Monese is a financial service provider based in the United Kingdom. It provides instant current accounts and money transfer services in the UK and the Eurozone. Monese was founded by Norris Koppel, an Estonian entrepreneur in 2013. Its first product (an instant mobile current account) was launched on 21 September 2015.


Monese bank UK

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’s 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’s Customers

To receive banking services from Monese, you must live within the European Economic Area (EEA). However, the bank is constantly expanding its reach to appeal to more customers. You can access Monese and open an account with or without a UK address, a credit history, or fixed income. The account opening process can be completed in less than 3 minutes. You can open a bank account in GBP or EUR.


How Monese Customer Support Works

The customer support team is always ready to assist customers. In case of any query, you can contact Monese via the Monese App or through email on [email protected] You can also call +44(0) 1706 304 001. They are always available from 8:00 AM-5:00 PM UK time Monday to Friday.

How Monese Works

It works like a traditional banking system, but it is more streamlined. Monese is a digital-only bank managed through the app. The app has multiple tabs focused on different aspects of your account. Let’s take a look at what Monese bank offers its customers.

  • The Monese account. It can be used as your current banking account. This account offers services like account transfers, direct debits, budgeting, recurring payments, and unlimited transactions. A Monese forex transfer service lets you send money internationally. You will pay a transfer fee of between 0.5% and 2% if you do not have a top-class account, which costs £14.95 per month.
  • Monese contactless debit card. This is a pay as you go debit card that you can use to pay for items and services. This card is accepted in over 200 nations by merchants that take MasterCards. It has no foreign transaction fees. You can apply for a Monese contactless debit card from your bank account at the post office or PayPoint locations. The merits of this card are; you can transfer money over 25 countries, and change currency at the base of interbank rate. Add Monese to your phone’s wallet and make fast and secure contactless payments with Apple Pay or Google Pay.

Monese currency exchange fees differ depending on your plan. Fees run from free to 2% of the exchanged amount. The fees are as follows:

  • For the Simple Plan. £0 a month: 2% currency exchange fee (£2 minimum)
  • The Classic Plan. £4.95 per month:0.5% currency exchange fee (£2 minimum)
  • The Premium Plan. £14.95 per month. No currency exchange fee

Pros and Cons of Monese


  • It is easy to open an account
  • You can transfer funds to over 25 countries
  • Monese provides the best exchange rates
  • You can create a bank account without a UK address


  • Currency exchange fee depends on the subscription
  • You cannot put your savings in a separate account and earn interest on them
  • You must have a UK current account
  • You can only transfer pounds to other countries


Monese bank UK

You should not worry about the safety of your money. Monese makes security a priority. Your money is always safe behind a passcode that can be changed any time, and you are logged out after 20 minutes of inactivity.

Does Monese Have An App-Only Or Both App And Website?

Monese has both app and website. To open and manage a current account, you must install the app on your Android or iOS smartphone. The Monese Android app has been available since Monese’s public launch on 21 September 2015, and the iOS app was launched on 28 July 2016.

Languages Supported By Monese App

The Monese multi-language customer support team is always on hand to offer any assistance to customers. The app can be used in any of the following 14 languages: English, Lithuanian, Spanish, Estonian, Brazilian Portuguese, Polish, German, Bulgarian, Turkish, Italian, Romanian, Czech, French, and European Portuguese. You can contact the support team via phone, email, or chat.

Monese Business Bank Account

virtual bank UK

Monese offers business bank accounts. If you own a UK-registered business, a Monese business account is easy to open. The business account features a free contactless debit card, invoices, and expense reports. You can also make cross-border payments quickly and at great rates with this account. A Monese business account costs £9.95 per month.

Monese Online Customer Reviews

Monese is, without a doubt, an outstanding financial provider. Just six months after being in the market, customers were writing great reviews about its services. It has excellent reviews on Trustpilot. It has been rated 4.4 out of 5 based on 13,571 reviews, with a satisfaction score of 8.9 out of 10. In the 2016 European Fintech Awards, Monese was awarded Best Challenger-Bank.