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Monese Review for Germany

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Enjoy simple spending and fund transfers with this borderless money account.

Monese is a finance app and banking account that offers a wide range of features, including personal financial management tools and fast 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.

€0

Monthly fee

€0

ATM fee for Euro withdrawals

€2 + 2% per payment

Currency conversion fee

Details

Product NameMonese Simple
Monthly fee€0
Card deliveryUp to 3 working days
Supported currencies

2

Card fee€4.95
ATM fee for Euro withdrawals€0
ATM fee for other currencies2%
Currency conversion fee€2 + 2% 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 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.

Key features

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 separate 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.

New features from Monese:

  • Add cash to your account with Paysafecash. Rely on easy, fast and secure top-ups across Europe. Monese works with Paysafecash so that you can easily deposit money into your Monese account at payment points across your country. In the German-speaking area, this service is only available in Austria at the moment.
  • Virtual cards. Virtual cards are another tool that can help you manage your money more safely and easily. Just like a normal card, a virtual card has a unique 16-digit number. A virtual map has almost exactly the same features and functions as a real map. You can use it to make payments online or buy directly in the online store using Apple Pay or Google Pay. You will immediately receive a notification when you carry out a transaction. You can block or unblock your card at any time directly via the app.
  • Multi-platform assess. Aside from its mobile app, Monese users can now access their accounts via web browser from their computers.
  • RON – Romanian account numbers and cards. If you have a Romanian ID then you can now open a new RON currency account with a Romanian account number (IBAN) and a RON debit card. This allows you to spend in Romanian Leu and make local bank transfers for free.
  • The Monese Joint Account. Manage your shared expenses with your partner, family member or housemate with ease. Joint account users may deposit their salaries directly into this account, set up direct debits, and manage other payments and bills together.
  • Automatic saving feature. Monese Pots is a money management feature that helps you to achieve saving goals by setting money aside in a sub-account. Users can create multiple ‘pots’ and automatically add money through scheduled payments or rounding up day-to-day card transactions.

Fees and rates

There are a few costs to be aware of with Monese, including:

  • Monthly fee. The Simple account comes with a €0 monthly fee, the Classic account comes with a €5.95 monthly fee and the Premium account costs €14.95 per month.
  • Annual fee. You can pay the classic or premium account maintenance fees annually instead of monthly and you’ll save up to 30%. For the classic account, the annual fee is €49.95, which is around €4.16 a month. The premium account is €124.95 a year or the equivalent of €10.41 a month.
  • Card fee. The Monese Simple account comes with a one-off card fee of €4.95. This is the cost for the delivery of the card.
  • Currency conversion fee. You won’t pay for a currency conversions up to a certain limit. With the Simple account you can receive free currency conversions up to €2,000 per month after which a 2% fee applies, while the Classic account lets you make free currency conversions up to €2,000 per month. There is no limit with Monese Premium.
  • ATM fees. You can also make free ATM withdrawals up to a certain limit. With the Simple account, you’ll get free ATM withdrawals up to €200 per month after which a 2% fee applies. For Monese Classic you can free ATM withdrawals up to €900 per month. There’s no limit for Monese Premium.

How do Monese accounts work?

Monese offers three account tiers: Simple, Classic and Premium. Each account comes with the features as outlined above, with few differentiating details between the three tiers. Here’s a detailed breakdown of how these accounts work, including fees and features.

Verdict

Monese offers a number of convenient features with its accounts, of which you can choose between paid and free options. It’s also easy to open an account as you can do so from wherever you live in the European Economic Area (EEA). Monese’s main advantage is money transfers: use its money transfer service to send money abroad, spend in foreign currencies and carry out basic bank transfers such as direct debits.

However, if you’re looking for an account to hold multiple currencies or want to access budgeting tools, you may want to consider other options.

How to sign up

You’ll need to be at least 18 years old and live in the European Economic Area (EEA) to sign up for a Monese account. To get started, simply head to Monese’s website or download the Monese app from the iOS app store or Google Play.

When applying, make sure to have your identification documents such as your government-issued ID, driver’s license or passport on hand.

Compare Monese with other digital banks in Germany

Data updated regularly
Name Product Monthly fee Card delivery Supported currencies
Commerzbank Kostenloses Girokonto
€0
3 to 4 business days

1

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.
1822MOBILE Account
1822MOBILE Account
€0
N/A

1

Free account management, up to € 100 referral bonus and a free savings bank card: your current account 1822MOBILE offers all of this.
Bitwala Bank Account
€0
Up to 14 days

1

A unique bank account and crypto-wallet managed through a user-friendly app with real-time spending notifications. Includes a free digital Mastercard.
N26 Standard
€0
Up to 10 working days

1

Benefit from no monthly fee, no currency conversion fees and a raft of in-app budgeting features to help you save.
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Data updated regularly
Name Product Monthly fee Card delivery Supported currencies
Fidor Smart Current Account
€5
N/A

1

A mobile current account with real-time notifications on your transactions. Includes a digital Mastercard with mobile payment and a Smart Banking app.
Comdirect Bank Current Account
€4.90
N/A

1

A current account with no minimum incoming funds. Includes a free Visa credit card and free cash withdrawals worldwide.
N26 Metal
€16.90
Up to 10 working days

1

Receive a stainless steel Metal card available in 3 shades, an insurance package and exclusive offers.
Tomorrow Zero
€15
3-5 business days

1

A free Visa debit card with free transactions across the globe and unlimited free ATM withdrawals per month.
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Please note these products are not licenced as banks. Check our product review pages for details.
Data updated regularly
Name Product Monthly fee Card delivery Supported currencies
Wirex Travel Card
€1.20
Up to 4 business days

19

A multicurrency account that lets you spend aborad in more than 150 currencies and 11 supported cryptocurrencies.
Revolut Premium
€7.99
Up to 3 working days

14

A combined current account and IBAN account with unlimited free currency conversions and international transfers in over 25 currencies.
VIABUY Prepaid Mastercard
VIABUY Prepaid Mastercard
€1.65
3-5 business days

1

VIABUY Prepaid Mastercard comes with no line of credit and it does not require credit checks.
Revolut Metal
€13.99
Up to 3 working days

14

A premium account with an exclusive Metal card featuring insurances, cashback, concierge service, cryptocurrencies and more.
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Have more questions about Monese?

Picture: Monese

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