Finder expert rating
Our review goes into Monese’s key features, fees and frequently asked questions.
Besides being completely mobile and making your money accessible on the go, Monese takes mobility a step further than the rest, allowing customers to create an account without a UK address.
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 20 countries across Europe and, if you move to another country, your Monese account comes with you.
Check out this video to see how the app looks and works:
The cost and the limits of a Monese account depends on which pricing plan you choose.
|Plan||Monthly fee||Card payments abroad||ATM withdrawals and cash loads||Money transfers|
|Simple||£0||Free up to £2,000 a month (2% fee after)||Free up to £200 a month (2% fee after)||2% fee (free between Monese accounts)|
|Classic||£4.95||Free up to £8,000 a month (2% fee after)||Free up to £800 a month (2% fee after)||0.5% fee (free between Monese accounts)|
|Premium||£14.95||Free and unlimited||Free (limited to £300 a day for ATM withdrawals and to £500 a day for cash loads)||Free|
Monese has the option of opening an account anywhere in Europe making it easier to spend money on the mainland. Being able to switch instantly between your UK and European accounts means you’ll be able to access your money easily wherever you are in Europe.
All Monese’s pricing plans offer some level of fee-free spending outside of Europe too, but with different limits. If you have a free plan, you get up to £2,000 of fee-free card payments abroad and up to £200 of fee-free foreign ATM withdrawals.
Your money is also safe behind 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 safe in a segregated account that Monese can’t touch (even it if were to go bust), but isn’t protected by the Financial Services Compensation Scheme.
Monese is a great option 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, something you can only dream of with a traditional bank.
If you live in the UK with no plans to travel but wish to join a mobile bank instead, it’s still competitive, but there might be better options. Other UK challenger banks, such as Monzo and Starling, are similar but offer a wider range of features, including overdrafts, joint accounts and savings accounts. On the other hand, Monese is the only one that lets you deposit cash on the account for free, so if you need to do it regularly, it may be your best option.
Finally, if you regularly need to make international money transfers and hold multiple currencies, you should check out Revolut, that beats Monese by allowing you to hold and transfer 29 different currencies for free.
We’ve put together a list of all of Monese’s main competitors, and reviewed them here. Or use the table below to compare all of the UK’s leading banking apps at a glance.
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