Monese review Ireland
Enjoy simple spending and money transfers with no proof of address required.
Monese is a 100% mobile bank that gives you a current 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 of Monese in Ireland we break down the features and costs so you can decide if it’s right for you.
Currency conversion fee
|Product Name||Monese Simple|
|Card delivery||Within 14 days|
|ATM fee for EUR withdrawals||€0|
|ATM fee for other currencies||€0|
|Currency conversion fee||2%|
|Fee-free ATM withdrawal limit||€200 per month after which a 2% fee applies|
How does Monese work in Ireland?
Monese was launched in 2015 as an “inclusive, instant and on-demand” bank account. You can open a current account and manage it from your desktop or on your smartphone as long as you live in the European Economic Area including Ireland. 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 Monese customers, such as flatmates or partners, can manage their finances together with a joint account. Your bank account is completely portable across 20 countries in Europe and the UK. If you move to another country, your Monese account comes with you.
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 app, 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 €9,000 per month after which a 2% fee applies. 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 multiple pots. You can send your money directly into these pots 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.
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. 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. You can receive free currency conversions up to €2,000 per month after which a 2% fee applies with the Simple account, while the Classic account lets you make free currency conversions up to €9,000 per month after which a 2% fee applies. 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 after which a 2% applies. There’s no limit for Monese Premium.
What are the account options with Monese?
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.
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’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.
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Frequently asked questions about Monese