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After establishing itself as the “expat’s bank” promising a bureaucracy-free personal account, digital bank Monese now also offers a business account. Our review looks at fees, key features, pros and cons.
Monese launched in 2015 as the first 100% mobile current account in the UK. It’s a digital bank that allows anyone to open a UK bank account without a proof of address and without running credit checks.
Like many of its competitors, it doesn’t have any physical branches. A mobile app allows you to manage Monese accounts and cards easily.
The Monese personal account is currently available to anyone living in the EEA (European Economic Area, still including the UK), whereas to open a business account your business needs to be registered in the UK.
A Monese business account costs £9.95 a month. In return, you get:
There are many business account options available and it can be tricky to decide if Monese is the right one for your business. We’ve highlighted key factors here to help you decide.
First of all, given the balance limit, a Monese business account is probably more suitable for small and medium businesses.
Moreover, it’s cheaper than other challengers’ business accounts, but it isn’t for free. If you are planning on making only a few transfers and payments, you won’t get much value for your money and a free account that charges for each transaction may be more suitable for your needs. Monese is especially competitive when it comes to transfer and payment fees, both in the UK and abroad, so it’s good if you travel a lot or do business out of the country.
Monese says that an EU business account will be available soon. When it does, you’ll probably be able to instantly switch between them and to move money from one to the other, as it is now for personal accounts.
Challenger banks consider security a priority, probably because they know that people are sometimes hesitant in trusting a digital-only bank with their money.
Monese only allows you to access your account from a single device, making it impossible for fraudsters to tamper with it it from another location.
Access to the app is protected through a five-digit code. You also get a notification on your phone every time you make a payment. If your card is lost or stolen, you can block it instantly from the app.
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