(4.0 / 5)13+ Ratings

Monese Reviews

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Overall Rating

4.0

13 Reviews

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About Monese

Monese is a mobile-first bank that offers a modern alternative to traditional banking. It's a peace-of-mind money app that allows users to open a mobile money account in minutes. Users can open accounts in multiple currencies to spend abroad like a local and transfer money for free when sending between Monese accounts, no matter the country or currency.

Monese provides a contactless Mastercard debit card that can be used globally - online, in-store, or at ATMs. It also offers fast and secure international money transfers with excellent exchange rates. Users can manage their money by setting weekly or monthly budgets, track their money visually, and sort their transactions into spending categories.

Monese also offers a Credit Builder to help users build their credit history and savings for an improved credit score, better value loans, and access to other Monese credit products for a secure, financial future. It also provides real-time notifications whenever there's activity on the account, and users can link their PayPal and Avios accounts to keep track of their money, balance, points, and transactions all in one place.

Monese believes everyone should have access to financial services. That’s why it makes opening an instant mobile money account as easy as possible. Users can use their card to withdraw anywhere in the world, with no fees or bad exchange rates for spending abroad. They can also move money abroad to over 30 countries, with excellent international exchange rates. It's quick and can cost much less than sending with traditional banks. Rest assured that the money is safe with Monese, as security is at the heart of everything it does.

Monese is available in 15 languages: English, French, German, Brazilian Portuguese, European Portuguese, Bulgarian, Italian, Spanish, Romanian, Polish, Czech, Turkish, Estonian, Lithuanian, and Ukrainian. It's a great travel companion on all adventures, offering total peace of mind when spending and enjoying money internationally. It's a banking alternative that offers a fast borderless money account in 31 countries, regardless of the credit score. Users can transfer money with ease, get their salary paid into their account, track finances, and use their Mastercard debit card wherever they go. Just apply for a mobile money account in minutes - no matter what the credit score. Join over 2 million people and enjoy a full range of finance features. Users can open a GBP account or EUR IBAN account straight from their phone. Monese is the mobile money account and banking alternative for those who prioritize ease of use and flexibility.

Monese Pros & Cons

Pros of Monese

User-Friendly Interface

Monese features a well-designed interface that simplifies banking tasks, making it easy for users to navigate and manage their finances.

Quick Account Setup

Opening an account is 100% online and can be completed in minutes without the need for proof of address, which is beneficial for expats or those new to a country.

Joint Account Option

Monese offers an optional joint account, allowing two users to manage money together with separate cards.

Multi-Currency Support

Users can hold accounts in multiple currencies, including GBP, EUR, and RON, facilitating international transactions.

Instant Notifications

Real-time transaction notifications keep users informed about their spending and account activity.

Insurance Features

Paid plans include various protections such as sickness and accident insurance, enhancing user security.

Cons of Monese

High Fees

Monese has numerous fees associated with its services, including charges for inactivity, card shipping, and international card usage, which can be a drawback compared to other digital banks.

Limited Currency Options

The platform supports only 19 currencies and provides local bank details primarily for EU, UK, and RO residents.

No Interest on Deposits

Unlike many traditional banks, Monese does not offer interest on deposited funds, which may deter potential users looking to grow their savings.

Not a Full Bank

Monese operates as an e-money institution rather than a traditional bank, meaning it lacks features like overdrafts or credit cards and does not provide deposit protection under the Financial Services Compensation Scheme (FSCS).

Limited Availability

Monese is only accessible in 30 countries, restricting its user base and limiting options for those outside these regions.

No Investment Options

The platform does not offer investment opportunities such as stocks or ETFs, which are available with some competitors.

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Monese Customer Reviews (13)

0/5

Gary King

Verified Buyer

Jul 17, 2024

Imogen Chapman

Verified Buyer

Jul 17, 2024

Aaron Rose

Verified Buyer

Jul 16, 2024

Sven Dresdner

Verified Buyer

Jul 16, 2024

Kay Metzger

Verified Buyer

Jul 14, 2024

Scott Wells

Verified Buyer

Jul 14, 2024

Luan Costa

Verified Buyer

Jul 14, 2024

Tommy Delgado

Verified Buyer

Jul 13, 2024

Adriana Bates

Verified Buyer

Jul 13, 2024

Miriam Lane

Verified Buyer

Jul 12, 2024

Monese Customer’s Q&A

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Monese Features and Benefits

Monese is a mobile-first bank based in London, UK, offering a modern alternative to traditional banking. It was founded in 2015 with the goal of making it easier to manage personal finances when relocating to the United Kingdom. Monese has over 2 million users across Europe and caters to both individuals and business customers.

Key features and benefits of Monese include:

Easy account opening: Quick, secure, and hassle-free sign-up process requiring only an ID.
Contactless Mastercard debit card: Can be used in-store, online, or at ATMs worldwide.
Fast money transfers: Free to move money between Monese accounts, no matter the currency. Also supports fast SEPA payments.
International transfers: Make transfers abroad at great exchange rates, quickly and securely.
Budgeting tools: Features like the Spending Overview tool, monthly and weekly budgeting, and instant notifications whenever you spend.
Savings pots: Create up to 10 different pots to help reach savings goals faster.
State-of-the-art protection: Uses breakthrough technology to keep data, money, and account secure.
Apple Pay: Add Monese card to Apple Pay for easier, faster, more secure payments.
Multiple currencies: Open online money accounts in multiple currencies to spend abroad like a local.

Monese offers three plans for personal banking: a basic but free "Monese Simple" subscription, a solid "Monese Classic" mid-tier offering, or an all-in "Monese Premium" plan. The bank does not require a credit check for account setup, making it a user-friendly digital banking service. Its transparent fee structure, multiple account currencies, and mobile app functionality make it a great option for those who prioritize ease of use and flexibility.

Monese Pricing

Monese offers three different pricing plans:

Simple: This plan is free and offers an instant account in GBP, EUR, and RON. It's great for spending, travelling, and sending money abroad. International transfers from your Monese account are subject to a 2% fee, with an additional 1% fee on weekends. Local transfers in and out of your Monese account in your local currency are free for inbound and £1 per transfer for outbound.
Classic: This plan costs £7.95/month and is perfect for everyday spending. It offers lower fees and higher allowances than the Simple plan. International transfers from your Monese account start from a 0.5% fee.
Premium: This plan costs £14.95/month and offers the most comprehensive benefits, with the lowest fees and VIP Customer Support. International transfers from your Monese account are free (subject to currency exchange fee).

All plans offer free and instant Monese to Monese transfers, free local transfers in and out, and free direct debits. They also offer a Credit Builder service to build your credit history and improve your rating for a £2.50 monthly fee (Rep. APR 9.10%).

For card services, the first card delivery costs £4.95 for the Simple and Classic plans but is free for the Premium plan. Card spending in foreign currencies is 2% per transaction for the Simple plan, 0.5% per transaction for the Classic plan, and free for the Premium plan. Debit card top-ups are 1% per top-up for the Simple plan and free for the Classic and Premium plans.

Cash services include ATM withdrawals and cash top-ups. For the Simple plan, ATM withdrawals are 2% per withdrawal, and cash top-ups are subject to a 3.5% fee. For the Classic plan, the first £500 of ATM withdrawals and the first £400 of cash top-ups each month are free. For the Premium plan, the first £1,500 of ATM withdrawals and the first £1,000 of cash top-ups each month are free.

Please note that these details are subject to change and it's always a good idea to check the latest information on the Monese website.

Payment Method

Monese offers various payment methods:

Google Pay: Monese supports Google Pay, which is a quick and easy way to pay on the web, in-store, or in apps. It provides encrypted security by Google. To set up Google Pay with Monese, add the Monese card to Google Pay in seconds.
Transfers: Monese allows for transfers on the go with quick and easy mobile payments. Users can send and receive money through the UK Faster Payments network instantly, with no fees. Money can be sent to other Monese accounts instantly and for free, no matter the currency.
Card Payments: Monese supports card payments. Users can add their Monese card to Google Pay and make fast, card-free payments anywhere contactless payments are accepted.

Please note that these details are subject to change and it's always a good idea to check the latest information on the Monese website.

Monese FAQs

Monese Return Policy?

Monese does not sell physical products, so it does not have a traditional return policy. However, when it comes to card refunds, they are out of Monese's control and the user needs to contact the merchant directly to get an estimated refund time. In most cases, card refunds usually arrive within 5-10 working days, but keep in mind that it depends on the merchant’s refund policies. Monese will automatically update the account balance as soon as the merchant processes the refund and returns the money to the account.

How To Open A Monese Account?

To open an account on Monese, follow these steps:

Download the Monese app from the iOS App Store, Google Play Store, or Huawei AppGallery.
Sign up in the app using an email address and phone number.
Have an ID document (like a passport) ready for verification.
Record a quick video selfie in the app for identity verification.

Please note that to open an account, one should be a resident of the EEA. The process is designed to be quick and easy, allowing users to have an account set up in minutes. Once the account is set up, users will have full access to their account and the money they add to it.

Monese Alternatives

Here are some of the top alternatives to Monese:

Paypal: A global online payments system supporting online money transfers and serving as an electronic alternative to traditional paper methods.
Revolut: A British financial technology company that offers banking services including a prepaid debit card, currency exchange, cryptocurrency exchange, and peer-to-peer payments.
Wise (formerly TransferWise): A British financial technology company that provides international money transfer services.
N26: A German neobank, offering mobile banking solutions to customers in the European Union, Switzerland, and the United States.
Curve: A financial services platform that consolidates all your cards into a single card and app.
Monzo Bank: A digital, mobile-only bank based in the United Kingdom.
Atom Bank: The UK's first bank built exclusively for mobile.
Starling Bank: A digital, mobile-only challenger bank based in the United Kingdom.
Chime: An American technology neobank company which provides fee-free financial services through a mobile app.
Countingup: A business current account that automates your accounting.

These alternatives offer a variety of features and services similar to Monese, including online banking, money transfers, and digital wallets. Each has its own unique features and benefits, so it's worth exploring each one to find the best fit for your needs.