Last Updated on October, 2024
Suppose you’re struggling to open a bank account in the UK or Europe because you don’t have a good enough credit history in the UK or you don’t have any utility bills to prove that you even live in the UK. In that case, you might have definitely heard people saying this, “Why don’t you open a Monese account?”
Yes, even though Monese isn’t a bank, it will help you make international transfers, pay bills, do free debit card top-ups, and many more.
What I love about Monese is that it has some great features that boring traditional banks don’t have. Excited to know what they are?
Keep reading.
Contents
About Monese
Monese is a financial technology company that offers personal and business accounts to people in 31 countries. You can quickly open an account yourself or with someone else and use tools to build, credit, and access free insurance services.
They also offer a multi-currency account and debit card with both GBP and EUR account details. Romanian citizens can also get an account in Romanian Lei (RON). It was one of the first mobile-only bank accounts to start in the UK.
Norris Koppel started it because he couldn’t open a bank account in the UK. He didn’t have a UK credit history or utility bills. This is a problem for many people who don’t have loans or credit cards or who have just moved and can’t receive a salary or pay bills.
GUESS WHAT? It was also named the best new bank at the European Fintech Awards. It received €1.1 million in funding from the European Commission for research and innovation.
Existing UK bank accounts can also be linked to the Monese app, which is compatible with Apple Pay and Google Pay. However, as Monese isn’t a bank, you don’t get secured from the Financial Services Compensation Scheme (FSCS).
Next, I’ll talk a bit about its features.
Features of Monese
GUESS WHAT? Monese offers a range of features designed to suit various financial needs.
Some of them are as follows:
How Does it Work?
As I told you already, Monese isn’t a bank. It’s a service that’s like having a bank account, but it’s called a money account. You can use it on your phone, and you don’t need much to open it – just your ID card or passport is more than enough.
With Monese, you can do almost everything you would with a bank account. You can store your money, pay for things, receive cash, and even save money.
Getting money into your Monese account is SUPER EASY! You can transfer money from another account, like your salary, or you can go to a Post Office or PayPoint and give them cash to put into your Monese account.
There are some extra things you can do with Monese, too. You can manage your account on your computer, use it with PayPal, or even collect points with Avios every time you spend.
If you want, you can have a joint account with someone else who uses Monese. You can also set up separate ‘pots’ to save money or pay bills. You can also earn interest on your savings.
Note: Monese will report the repayments to the credit reference agencies, which would help to improve your credit score.
Is Monese Legit?
A big fat YES!! Monese is safe and legitimate. They have the licenses required to offer services across Europe, ensuring the safety of your money and to prevent fraud no matter the currency you hold.
Monese Fees
| Category | Details | |
| Debit Card | £4.95 Initial card delivery fee £4.95 replacement card fee | |
Transfers | Monese to Monese account | Free transfers to Monese accounts available (currency exchange fees may be applicable) |
| Monese to other accounts | You get 50 free bank transfers monthly; thereafter, it’s £0.2 per transfer, with possible currency exchange fees | |
| Topping Up | Debit card top-ups free; 3.5% fee (with minimum charge) | |
| Currency Exchange Fees | Transfers between Monese accounts | No fee during the week, and 1% fee at weekends |
| Other transfers | Weekday fees: 2.5% Weekend fees: 3.5% | |
| Card Spending | Make purchases in GBP, EUR, RON, and SEK without fees; for other currencies, there’s a 2% foreign transaction fee to non-Monese bank accounts | |
| Card Withdrawals | Withdrawals incur a £1.5 fee. For currencies other than GBP, EUR, RON, and SEK, there’s a 2% exchange fee with a minimum charge of £2 per withdrawal | |
Monese Limits and Restrictions
| Monese GBP Account Limits | Maximum Limit | |
| Maximum Account Balance | £40,000 | |
Cash Top Ups | Via Post Office | £250 per transaction £500 per day or £1,300 per month |
| Via PayPoint | £249 per transaction £500 per day or £1,300 per month | |
| Debit Card Top-Up | £3000 per day (max 2 top-ups) £3000 per month (max 10 top-ups) | |
| Card Purchase Limit | £4000 per transaction £7000 per day | |
| ATM Cash Withdrawals | £300 per day | |
Monese Personal Account Vs. Business Account
Listen, Monese provides two main types of accounts:
The personal account caters to individuals in the European Economic Area (EEA) and the UK, offering options such as individual and joint accounts.
Within the personal account category, there are three tiers: Starter, Classic, and Premium. The starter plan does not incur a monthly fee, making it suitable for those seeking basic banking services.
However, customers or users can go for the Classic Account, which requires £14.95 per month and offers additional features and benefits.
For personal account holders, cash top-up fees apply, with the Standard plan incurring a 3.5% charge. Despite this, the free account tier includes benefits like the ability to collect Avios points and free top-ups from UK debit cards.
The paid tiers provide further advantages, such as increased fee-free transaction limits and insurance coverage. On the other hand, Monese’s business account, while currently not open for new sign-ups, offers services designed for business needs.
These include international transfers to 30 countries, instant invoice creation, and the ability to request payments through the app.
Plus, the business account aids in separating personal and business finances by allowing spending with a linked card.
Customer Reviews
When I checked Monese’s customer reviews on Trustpilot, they showed 4.3 stars among 41,144 reviews. I was amazed because Monese has mostly positive reviews. I’ll share some random screenshots here.
So that you’ll understand what customers have experienced.
- Customer Review 01:
Best transaction ever among others master card.
I really enjoyed this master card , serves was fantastic and fast in delivering. It gives me the enviable strength and perseverance to patronise with the company.
Kennedy has given a 5-star rating, stating that she had the best transaction ever among the other Mastercards. She says she’s happy due to the fast delivery.
- Customer Review 02:
Reliable.
My phone was initially blocked due to an error from my end of opening a duplicate account. Thankfully, an agent was able to rectify this issue. One little reservation is the €1 fee on EU transfers, which I am used to being free. I hope in the future MONESE will make EU transactions, at least, free, just like other banks. Thank you!
This user has also given 5-stars for their reliable service. He states that an agent from Monese rectified his issues when his account was blocked when he tried to open a duplicate account. However, the user tells Monese to avoid taking fees on EU transfers like the other banks.
Next is a negative experience from a user. Let’s see what he has experienced.
- Customer Review 03:
Hello, I was introduced to your bank by my friends and I didn’t know it before. I opened an account for a month, only money transfers, deposits and transfers are very slow, with a lot of delay. I need money for my expenses.
Reza has given only a 1-star rating, mentioning that the customer deposits and transfers are very slow and delayed. He is highly disappointed with Monese.
Is Monese Safe?
Monese isn’t covered by the Financial Services Compensation Scheme (FSCS) like regular banks, which protects savings of up to £85,000 if the bank goes bankrupt.
However, Monese operates under the regulations of the Financial Conduct Authority (FCA) as a registered agent of PrePay Solutions, an electronic money institution that follows the electronic money regulations.
According to Monese, they never lend your money to others, and it’s ALWAYS available whenever you need it. There’s also no set limit for safeguarding per customer account, meaning all the money in your Monese account is protected and accessible to you at any time.
Pros and Cons of Having a Monese Account
Pros
Cons
Alternatives
Wise
Wise specializes in low-cost international money transfers, offering competitive exchange rates and transparent fees. Wise provides the real exchange rate with a small transparent fee, which can be significantly lower than traditional banks.
With Wise, you can hold and manage multiple currencies in one account, making it convenient for individuals or businesses dealing with international transactions. You can also receive money in various currencies and convert it at the real exchange rate.
Wise also provides a debit card linked to its borderless account, allowing users to spend in different currencies and withdraw cash abroad without hefty fees. Plus, Wise offers UNIQUE features like bill splitting and spending alerts. Learn more about Wise platform in this review.
Currensea
Currensea operates by linking to your existing bank account, offering a seamless way to make international transactions without the need for additional accounts.
It utilizes the existing payments in your bank account for transactions. Currensea provides real-time exchange rates, ensuring transparency and cost-effectiveness when spending or withdrawing money abroad. Users can monitor the exchange rates directly within the Currensea app.
With Currensea, you can spend abroad without incurring foreign transaction fees typically charged by banks or traditional payment cards. Additionally, Currensea prioritizes security, employing encryption and other measures to safeguard user information. Learn more about Currensea platform in this review.
XE
XE money transfer offers competitive exchange rates for international money transfers, helping users save on currency conversion costs. XE provides live mid-market rates, ensuring transparency and accuracy in currency conversion.
XE ensures fast and secure money transfers, with OPTIONS for both bank transfers and cash pickups in various locations worldwide. Users can track their transfers in real time and receive notifications at every step of the process.
XE also provides an intuitive online platform for managing money transfers, making it easy for users to initiate, track, and manage their transactions efficiently. Plus, XE offers personalized currency alerts and rate alerts, allowing users to stay informed about favorable exchange rates. Learn more about XE platform in this review.
Other online bank reviews:
Monese Review: Conclusion
What’s your idea? Are you planning to open one? Or looking for my personal opinion?
My honest advice is that if you’re living in the UK or Europe and looking for the BEST method to make your transactions easy, go – try Monese personal accounts or a joint account.
TRUST ME. That’s the best decision you’ll ever make!
(However, remember everything I discussed in this Monese review. It will definitely be helpful.)
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