You might be familiar with Monese, a leading digital bank dedicated to delivering a seamless and modern banking experience.
Launched in 2015 in London, UK, Monese has rapidly expanded, now serving over 2 million users across Europe, supported by a team of over 250 employees.
Monese provides a variety of financial services, including fee-free bank accounts, real-time transaction alerts, intuitive money management tools, and strong security features, all accessible through a mobile app. With its mission to simplify banking, Monese has drawn millions of users by offering transparent and convenient financial solutions.
In this review, we will explore the key features and benefits of Monese. The platform is especially popular for its easy-to-navigate interface, instant spending notifications, and comprehensive money management tools, making it a top choice for tech-savvy individuals and those seeking a hassle-free banking experience.
Overview
Monese isn’t quite a bank account, but it’s as close as can be. It’s an e-money service, so handles everything to do with money electronically. Monese calls itself a money account, rather than a bank account.
But it’s pretty close to being a bank account. You can open it instantly on your phone with just an ID card or passport, all across Europe – perfect for those in the UK who don’t have a registered address or any bills or credit history to open a bank account with a traditional bank.
In addition to its core banking services, Monese offers premium subscription plans, providing users with enhanced features such as travel insurance, cashback rewards, and access to higher withdrawal and spending limits.
Monese was founded by Norris Koppel, driven by the vision of creating an accessible and modern banking experience. Since its inception, the company has attracted significant investment, reaching a valuation of $1 billion after raising $60 million in its 2020 funding round.
Therefore, Monese’s name reflects its goal to provide a fresh approach to banking, and its success is evident from its large customer base and presence in multiple countries. With its intuitive mobile app and focus on simplicity and convenience, Monese continues to expand its offerings, making it a top choice for digital banking solutions.
Pros and Cons
Pros
- Monese Credit builder
- Quick and easy to set up an account
- Ergonomic and intuitive app
- Robust in-app security measures
- The app is available in 14 languages
Cons
- Unable to spend abroad fee-free
- Free account has limited features
- Does not offer overdraft, interest, or loans
- Upgrading plans usually does not equal lower costs
- Not a licensed bank
Account Types
With Monese, you have three options for current accounts:
- Simple – free of charge
- Classic – €7.95/month
- Premium – €14.95/month
- Business – one paid option only
The Simple plan comes with:
- International transfers cost 2% during the week and 3% during the weekend
- €1 per transfer out of your Monese account
- Credit builder and personal loans options
- €4.95 for card delivery and replacement
- 2% per transaction in foreign currencies
- €0.30 per virtual card
- 2% fee per ATM withdrawal
- 3.5% fee to add money to your account
- Paypal and Avios account integration
The Classic plan comes with:
- International transfers cost 0.5%
- Free transfers out of your Monese account
- Credit builder and personal loans options
- €4.95 for card replacement and free first card
- 0.5% per transaction in foreign currencies
- Free virtual cards
- €500 monthly fee-free per ATM withdrawal
- €400 monthly fee-free to add money to your account
- Paypal and Avios account integration
- Much more offers
The Premium plan comes with:
- Free international transfers
- Free transfers out of your Monese account
- Free local transfers in and out
- Credit builder and personal loans options
- Free first card and replacement
- Free transactions in foreign currencies
- Free virtual cards
- €1,500 monthly fee-free per ATM withdrawal
- €1,000 monthly fee-free to add money to your account
- Paypal and Avios account integration
- Priority customer support access
- Much more offers
How to open an account
In order to use Monese, you will need to download the application and you will also be asked to provide the following:
- Be over the age of 18 and be a legal resident of a supported country
- A valid mobile phone number, email address and personal information (current address, date of birth, full name, and citizenship)
- Document for identity verification
- Video selfie required
Also, you may be asked a few questions about yourself and the purpose of your account (these questions will not impact your eligibility).
The Monese Card
No matter which account you choose, your Monese card will be a debit Mastercard, which you can use to make purchases around the world wherever Mastercard is accepted.
Likewise, you can spend in multiple currencies and get automatic money conversion at near the real exchange rate. Making international purchasing faster and easier.
You can have more than one card and they can be physical, virtual or disposable. Furthermore, you can match personalyse the card and you can also associate your virtual card with your Apple Pay wallet or Google Pay wallet.
Fees
International Money Transfer and Foreign Currency Fees
For international transfers, ‘Simple’ account holders pay a 2% fee during the week and 3% during the weekend.
‘Classic’ account holders pay a 0.5% fee only and ‘Premium’ account holders can transfer for free.
However, ‘Simple’ account holders will pay 2% per transaction in foreign currencies with it being only 0.5% fee for ‘Classic’ and completely free for ‘Premium’ account holders.
Cash Withdrawal Fees
For cash withdrawals, ‘Simple’ account holders pay a 2% fee for ATM withdrawal and a 3.5% fee to add money to the account.
‘Classic’ account holders can withdraw up to €500 monthly fee-free ATM withdrawals and can add up to €400 monthly fee-free to the account.
Finally, ‘Premium’ account holders can withdraw up to €1,500 monthly fee-free ATM withdrawals and can add up to €1,000 monthly fee-free to the account.
However, any withdrawals beyond these limits are subject to a 2% fee.
Safety Measures
Unlike mainstream banks,your money isn’t covered by the Financial Services Compensation Scheme (FSCS), which covers up to £85,000 of savings if a provider goes bust. However, Monese is regulated by the Financial Conduct Authority as a registered agent of electronic money institution PrePay Solutions, which follows Electronic Money Regulations.
In order to ensure your card’s security, Monese offers several protective measures:
- Biometric authentication
- Spending limits to avoid unexpected expenses
- The ability to create a one-time-use online card for safe online shopping
- The option to freeze the card instantly
As a result of the fast evolution of new scams, Monese is continually developing new solutions to combat the latest fraud and scam technologies.
Supported Countries
Monese offers its cards and accounts to customers in several countries, such as Belgium, Bulgaria, Czech Republic, Denmark, Germany, Estonia, Greece, Spain, France, Croatia, Hungary, Ireland, Iceland, Italy, Cyprus, Latvia, Liechtenstein, Lithuania, Luxembourg, Malta, Norway, Austria, Poland, Portugal, Romania, Slovakia, Slovenia, Finland, Sweden and United Kingdom.
This broad availability means that if you reside in any of these countries, you can easily open an account and access Monese wide array of financial services.
Costumer Service
The customer support is okay.
You can speak directly to the support team within the app itself, and you can email them too if you’re not in a hurry. They’ll respond when they can, but it’s not immediate, that’s the drawback.
You have to upgrade to a Premium plan to get faster responses (called priority support).
There’s also a help centre on their website, which has most of the questions you might ask – so it’s worth checking out before asking on the app.
Bottom line
In conclusion, Monese stands out as a distinctive neobank with a firm foothold in the digital banking realm. Originating from London, Monese is celebrated for its commitment to inclusivity, particularly catering to customers who may face challenges with traditional banks due to residency issues or lack of credit history.
Monese excels in providing a seamless mobile-first banking experience, offering a straightforward current account bolstered by robust security protocols and an intuitive mobile app interface. The ability to open an account swiftly, often within minutes, and manage finances effortlessly from a mobile device underscores its appeal among today’s globally mobile population.
While Monese boasts many strengths, there are some considerations for potential users. Foreign currency transactions incur fees, which might deter frequent travelers or those living abroad. Moreover, while Monese provides essential banking services effectively, it may lack some advanced features that more established banks offer, such as comprehensive investment options or specialized financial products.
Despite these points, Monese continues to innovate, expand its service offerings, and enhance user experience, ensuring it remains competitive in the neobanking landscape. Its dedication to simplifying financial management for all, including those typically underserved by traditional banks, underscores its commitment to financial inclusion and customer-centricity.
In summary, whether you seek a reliable current account solution with seamless international money transfers or prioritize accessibility and ease of use in your banking experience, Monese offers a tailored and dependable option designed to meet the diverse needs of today’s modern consumers.
