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Monese review

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Enjoy simple spending and money transfers with no proof of address required.

Monese is a finance app that gives you an account with no proof of address required. It also offers a number of other features such as personal financial management tools and fast, cheap payments. In this review we break down the features and costs of Monese in Germany so you can decide if it’s right for you.


Monthly fee


ATM fee for Euro withdrawals

2% per payment

Currency conversion fee


Product NameMonese Simple
Monthly fee€0
Card deliveryUp to 3 working days
Supported currenciesGBP,EUR
Card fee€4.95
ATM fee for Euro withdrawals2%
ATM fee for other currencies2%
Currency conversion fee2% per payment
Free ATM withdrawal limit€200 per month after which a 2% fee applies
Mobile paymentsApple Pay,Google Pay
Card typeMastercard
More Info

How does Monese work in Germany?

Monese was launched in 2015 as an “inclusive, instant and on-demand” account. You can open a UK current account and manage it on your smartphone as long as you live in the European Economic Area or the UK. You don’t need to provide a UK address to get an account. The account you open can be a GBP account, a EUR account or a RON account.

Once you’re signed up you will receive a debit card to access your money. The app offers a number of features including tools for budgeting and financial insights, international transfers into 19 currencies at rates up to eight times less than the banks and various security features.

Monese has a free account option as well as two paid account options which come with additional features. Plus, two customers of Monese can manage their finances together with a joint account. Your account is completely portable across 20 countries in Europe and the UK. If you move to another country, your Monese account comes with you. You can find out more about how Monese accounts work in this video.

What features does Monese offer?

The Monese account and app come with a number of features. These include:

  • Simple signup. You don’t need proof of address to signup and you can open an account in minutes. You just need to reside in the European Economic Area (EEA). Just download the Monese apps, take a selfie and scan your ID document such as a passport or ID card from your country. You will usually receive your account number and sort code in minutes.
  • Account options. Monese gives you the choice of what type of account you want to open; you can open a GBP account, a EUR account or a RON account.
  • Joint account. Manage your money with a partner or another person in your life. Simply open a seperate account and start paying for shared bills and other expenditures.
  • Multilingual support. You’re able to get customer support from Monese in 12 different languages via phone, email and chat.
  • Foreign currency spending. You get a certain amount of spending in foreign currency on your card depending on the account you choose. For example, when spending in foreign currency on your Monese card with the Monese Simple account you won’t be charged a fee for spending up to €2,000 per month after which a 2% fee applies. For Monese Classic, the fee-free limit extends up to €2,000 per month. The Monese Premium account offers unlimited foreign currency spending.
  • Payments. Monese offers a number of ways to transfer money. This includes foreign transfers in up to 19 currencies which are made at the interbank rate, direct debits, standing orders (recurring payments) and the option to pay other Monese users instantly. Apple Pay and Google Pay are also available.
  • Virtual card. Get an extra layer of security when you shop online, or while using contactless payments. Your virtual card number will be different than your debit card. You can easily lock and unlock the virtual card directly from your app.
  • Budgeting. Monese offers a simple budgeting tool to help you manage your spending. You’re also able to view your spending by category and receive transaction alerts.
  • Receive your salary. You can have your salary deposited directly into your Monese account.
  • Pots. Reach a savings goal by separating your money into a pot. You can send your money there directly from your main account.
  • Top up your account. If you reside in the UK, you’re able to receive your salary directly into your Monese account using the account number and sort code you receive when you sign up. Monese have also partnered with the post office and PayPoint so you can top up your Monese account in person at over 40,000 locations across the UK. If you reside outside the UK you’re able to top up your account by linking your account with another debit card, through a SEPA credit transfer or a SWIFT payment.

How do Monese accounts work?

Monese has three account tiers: Simple, Classic and Premium. Each account comes with the features as outlined above, but there are a few differentiating details between the three tiers. Here is a breakdown of how these accounts work in more detail, including fees and features.

Compare Monese with digital banks in Germany

Data indicated here is updated regularly
Name Product Monthly fee Card delivery Supported currencies
Comdirect Bank Current Account
A free current account with no minimum incoming funds. Includes a free Visa credit card and free cash withdrawals worldwide.
Norisbank free current account
5-7 working days

Receive €100 starting credit for a limited time*

Benefit from a €0 account fee, free Maestro card and free cash withdrawals from thousands of locations worldwide.
Openbank Kostenloses Girokonto
A free current account with free euro transfers within the eurozone. Includes a debit card with free cash withdrawals worldwide.
Commerzbank Kostenloses Girokonto
3 to 4 business days

Receive €100 starting credit after 3 months of account activity

A current account with €0 fees and cashback at select Shell petrol stations. Includes a Mastercard Classic credit card.

Compare up to 4 providers

Data indicated here is updated regularly
Name Product Monthly fee Card delivery Supported currencies
Fidor Smart Current Account
A mobile current account with real-time notifications on your transactions. Includes a digital Mastercard with mobile payment and a Smart Banking app.
N26 You
Up to 10 working days
A smart IBAN account with no currency conversion fees, complimentary insurances and no ATM fees here or abroad.
Tomorrow Zero
3-5 business days
A free Visa debit card with free transactions across the globe and unlimited free ATM withdrawals per month
TARGOBANK Online-Account
An online current account that comes with a Visa credit card. Free online transfers and free cash withdrawals at more than 3,000 ATMs.

Compare up to 4 providers

Data indicated here is updated regularly
Name Product Monthly fee Card delivery Supported currencies
bunq Travel card
Up to working 10 days
A no monthly-fee card that lets you travel and spend globally using the real exchange rate. Security controls and simple payments.

Compare up to 4 providers

Please note these products are not licenced as banks. Check our product review pages for details.
Data indicated here is updated regularly
Name Product Monthly fee Card delivery Supported currencies
Holvi Starter
Up to 10 business days
An online account ideal for new businesses with €0 monthly fees and unlimited SEPA transfers. Includes a Holvi Business debit Mastercard.
VIABUY Prepaid Mastercard
VIABUY Prepaid Mastercard
3-5 business days
VIABUY Prepaid Mastercard comes with no line of credit and it does not require credit checks.
Holvi Grower
Up to 10 business days
A full online business account with unlimited SEPA transfers, unlimited invoicing and up to three Holvi Business Debit Mastercards.
Revolut Standard
Up to 9 working days
Enjoy no monthly fee, no currency conversion fees up to €1,000 per month and the ability to hold over 15 currencies in your account.

Compare up to 4 providers

*You must transfer at least 3 salary payments (wages, salary, pension, salary, BAföG) of at least 1,000 € per month by 31 March 2021.

How can I transfer money with Monese?

  • UK bank transfers. You can pay friends, families or bills with bank transfers. Monese uses the Faster Payments Service and says that it typically takes between two and four hours for your payee to receive the money you’ve transferred.
  • Foreign transfer. Monese lets you transfer money abroad into 19 different currencies for up to eight times less than using a high street bank. It uses the “interbank rate”, much like Revolut. The delivery time for your money depends on the processing times of the receiving bank. Depending on the currency you’re sending and the time (try to send the funds before 4pm), your transfer should take between two and four business days.
  • Foreign transfer from a Eurozone account. If you’re transferring money to someone with a Euro account through a SEPA payment, then it should reach them by the next working day or the day after that.
  • Direct debits. You’re able to set up a direct debit and automatically pay for utilities and services in the Monese app. This includes things such as your gym membership, phone contract, or your electricity bill.
  • Standing orders: Set up a standing order, also known as a recurring payment, to make routine payments for a specified amount, payee and date.
  • Pay your contacts: Make payments to friends and family straight from your phone’s contact list. See who’s already a Monese user, and to whom you’ll be able to make an instant payment.

Is Monese safe?

As a current account provider, Monese makes security a priority. To register you are required to provide a form of ID and in some cases identified through a video call. Your money is also safe behind a passcode which can be changed at any time and you are logged out after 20 minutes of inactivity. If your phone or card is stolen, customer service is available Monday to Saturday during working hours.

Monese is registered with the FCA (Financial Conduct Authority) and is authorised to deal in electronic money, but isn’t technically a bank. In practical terms, this means that your money is held safe in a segregated account so that if Monese is longer in business you will receive your money back.

Pros and cons of Monese


  • Fast and easy set-up (no credit check or proof of local address needed)
  • Free card payments and ATM withdrawals abroad
  • Free direct debits
  • Choice of GBP, EUR or Ron account
  • Free joint account (there’s a €4.95 card delivery fee)


  • You need to pay to get certain features that come standard with other finance apps, such as free foreign currency conversions

How do I sign up with Monese?

You’re eligible to sign up with Monese if you’re at least 18 years old and live in the European Economic Area (EEA). If you meet these criteria, just download the Monese app from the iOS app store or Google Play store to get started.

You will need an ID document such as your national ID card, driver’s licence or passport and be ready to do a quick video selfie of yourself. Your phone must also be capable of receiving text messages.

Have more questions about Monese?

Picture: Monese

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