese Google Pay. You can use Monese account to make contactless in-store payments, secure online payments where Google Pay is accepted. It uses security features like touch ID and face ID.
Monese FAQ
Is Monese a Real Bank?
Monese is an electronic money institution that is regulated by the Financial Conduct Authority. It does not have a banking license. It is not covered by the Financial Services Compensation Scheme (FSCS) that covers customers' deposits of up to £85,000. Hence, it has to keep its money in a separate account from that of its customers in a UK bank.
Is Monese Safe?
Monese is regulated by the Financial Conduct Authority FCA in the UK and the National Bank of Belgium in Belgium. For this reason, Monese maintains high-security standards. It also uses single device access that prevents fraudsters from accessing your money. Monese has also developed encryption and authentication like 3D secure, Face ID biometric recognition and touch ID. Monese ensures the security of customers’ funds by storing them separately from their own money.
Monese Supported Countries
Monese is supported in 20 countries. They include Austria, Belgium, Cyprus, the Netherlands, Portugal, Slovakia, Slovenia, Estonia, Luxembourg, Malta, Spain, Finland, France, Germany, Greece, Ireland, Italy, Latvia, Lithuania, and the UK.
Monese Supported Languages
Monese app supports 14 languages, and they include English, Bulgarian, Czech, French, German, Italian, Lithuanian, Polish, Portuguese, Romanian, Spanish, & Turkish.
Monese Headquarters
Monese has its headquarters in London, United Kingdom. It also has offices in Tallinn, Lisbon, and Berlin. Monese has no physical branches.
Monese Banking License
Monese is regulated as electronic money regulations by the Financial Conduct Authority (FCA). It does not have a banking license. Koppel says there is a reason they want to avoid being regulated as a bank; they see Monese as a global light banking service. They want to be an inclusive banking service and serve customers globally.
What's Monese sort code?
To see your Monese sort code, open the Monese app and tap on the Details button on the home screen. You'll find your sort code and account number for your GBP account, or the account number for your EUR or RON account.
How do I close Monese account?
To close your Monese account, log in to the app, navigate to the Account tab, and tap on "Close account." Provide a reason for closure and confirm. Monese will send an email confirmation, and the account will be closed within 10 working days. Remember to have a balance of £0, clear pending transactions, and cancel your Monese card if you have one.
Monese Alternatives
Monese is an online bank that you can use to open a personal account, joint account and Monese business account for UK registered businesses. Monese is an ideal online bank for people who spend money away from home. Monese makes traveling, managing and spending while away easy.
However, if Monese doesn’t suit your needs, but you are interested in the service that Monese offers, then you can check out these financial services that you may find similar to Monese:
| Bank Name | Residents Served |
|---|---|
| Monzo | UK only |
| Revolut | US, UK, EU, and more |
| Wise | US, UK, EU, and more |
| Starling Bank | UK only |
| Bunq | EU, EEA |
