Monese is a multicurrency digital bank with IBAN, sort code that supports SEPA payments. You can open EUR or GBP current accounts with Moneese, send, save and spend money. It is an ideal bank for you if you are a traveler or a digital nomad. You can integrate your Monese current account with contactless payments like Google Pay, Apple Pay and PayPal. You can sign up for a Monese account without a physical address or credit checks.
What’s Special About Monese Bank
- 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 are able to view and manage two accounts in two separate currencies simultaneously, a European IBAN account in euros and a full UK GBP account with a sort code.
Contents
- 1 How Monese Bank Works
- 2 Monese Account Types
- 3 How to Add Money to Monese Account
- 4 Monese Card Review
- 5 Monese Avios Integration
- 6 Monese Apple Pay
- 7 Monese Google Pay
- 8 Monese App Review
- 9 Monese Fees
- 10 Is Monese Safe?
- 11 Is Monese a Real Bank?
- 12 Monese Supported Countries
- 13 Monese Supported Languages
- 14 Monese Headquarters
- 15 Monese Banking License
- 16 Monese Alternatives
- 17 Conclusion
- 18 Read More
How Monese Bank Works
Monese is a digital bank and you can access its services through an app or web. You can make payments, send, receive money and set recurring payments using Monese account. You can also pay your bills using Monese bank. Monese current account comes with a dedicated 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.
How to Open Monese Bank Account
You must be 18 years old and above to open 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 need to be ready to take a photo of your ID document(s). Monese accepts Identity card (picture needs to be taken of the front and the back of your ID), passport and residence permit card.
Monese currently does not accept Driving Licences for Monese account creation. If the only form of identity you have is Driving Licence, the bank will not be able to offer you an account.
Monese Account Types
You can open a Monese personal account or Monese business account and manage the two accounts from a single app.
Monese Personal Account Review
Monese offers three personal accounts and one joint account. The personal accounts include:
- Starter 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 £/€1.5 fee. Cash tops cost 3.5% fee.
- Essential Plan. It is only available in the UK. It costs £/€1.95 while international transfer costs 2% fee and an additional 1% fee on weekends. Local transfers and first card delivery are free. Cash top-ups cost a 3.5% fee and you get £/€200 free monthly ATM withdrawals.
- 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 £/€500 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 £/€1,500 free cash tops.
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 Business Account Review
Monese business account is supported for businesses registered in the UK only. If you have a business registered in the UK, you can sign up and manage funds through the Monese mobile app and a prepaid MasterCard. You just need to sign up for a Monese business account online and you don’t need extra documents or phone calls.
You can manage and track your business spending using the Monese mobile app. You can also manage your Monese business account together with Monese personal account using a single app. Monese business account comes with budgeting features relevant for SMEs. You can use the business account to make and receive international payments and send invoices. You can use a contactless MasterCard debit card for business for in-store shopping around the world. You can also use it to withdraw money from ATMs and pay with a tap.
With Monese business account, you can make direct debits and payments through UK faster payments network. You can also use it to spend, send and receive money in local currency. You can use Monese business account to send money to over 30 countries. You can also create business invoices via the app and send them to your clients.
How to Add Money to Monese Account
You can top up the Monese account using a bank transfer or visit more than 40,000 PayPoint or Post Office locations across the UK to top up your account for free.
Monese Card Review
Once you have opened a Monese bank account, you can 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 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 App Review
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. You can link your Monese account with your PayPal account via the Monese app.
Monese Fees
Monese charges the following fees:
| Service | Starter | Essential | Classic | Premium |
|---|---|---|---|---|
| Price per month | £/€0.00 | £1.95 | £/€5.95 | £/€14.95 |
| Card delivery | £/€4.95 | Free | Free | Free |
| ATM withdrawal | £/€1.5 | £200 Free monthly | £/€500 Free monthly | £/€1,500 Free monthly |
| Cash top ups | 3.5% fee | 3.5% fee | £/€500 Free monthly | £/€1,500 Free monthly |
| International transfers | 2.5% fee, additional 1% fee on weekends | 2% fee, additional 1% fee on weekends | From 0.5% fee | Free |
| Card spending in foreign countries | 2% fee | 0.5% fee | Free | Free |
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.
Is Monese a Real Bank?
Monese is an electronic money institution that is regulated by the Financial Conduct Authority. Monese is not a bank. 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.
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 don’t want to be 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.
Monese Alternatives
Some of the other financial services almost similar to Monese that you can use include:
Conclusion
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 very easy.
