Monese review

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Monese is a digital banking app and card using smartphone technology to improve your banking experience. Monese is great for travellers and works well if you are looking to set up an account quickly in another country. It allows fee-free card payments and ATM withdrawals abroad. Let’s take a closer look.

How we scored Monese

What is Monese?

Monese has provided basic banking on smartphones since 2015. It gives people in the UK and abroad a chance to experience streamlined, modern finance.

This feature is what makes Monese unique: the ability for anyone to open an account anywhere in the UK or continental Europe. Whether or not you have a UK address, a credit history or fixed income, you can access Monese and open an account today. The app is currently available to anyone in the European Economic Area.

Monese is completely portable across 30 countries across Europe and, if you move to another country, your Monese account goes with you.

How does Monese work?

Monese works like a traditional banking system, but more streamlined. Like with most digital-only accounts, it’s all managed through the app. You can choose from a free account or pay for the Classic or Premium plans.

Below are some of the key features and benefits of Monese:

• Debit card. Order and manage your contactless debit card. You can see whether your card is active and get a reminder of your pin.
• Support. The support tab in the app provides customers with easy access to customer service via telephone, instant messenger or email. This tab also has an FAQ section.
• Direct debits. View and manage your active direct debits. Your account number and sort code are provided on this page for you to copy.
• Add Eurozone account. Add a Eurozone account at the click of a button. You can switch between your UK and European accounts at any time on the home page.
• Earn cash when referring friends. Invite a friend to join Monese and you can earn money.
• Interest-free credit builder. For a monthly fee, you can build your credit history and savings through the Credit Builder feature. As you make your monthly repayments, these are reported back to the credit reference agencies.
• Link your bank account. Through Open Banking you can easily link a UK bank account and manage all your money accounts and balances from the app.
• Budgeting tools. You’ll easily be able to keep track of your spending and even set yourself budgeting goals.
• Savings pots. Set aside money in up to 10 different pots to keep it separate from your day-to-day spending.

What are the different Monese plans?

Monese offers 3 different price plans. One of them, the Simple plan, has no monthly fee, while the other 2 (Classic and Premium) charge a monthly fee but offer a greater range of features.

Note that all accounts can be held in GBP, EUR and RON and all offer money pots to help you set aside cash for different savings goals. All plans give you access to the Credit Builder feature, too.

Simple plan

This free plan is a pretty basic account, and while transfers to other Monese accounts are free of charge, you will pay a fee to send money abroad.

Fees will also apply to ATM withdrawals, cash top-ups and when you spend on your card abroad. There’s also a fee for the delivery of your first card.

Classic plan

This is a paid-for plan but in return for your monthly fee, you’ll receive a greater range of benefits. These include:

• Free Monese to Monese transfers
• A small fee to send money abroad
• Accident, sickness, involuntary unemployment protection
• Hospital stay cover
• Purchase protection
• A free card with the account
• Fee-free spending abroad
• A fee-free monthly limit on ATM withdrawals.

Premium plan

This is a step up from the Classic plan so requires a larger monthly fee. In return, you’ll receive the following benefits:

• Free Monese to Monese transfers
• Free international transfers
• Accident, sickness, involuntary unemployment protection (higher level of cover compared to the Classic plan)
• Hospital stay cover (higher level of cover compared to the Classic plan)
• Purchase protection (higher level of cover compared to the Classic plan)
• A free card with the account
• Fee-free spending abroad
• A fee-free monthly limit on ATM withdrawals
• Priority customer support access.

What does the Monese app look like?

How can I transfer money with Monese?

• UK bank transfers. Pay friends, families or bills with bank transfers. Monese uses the Faster Payments Service and says that these money transfers are typically instant.
• Foreign transfers. Transfer money abroad into eight different currencies. Monese uses the “interbank rate”, much like Revolut. The delivery time for your money depends on the processing times of the receiving bank. Depending on the currency you’re sending and the time (try sending before 4pm), your transfer should take between 2-4 business days.
• Foreign transfer from Eurozone account. If you’re transferring money to someone with a Euro account through a SEPA payment, then it should reach them the same day or by the next working day.
• Direct debits. Set up a direct debit and automatically pay for utilities and services. Whether its your gym membership, phone contract, or your electricity bill – this way you won’t forget to pay the rent this month.
• Standing orders. Set up a standing order (or “Recurring Payment”) to make routine payments for a specified amount, payee and date – all managed in-app.
• Pay your contacts. Make payments to friends and family – straight from your phone’s contact list. See who’s already a Monese user, and to whom you’ll be able to make an instant payment.

Using Monese abroad

Monese has the option of opening an account across Europe making it easier to spend money in the UK and on the continent. Being able to switch instantly between your UK and European accounts means you’ll be able to spend abroad like a local. You can also open an account in Romanian lei.

Is Monese safe?

As a current account provider, Monese makes security a priority. To register it requires your address, a passport photo and video identification.

Your account is protected by a passcode which can be changed at any time, and you are logged out after 20 minutes of inactivity. If your phone or card is stolen, customer service is available Monday to Saturday during working hours.

Monese is registered with the FCA (Financial Conduct Authority) and is authorised to deal in electronic money, but isn’t technically a bank. In practical terms, this means that your money is held in a segregated account that Monese can’t touch (even if it were to go bust), but it isn’t protected by the Financial Services Compensation Scheme.

Pros and cons of Monese

Customer service information for Monese

Our verdict: Is an account from Monese worth it?

Monese is great for travellers and works well if you are looking to set up an account quickly in another country. It allows some fee-free card payments and some fee-free ATM withdrawals abroad, something you can only dream of with a traditional bank.

However, it isn’t your only option. Competitors Monzo and Starling are similar but have a full banking licence and offer more features, including overdrafts.

Finally, if you regularly need to make international money transfers and hold multiple currencies, you should check out Revolut, which beats Monese by allowing you to hold and transfer around 30 different currencies for free. Get started by downloading the app.

Frequently asked questions

• How does Monese make money?

  In three main ways

  • Treasury income. Some deposits are held by the Bank of England where they gather interest.
  • Interchange income. The fee that Monese takes from card transactions.
  • Fees and commissions. Fees Monese charges for certain payments. It also makes money from upselling Monese Plus accounts, which require a small fee to maintain.

• How easy is it to top up?

  Easy, head to your existing account and transfer money from there or go to a PayPoint or Post Office and pay money in manually for a small fee. You can find your account details easily on the Monese app.

• Can you cash a cheque?

  No. Monese won’t currently allow you to cash cheques.

• How much money can I put into my Monese account in a single payment?

  The answer depends on how you deposit your money. If you use the Post Office, the maximum deposit per day is £500. If you use PayPoint deposits, you can deposit a maximum of £249 per transaction but a total of £500 per day.

• What are the limits on withdrawing money?

  There’s no limit to the number of times you can withdraw money. However, the daily maximum that can be withdrawn is £300. On a Monese Simple plan, you will be charged a fee for all cash you withdraw over £100.

• How to upgrade my Monese account?

  Upgrading is simple. Go to the account menu and choose ‘My Plan’ to upgrade. You’ll need to have enough funds on the account to cover the 1st monthly fee. Should you wish to downgrade again, you can do so at any time.

• How do I deposit money into my Monese account?

  There are 4 main ways to top up your UK Monese account:

  (1) Cash top ups

  Go to a Post Office or PayPoint location. Give them your debit card and the money you wish to deposit. With Monese Simple you pay a 3.5% fee, but there is a fee-free limit of £400 a month for the Classic account and £1,000 for the Premium account. Funds will be available on your account in a couple of days.

  (2) Bank transfers

  To transfer funds into your Monese account from another UK bank, you will need your Monese account number and sort code. Find these details in the app.

  (3) IBAN transfers

  You can pay money into your Monese UK account from outside the UK by using the following details:
  Recipient / Beneficiary: Monese Ltd

  IBAN: EE047700771001660150

  BIC/SWIFT: LHVBEE22

  Comment / Reference to beneficiary / Reference: (Your Monese ID e.g. M12345) (You can find your Monese ID inside the Monese mobile app. Android users will find it via the side menu. iOS users will be able to find it in the ‘Account’ section of the app.)

  You also need to ensure your Monese ID is included as a reference.

  (4) Instant debit card top up

  Go into the app, head to the ‘Instant Top Up’ section and enter your debit card’s info.

  Debit card top ups are free for the paid-for plans, but cost 0.3% for the free Simple plan. Any foreign exchange will be done by the issuer of the debit card used. Also, note that credit cards will not work with this feature.

• What's the maximum amount I can hold in my Monese account?

  The Monese UK account maximum balance is £40,000.

• Can you transfer money from your Monese account into your PayPal?

  Not anymore. You can still make a direct bank transfer or online payment into you Monese account (using your Monese account details). Or, if you are in the UK or Romania, you can deposit cash via PayPoint. You may call Monese at +44 1706 304 001 from Monday – Friday, 08:00 – 17:00 Saturday 10:00 – 16:00. Please note that their all support is in English and the timezone is UTC.

• Are there any alternatives to Monese?

  Yes, there are other banking apps out there. We have even created a guide on some of the better known alternatives.

• What is Trezeo?

  Acquired by Monese in late 2021, Trezeo was a peculiar hybrid between a credit card, a current account and a budgeting app. It was essentially a digital account that connected to your regular current account through Open Banking and managed your income for you.

  Based on your previous earnings, an algorithm calculated how much you make per week and transformed that into a weekly paycheque.

  If you made more, it would put the extra money aside; if you earned less, it would take the rest from your savings or, if you don’t have any, it would offer you an advance. In a way, it was like having a regular salary.

  Trezeo was meant to be used mostly by freelancers and gig economy workers (such as Uber drivers or Deliveroo couriers) whose income can be a bit bumpy.

  How did Trezeo work?

  In order for Trezeo to work, you needed to have all your income paid into your Trezeo account (it had its own account number and sort code).

  Trezeo then paid your average weekly salary into your regular current account and kept the rest in your Trezeo account. By doing so, it provided the following services:

  • Income smoother. You’d know exactly how much you’d get every week and how much you could afford to spend.
  • Savings account. Trezeo helped you save by automatically putting aside any extra cash you earned. You didn’t earn any interest on your savings, but Trezeo was looking into offering it (prior to acquisition). You could get your savings back into your regular current account anytime.
  • Credit. It didsn’t automatically come with the membership and you needed to apply for it. If you were accepted, Trezeo would top up your paycheque on those weeks when you earned less than your average, even if you didn’t have any savings aside.

  You could keep all this under control directly from the Trezeo app.