Here’s what you need to know about Monese Premium account if you’re considering signing up for it.
Monese Premium account has a £14.95 fixed monthly fee, in return for which most of the limits that apply for Monese’s standard free account are waived. With Monese Premium you get:
If you are not a Monese customer yet, you will have to sign up and choose which option suits you better – whether Simple, Classic or Premium. If you already have a Monese basic account, you can upgrade anytime from the app: you only need to have enough money in your account to cover the first monthly fee.
To sign up with Monese, you need to be 18 years old and to download the app on your smartphone. You won’t be asked for any proof of address and they won’t run credit checks, but you’ll be needing your passport and a video identification. You’ll be sent a contactless Mastercard with free standard delivery (usually 3-5 working days).
Monese offers three account options: the basic one is free, the Classic option costs £4.95 a month and the Premium option costs £14.95 a month.
With Monese you can only set up your account in the app on a single device, so that fraudsters cannot try to access it from another location.
The app is protected by a five-digit code and it allows you to instantly block your card if you lose it or if it’s stolen. You also get notified every time you make a payment.
Finally, Monese is fully registered with the UK Financial Conduct Authority as an e-money institution, but it isn’t technically a bank. Customers’ money is held separately in a segregated account, and it can’t be touched or lent out (no matter what happens to Monese as a company). However, it isn’t covered by the Financial Services Compensation Scheme (FSCS, which protects deposits up to £85,000).
Monese Premium is a very comprehensive plan, but it is also quite pricey. In order to get good value for money compared to the Monese Classic option, you need to be planning on spending at least £8,500 abroad a month with your card, withdrawing or loading at least £1,300 a month in cash, or making £2,000 worth of money transfers in another currency a month.
Most likely, it will be a combination of the above. It’s quite a lot, so if you’re not travelling or transferring money abroad that often and you aren’t a heavy cash user, you probably don’t need Monese Premium.
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