Monese review for the Netherlands
Enjoy simple spending and fund transfers with this borderless money account.
Monese is a 100% online bank that gives you a current account with no proof of address required. You’re able to sign up for this account, which is a GBP and EUR current account combined, from anywhere, including the Netherlands. 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 the Netherlands so you can decide if it’s right for you.
€ 0
Monthly fee
€ 1.50 + 2%
ATM fee for Euro withdrawals
2%
Currency conversion fee
Details
| Product Name | Monese Starter |
|---|---|
| Monthly fee | € 0 |
| Card delivery | Up to 3 working days |
| Supported currencies | GBP, EUR |
| Card fee | € 4.95 |
| ATM fee for Euro withdrawals | € 1.50 + 2% |
| Currency conversion fee | 2% |
| Free ATM withdrawal limit | N/A |
| Mobile payments | Apple Pay, Google Pay |
| Card type | Mastercard |
| More Info |
How does Monese work in the Netherlands?
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 app, take a selfie and scan your ID document, which can include a passport or ID card. 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 Monese Starter and Classic, the fee-free limit extends up to €2,000. 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. are also available.
- ATM withdrawals and cash top-ups. You get a certain number of free ATM withdrawals and cash top-ups each month. The higher tier your account, the higher your limit will be. This is explained in detail in the accounts section further down the page.
- Card controls. If you lose your card or it’s stolen you’re able to lock it instantly from the Monese app. Then, if you need to, you can unlock it again.
- 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. It’s also possible to round up your card transactions to save automatically. In a couple of countries, among them UK and the Netherlands, you also get interest.
- 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. Also, if you reside in a couple of other countries in Europe, among them the Netherlands, you’re able to top up your account with cash. Another way to top up your Monese account is 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 Starter 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 Starter 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 both the Starter and Classic accounts, you can receive free currency conversions up to Unlimited. There is no limit with Monese Premium.
- ATM fees. You can also make free ATM withdrawals up to a certain limit. With the Starter account, you’ll get free ATM withdrawals up to N/A. For Monese Classic you can free ATM withdrawals up to € 900 per month after which a 2% applies. There’s € 2500 limit for Monese Premium.
How do Monese accounts work?
Monese offers three account tiers: Starter, 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 the Netherlands
Have more questions about Monese?
Picture: Monese