Back To Top
A digital banking app and card called Monese use smartphone technology to enhance your banking experience. Our trading critique team of experts will evaluate the Monese bank in this thorough review so you can make an informed choice and determine whether this challenger bank from London meets your needs.
Table 1: Monese Bank Overview
 Monese Bank Highlights |
|
|---|---|
|
Regulated By |
The Financial Conduct Authority (FCA) UK |
|
Founder |
Norris Koppel |
|
Account Types |
Personal Accounts
Joint Accounts
Business accounts
|
|
Pricing Tiers |
Simple Classic Premium |
|
Account Base Currencies |
EUR, GBP, and RON |
|
Trading Platforms |
Mobile
|
|
Trading Tools |
Credit Builder Insurance Prepaid Debit Card Money Transfers Apple Pay and Google Pots Budgeting Cash Top-Ups with PaySafecash |
|
Customer Support |
Email Livechat |
Norris Koppel established Monese in 2014 as an online-only bank with headquarters in the UK. Because of his dislike of the traditional banking industry, he founded the company. Monese has offered simple banking services on smartphones since 2015.
Monese is accessible throughout all of Europe and has already established itself as a favorite of many, with a current user base of over 2 million.
Monese Bank: Knowledge Bites
Anyone who might have trouble opening a bank account in the UK or Europe will greatly benefit from Monese. You can make payments, pay bills, and more using this app on your phone. For sending money abroad, it works great. Even more, options exist, such as payment insurance. Monese is perfect for individuals on the move, making it easy to promptly open an account overseas. It not only supports card payments at no extra charge but also allows free-of-cost withdrawals from international ATMs. You can request and send payments to people anywhere in the world using Monese’s built-in currency exchange feature. You can connect your Apple Pay or Google Pay account to send and receive contactless payments from other people.
Image 1: Home Page of the Monese Bank Website
Image Copyrights reserved to the Monese Bank Website
The Financial Conduct Authority (FCA) has authorized and regulated Monese to ensure they properly manage your money. In addition to 3-D Secure, they also use Touch ID and Face ID biometric recognition to securely confirm identities.
Table 2: Monese Bank Regulation Details
 Country |
 Regulation |
 Headquarters |
 Registration Number |
 Registered Office |
|---|---|---|---|---|
|
UK |
The Financial Conduct Authority (FCA) |
London |
08720992 |
Monese Ltd, Eagle House, 163 City Road, London EC1V 1NR |
Currently, anyone in the European Economic Area can access the app. Moving to a different country doesn’t affect your Monese account because it is fully portable across 20 countries in Europe.
Table 3: Accepted countries of Monese Bank
|
Accepted Countries |
|---|
|
UK
Spain
Slovenia
Slovakia
Portugal
Netherlands
Malta
Luxembourg
Lithuania
Latvia
Italy
Ireland
Greece
Germany
France
Finland
Estonia
Cyprus
Belgium
Austria |
With more than 2 million customers and recognition as the best challenger bank at the European Fintech Awards, Monese’s popularity is clear from these facts.
Table 4: Awards of Monese Bank
 AWARDS |
 AWARDED BY |
|---|---|
|
Best Challenger Bank 2016 |
European Fintech Awards |
You only need to download the Monese app to open a Monese account if you have an iPhone or an Android phone. It is available on the Google Play Store, Huawei AppGallery, and the iOS App Store. With Monese, managing your money while on the go is meant to be simple, streamlined, and easy. Even though there are no physical locations, the app should provide all the tools you need to manage daily payments.
The Monese app can be downloaded in the following languages: English, Portuguese, Turkish, Lithuanian, Brazilian Portuguese, French, German, Spanish, Romanian, Bulgarian, Italian, Polish, Czech, and Estonian.
If you have a regular income and a good credit history, you can open an account. You will receive many of the same services when you open an account with Monese as you would with a conventional bank account. Personal, joint, and business accounts are the 3 types of accounts you can open with Monese.
The Monese Bank Account Types are:
Personal Accounts
Joint Accounts
Business Accounts
A personal account with Monese can be opened in British pounds (GBP), euros (EUR), or Romanian lei (RON).
Image 2: Personal Accounts Section on the Monese Bank Website
Image Copyrights reserved to the Monese Bank Website
Joint accounts make it possible for you to combine your finances with those of another person. It is a simple method for combining spending, sharing, and saving.
Image 3: Personal Accounts Section on the Monese Bank Website
Image Copyrights reserved to the Monese Bank Website
The best way to manage finances is with Monese business accounts. A UK-registered company and an active personal Monese account are all you need to open a business account. Business accounts are offered in GBP.
Image 4: Business Accounts Section on the Monese Bank Website
Image Copyrights reserved to the Monese Bank Website
Monese offers three distinct pricing tiers. The Simple plan costs zero pounds per month, the Classic plan is five pounds per month, and the Premium plan is fourteen pounds per month. You can reduce the costs by 30% if you pay annually.
It costs nothing to sign up for this account. All of the features will be available to you, but not all of them are free.
You can upgrade to the Classic account for £5.95 a month. Your monthly cash transaction limit will now be £900 (£500 in cash withdrawals and £500 in cash top-ups).
The monthly fee for the Monese Premium account is £14.95. However, you can withdraw up to £1,500 per month and deposit £1,000 before paying any fees.
Table 5: Pricing tiers of Monese Bank
| Pricing of Monese Bank | ||
|---|---|---|
|
Simple (Free) |
Classic (£5.95 per month) |
Premium (£14.95 per month) |
|
You won't have access to priority support.
You won't have insurance. 2.5% for international transfers. When using foreign currencies, there is a 2% transaction fee. A cash withdrawal from an ATM costs £1.50. 3.5% is the fee to add money to your account at a PayPoint or Post Office location. |
For international transfers, starting at 0.5%. Free foreign currency spending. Withdrawals of up to £500 are free. The initial £400 deposited into your account is free. You'll be given all the available insurance options. |
You will receive all the insurance options and priority customer service. International transfers are free. Free foreign currency spending. Cash withdrawals for the first £1,500 are free. Your first £1,000 in deposits to your account are free. Free new replacement cards. |
All ATMs allow cash withdrawals from Monese accounts. Cash deposits can be made through PayPoint or by mail.
Monese is offered in three different currencies: EUR, GBP, and RON. You can store money in these currencies inside the app. You can only top up at Monese using the currency associated with your account.
As an app-based bank account, Monese has the following features:
Trading Tools available in Monese Bank:
Credit Builder
Insurance
Prepaid Debit Card
Money Transfers
Apple Pay and Google
Pots
Budgeting
Cash Top-Ups with PaySafecash
If you don’t have any credit history, this might be the best choice for you. You choose how much you can afford to pay back each month with Monese. This loan is then locked away for a year in a separate account that you cannot access, but it counts as a legitimate loan to credit reporting agencies. You are currently creating a positive credit history. Your monthly payments go towards the total amount of the loan, but after 12 months, you receive a full refund. You must pay your bills on time each month to avoid damaging your credit history.
It provides coverage to assist in paying your bills if you get sick, have an accident, lose your job, or are unable to work while recovering in the hospital. Your more expensive items are protected by purchase protection, and you will receive a refund if they are stolen or damaged. Customers in the UK will automatically receive insurance to cover their spending (purchase protection) if they upgrade their accounts.
A prepaid debit card is a payment card that you load with money to use in shops and online. You can only spend the available balance on the card and then add more money when it runs out. Prepaid cards are also safer than carrying cash. A prepaid debit card, unlike a regular debit or credit card, does not need to be linked to a bank account. Instead, you can link your card funds to an online money account like Monese.
For transfers within the UK, Monese makes use of the Faster Payments system. This implies that you can send and receive cash almost immediately and without paying any fees. You can easily transfer money between your Monese accounts, make a money request, or send money to friends who live close by and use Monese. Additionally, Monese offers a service for sending money abroad.
Avios and PayPal can both be connected to your Monese Instant account. Your transactions, overall balance, activity, and points are all managed in one place.
Monese is the best mobile wallet because it works with both Apple Pay and Google Pay. Anywhere that accepts contactless payments, such as stores, transportation, hotels, and restaurants, is where Apple Pay and Google Pay can be used.
Monese provides pots that are linked to your instant account and let you keep your money apart from daily expenses. You can earn interest on savings even though regular pots don’t, just like a conventional savings account.
A bank client may put limits on certain types of services and purchases. The category is blocked when the limit is reached and/or the client is notified.
Users can now add money to their Monese accounts using Paysafecash, a recent and well-liked service in Europe. Consequently, you can top off your Monese account at any business that accepts Paysafecash payments.
You can share Monese with your friends and family and earn extra money by using the Invite and Earn referral program. The maximum earning potential was £450, and you could earn up to £30 for each new friend who signs up and starts using Monese.
Images 5 : Invite and Earn section on the Monese Bank Website
Image Copyrights reserved to the Monese Bank Website
Monese Bank has both advantages and disadvantages, which are listed in Table 6.
Table 6 : Pros and Cons of the Monese Bank Website
 Pros of Monese Bank |
 Cons of Monese Bank |
|---|---|
|
Free international ATM withdrawals and card transactions.
Cash can be added to the account without cost.
Quick and simple setup (no credit check needed).
The ability to receive insurance to cover expenditures as well as a drop in income.
You can categorize your spending to support budgeting. |
Only three currencies may be stored and converted at a time. No call center exists at the Monese bank. There is no Financial Services Compensation Scheme (FSCS) to protect it. Savings cannot be kept in a separate account. The Monese Bank has no physical locations. |
Email and live chat on the app or website are the quickest ways to contact technical support. Without taking any days off, it operates constantly. This online bank does not have a call center and cannot be reached by phone. Customer service responds in 14 different languages. Their website has a help section with answers to the majority of your questions. It also has a Blog section that contains many articles.
Table 7 : Customer Support Service details of Monese Bank
 Social Media Pages of Monese Bank |
|
|---|---|
|
|
|
|
|
|
|
|
|
|
|
|
 Medium |
|
|
|
|
|
|
|
Ever wondered about Monese’s user experience or features? Dive into the comprehensive reviews at TradingCritique.com to quench your curiosity. Not just Monese, we offer a wealth of reviews and blogs about numerous brokers. Embark on a journey of financial exploration and enhance your trading acumen with our expert advice and analysis. Unleash your trading prowess with TradingCritique.com – your trusted partner in navigating the financial markets!
1.What does Avios mean?When you spend money with British Airways and the many other Avios partner brands on flight tickets, hotel stays, and rental cars, you can accrue reward points called avios.
2.Is Monese Legitimate and Safe?
Yes, Monese is legal and safe. Although Monese is not a bank, it is a registered company in the UK and is subject to FCA regulations (Financial Conduct Authority).
3.Does Monese provide Overdrafts or Loans?Monese does not provide any loans or overdrafts.
4. How much money can I get from an ATM?Your Monese account allows you to withdraw up to £300 per day.
5. Will I be able to earn interest on my Bank Balance?Money stored in Monese will not earn you any interest.
Discover the world of forex trading with our comprehensive guide. Learn essential strategies and risk management, tips, and gain expert insights to start your forex journey confidently. From beginners to experienced traders, find how to trade forex profitably and make informed trading decisions.
Founded in 2005, FP Markets is a leading online broker renowned for its exceptional trading conditions and commitment to client satisfaction. This comprehensive guide will help you learn about FP market regulation, account types, financial instruments, trading platforms, etc.
Ethereum is a decentralized blockchain platform that enables smart contracts, enabling secure, and peer-to-peer transactions without a central authority. It supports decentralized applications and is part of the DeFi movement, with Ethereum 2.0 aiming for improved scalability, security, and sustainability.
Investing in cryptocurrency involves selecting the right cryptocurrency and securely storing your investment, following a step-by-step guide will help you get started.
Traders look for the currency pair price movements, their patterns, and their tendencies in order to predict future moves. There are no hard and fast rules to select the chart type because each chart has its own advantages and disadvantages.
Are you seeking for safe investment with predictable returns? Our 2024 guide unlocks the world of bond investment, helping you navigate this secure investment option. Learn what bonds are, explore different types, and discover how they work to generate predictable income.
Instagram
Youtube