Monese is a digital bank that you can use to open a personal account and business account. With Monese business account, you can manage and separate your personal finances from business finances from one app. You also get to move money like a local and send money internationally. You can easily track your business and personal finances from the Monese app.
What’s Special About Monese Business Account
- Send and receive payments like a local with the UK Faster Payments network. And payments between Monese accounts are always free, no matter the currency.
- Add funds to your business account from another bank, another Monese account or even cash.
- You get a contactless Mastercard Monese business card.
- Save money for your business with Monese pots. In addition, round up your transactions by up to 10 to help you reach your savings goals even faster.
- Link your Monese account with PayPal to track your PayPal balance and transactions.
- 1 How to Sign up for Monese Business Account
- 2 How Monese Business Account Works
- 3 Features of Monese Business Account
- 4 Monese MasterCard Debit Card
- 5 Monese Business Account Fees
- 6 Monese Business Account Supported Countries
- 7 Business Loans
- 8 Monese Customer Support
- 9 Is Monese Safe?
- 10 Monese Business Account Supported Languages
- 11 Monese Reviews
- 12 Monese Business Account Pros and Cons
- 13 Cons
- 14 Monese Alternatives
- 15 Summary on Monese Business Account
How to Sign up for Monese Business Account
To open Monese business account, your business must be registered in the UK. However, you can live anywhere within the EEA. Sole traders cannot open a Monese Business account. Instead, they are encouraged to use the Monese Personal account, since UK tax laws do not require sole traders to use a separate account for business funds.
To sign up for a Monese business account, you need to download the Monese app on Google Play or App Store. Follow the signup process and by entering the required details like email, phone number and create a password. You must first create a Monese personal account before creating a Monese business account. Once the personal account is approved, you can add a Monese business account.
Once you are logged in to your personal account using the app, you can add a Monese business account. Follow the sign-up process and enter the required details and wait for the account to be approved.
How Monese Business Account Works
Monese allows you to open a business current account, enabling you to separate your personal finances from business finances. When you open Monese business account, you will get the account number and sort code after a short time. When you open Monese business account, by default, it will have a maximum limit of 50,000. After three months, you can apply for a higher plan with a maximum limit of 100,000. These two plans have the same pricing.
You can use a Monese business account to send, receive, hold and spend money abroad. You can deposit money to your Monese business account in Post Offices and PayPoints.
Features of Monese Business Account
Monese business account has a wide variety of features to enable your business to access all banking services. Monese business account has the following features:
Monese Banking App
You can download the Monese app available for Android and iOS devices. You can manage your business account and personal account from a single app. With a Monese app, your business benefits with the following features.
- Invoicing. You can send electronic invoices from the Monese app and add invoice details like products and services, due date and reference name.
- Get notifications. You can get notifications on your business spending and every transaction through the Monese app.
- Bank statements. You can export and view your business bank statements using the Monese banking app.
- Manage cards. You can order a debit MasterCard for your business using the Monese app. You can also lock the card using the app in case it gets lost.
- Send and receive money. You can receive and send money within UK and internationally using Monese app.
Monese MasterCard Debit Card
You can order Monese MasterCard debit card via the Monese app. You can use the card in-store, online shopping and in ATMs worldwide. You can also make contactless payments using a Monese debit card. You can easily access your business funds with Monese MasterCard debit card. You can also use the card to spend abroad and withdraw money from ATMs where MasterCard is accepted. You can lock your card using Monese in case it is lost.
Monese Business Account Fees
You can expect the following fees when using Monese business account.
- Monese business account: £9.95 per month
- Free contactless debit card
- 6 free ATM withdrawals every month
- ATM withdrawals exceeding 6 costs £1 per withdrawal
- Overseas ATM fees: £4
- Free currency conversion between Monese accounts
- Currency conversion between non-Monese accounts: 0.5%, £2 minimum fee
- Cash deposits at PayPoints: 2.5% with a minimum fee of £1
Monese Business Account Supported Countries
To open Monese business account, your business must be registered in the UK. However, once you have opened the account, you can use it from any country where Monese is supported. Monese supported countries include Austria, Belgium, Cyprus, Italy, Latvia, Lithuania, Portugal, Estonia, Finland, Luxembourg, Malta, the Netherlands, France, Germany, Greece, Ireland, Slovakia, Slovenia, Spain and the UK.
Monese does not offer business loans directly but has partnered with Iwoca to offer business loans. To qualify for the loan, your business needs to have a minimum turnover of 10,000 and should have been registered in the UK for the last 3 months. If approved for the loan, the Iwoca business loan will be deposited into your Monese business account.
Monese Customer Support
Monese has a responsive and multilingual customer support. You can reach Monese customer support via phone and email. You can call them on weekdays between 8 am and 5 pm. You can also reach them via live chat on the Monese app during office hours.
Is Monese Safe?
Monese is a digital-only bank and is licensed by the Financial Conduct Authority to operate as an electronic money institution in the UK. However, it is not covered by the Financial Services Compensation Scheme (FSCS) that covers deposits of up to £85,000.
Monese has security features like 3-secure, biometric login and encryption to secure your business finances and personal data. You also get notifications for any transaction in your Monese business account. If your Monese debit card is lost, you can lock it using Monese app.
Monese Business Account Supported Languages
Monese business supports 14 languages. They include English, French, German, Brazilian Portuguese, European Portuguese, Bulgarian, Italian, Spanish, Romanian, Polish, Czech, Turkish, Estonian and Lithuanian.
At the time of writing, Monese app is highly rated on the App Store with 4.8 stars out of 5. It was rated by over 38,000 reviewers. On Trustpilot, Monese is a rated at 3.7 out of 5 rating by over 19,000 reviewers. Monese has been praised for excellent customer service and excellent mobile app. However, a few people complained about blocked accounts.
Monese Business Account Pros and Cons
- Manage your business and personal finances from a single app
- Invoicing features and money management features
- Competitive currency conversion fees
- Cash deposits using Post Offices and PayPoints
- Free cash withdrawals every month
- Your business must be registered in the UK to open an account
- You must have a Monese personal account to open a Monese business account
- Does not integrate accounting software like Xero
Other online banks you can explore for business accounts include the following:
Summary on Monese Business Account
If you have a business registered in the UK, you can open Monese business account. You must first open Monese personal account before opening Monese business account. With Monese business account, you can easily apply for Iwoca business loan and have it deposited in your Monese business account. Monese business account is suitable for small and medium businesses. Some business types are not accepted by Monese such as charities, cryptocurrency trading, financial services, adult industries, and precious stones and metals.