Monese Review.

Monese

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Company Information

Monese was founded in 2015 in the UK by Norris Koppel in order to change the rules of the traditional banking in the financial world. The main goal of the company was opening and using an account as easy as ordering an Uber, while also ensuring it will be accessible to everyone and not just a select few with perfect credit scores and several month’s worth of utility bill documentation. Today, Monese has around 3000 sign ups a day and customers are moving over $3 billion each year through their Monese accounts.

 

Pros and cons

 

Pros:

  • Fast and easy account set up.
  • Great mobile app with multiple functions and easy to use.
  • Direct debits and standing orders via UK current account.
  • Free cash loading into the account.
  • Regulated by the FCA.

 

Cons: 

  • No physical branches..
  • 2% fee when transferring money to non-Monese accounts



 

Who is it for?

If you're at least 18 years old and live in the European Economic Area (EEA), you can open an account with Monese, regardless of your citizenship or financial history. 

 

Accounts & Pricing
 

1. Simple Account:

Monthly Price: Free

 

  • Contactless debit card:

FREE

£/£4.95 for delivery

  • ATMs & cash top-ups:

£/£200 FREE monthly

2% fee after

  • Foreign currency card spending:

£/£2,000 FREE

2% fee after

  • Foreign currency transfers:

FREE & instant to other Monese accounts. 2% fee when sending to non-Monese accounts - £2 minimum fee

 

2. Classic Account

Monthly Price: €/£5.95

  • Contactless debit card:

FREE

  • ATMs & cash top-ups:

£/£800 FREE monthly

2% fee after

  • Foreign currency card spending:

£/£8,000 FREE

2% fee after

  • Foreign currency transfers:

FREE & instant to other Monese accounts. from 0.5% fee when sending to non-Monese accounts - £2 minimum fee

 

3. Premium Account:

Monthly Price: €/£14.95

  • Contactless debit card:

FREE

  • ATMs & cash top-ups:

FREE

  • Foreign currency card spending:

FREE

  • Foreign currency transfers:

FREE & instant to other Monese accounts FREE when sending to non-Monese accounts

 

Bottom line:

Monese can be a great option for people in the EEA who want to open an account in another country and for travellers. The monese debit card based on Mastercard, can be used for low-cost cash withdrawals and offer a very good contactless payment options. In conclusion, Monese gives its customers a very complete mobile banking package  

Monese

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  • Fast and easy account set up.
  • Great mobile app with multiple functions and easy to use.
  • Direct debits and standing orders via UK current account.
  • Free cash loading into the account.
  • Regulated by the FCA.