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 |
Monese Bank Review: An Intro
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.
Regulations and Trustability Review of Monese Bank
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 |
Review of Accepting Countries for the Monese Bank
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 |
Review of Awards Won by Monese Bank
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 |
Monese Mobile App Review
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.
Review of Types of Accounts Available in Monese Bank
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
A personal account with Monese can be opened in British pounds (GBP), euros (EUR), or Romanian lei (RON).
Joint Accounts
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.
Business Accounts
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.
Fees and Commissions Review of Monese Bank
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.
Simple
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.
Classic
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).
Premium
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
Here’s the revised table with a common header for “Pricing 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. | For international transfers, starting at 0.5%. | You will receive all the insurance options and priority customer service. |
| You won’t have insurance. | Free foreign currency spending. | International transfers are free. |
| 2.5% for international transfers. | Withdrawals of up to £500 are free. | Free foreign currency spending. |
| When using foreign currencies, there is a 2% transaction fee. | The initial £400 deposited into your account is free. | Cash withdrawals for the first £1,500 are free. |
| A cash withdrawal from an ATM costs £1.50. | You’ll be given all the available insurance options. | Your first £1,000 in deposits to your account are free. |
| 3.5% is the fee to add money to your account at a PayPoint or Post Office location. | Free new replacement cards. | |
Deposit and Withdrawal Methods Review of Monese Bank
All ATMs allow cash withdrawals from Monese accounts. Cash deposits can be made through PayPoint or by mail.
Available Currencies: Review of Monese Bank
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.
Trading Tools Review of Monese Bank
As an app-based bank account, Monese has the following features:
Trading Tools available in Monese Bank:
Credit Builder
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.
Insurance
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.
Prepaid Debit Card
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.
Money Transfers
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 Integration
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.
Apple Pay and Google
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.
Pots
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.
Budgeting
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.
Cash Top-Ups with PaySafecash
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.
Bonus Review of Monese Bank
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.
Advantages and Disadvantages of the Monese Bank
Monese Bank has both advantages and disadvantages, which are listed in Table 6.
Table 6 : Pros and Cons of the Monese Bank Website
Here is the table for “Pros of Monese Bank” and “Cons of Monese Bank”:
 Pros of Monese Bank |  Cons of Monese Bank |
|---|---|
| Free international ATM withdrawals and card transactions. | Only three currencies may be stored and converted at a time. |
| Cash can be added to the account without cost. | No call center exists at the Monese bank. |
| Quick and simple setup (no credit check needed). | There is no Financial Services Compensation Scheme (FSCS) to protect it. |
| The ability to receive insurance to cover expenditures as well as a drop in income. | Savings cannot be kept in a separate account. |
| You can categorize your spending to support budgeting. | The Monese Bank has no physical locations. |
Customer Support Review of Monese Bank
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 | |
|---|---|
| support@monese.com | |
| https://twitter.com/monese | |
| https://www.linkedin.com/company/monese | |
| https://www.facebook.com/MyMonese/ | |
| Medium | https://medium.com/monese |
| https://www.instagram.com/monese/ | |
| Youtube | https://www.youtube.com/monese |
In a Nutshell
- You’ll receive a Mastercard that you can use to make cash withdrawals and spend in stores.
- You can transfer money between different currencies abroad.
- You can get virtual cards for online purchases by linking your card to Google Pay and Apple Pay.
- Monese makes it simpler to manage additional financial accounts by connecting to PayPal and Avios.
- You can better manage your finances by using savings pots and budgeting tools.
- Without requiring any additional sign-up features, you can create up to 10 savings pots for each currency account directly from your phone.
- The contactless payment card you receive when opening an account with Monese is one of their most best-known features.
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!
Frequently Asked Questions: Monese Bank
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.
