monese
monese card
  • Classic – €5.95/mo
  • Premium – €14.95/mo
 
  • Account without Proof of Address
  • Budgeting tools
5.0
5/5

Monese Review

Monese is an online financial institution that has its headquarters in London, United Kingdom. Monese is authorized by the Financial Conduct Authority in the UK. One of the unique features of the service offered by Monese, is the ability for customers to open an account without a UK address, credit history, or fixed income. This service is available to anyone within the European Economic Area and can be used in 20 European countries. Monese isn’t a bank, but clients opening the Monese account are still getting GBP and EUR account numbers that work the same as a bank account. 

Introduction video from Monese official youtube channel:

Monese account and Monese card

Monese works entirely through the app, which has multiple useful features that allow customers to gain further insight into their accounts. The process of opening an account is made easy and more accessible than with similar online services, requiring customers to have ID, an email address, and mobile phone number.

There are three monthly plans to choose from, beginning with a Monese free account that includes foreign currency card spending up to £2,000 per month, free foreign currency transfers, and £200 free ATM withdrawals and cash top-ups. The ‘Classic’ plan is available for £4.95 a month, coming with added benefits such as £800 free ATM and cash top-ups and £8,000 foreign currency card spending. Lastly, the ‘Premium’ plan is available for £14.95 a month and offers entirely free ATMs and cash top-ups, and foreign currency card spending. Once approved, Monese customers will receive their debit card in the post to their chosen address.

monese monthly plans

The user experience

The first step in experiencing the service offered by Monese is to add funds, which is made simple with the option to use your account number and sort code to be paid by your employer directly into your account, or make a transfer. Monese also offers an option to transfer money from outside of the UK, where the customer can make a transfer to Monese’s European IBAN account along with their Monese ID. Monese will then convert currency at the best possible exchange rate and provide the funds in GBP to your Monese account.

The app makes it clear and straightforward for users to navigate the different aspects of their account, whether managing their debit card and direct debits or utilizing the option to add a Eurozone account at the click of a button. The app also offers easy access to customer support by email and instant messenger, which is more than most traditional banks can offer. The app’s ‘refer a friend’ deal is also a nice little bonus, providing users with £15 once their referred friend deposits money into their account.

What’s available?

Monese offers UK current accounts and an added Eurozone account. However, there is currently no option for a savings account. There is no separate place to put savings, and therefore no way to earn interest on them. Monese also offers no cashback options currently, but it is possible to earn Avios points via their participating retailers’ list. They also do not offer overdraft facilities or loan services now, although a statement on their website says they are working to bring these to customers soon. Without a doubt, the main area that Monese excels in is travel. They allow you to access wholesale exchange rates while traveling with Monese card, making it ideal for paying for goods while abroad. The app also makes it incredibly easy to deactivate your card if you lose it, and unlock it if you happen to find it again.

Monese features

  •  Customers receive a Monese UK current account with all standard functions, without having a UK address or completing a credit check
  • Quick and easy set-up Monese app and account
  • Easy-to-use app with ability to categorize transactions
  • Free foreign ATM withdrawals and card payments with a Monese card
  • Ability to open both a UK and Eurozone account, and switch seamlessly between them
  • Good online customer service

Conclusion

Monese is a digital account that will appeal most to freelancers, travelers, and people hoping to secure a UK bank account while still without an official address. The fee-free Monese card payments overseas and free withdrawals are far more beneficial than traditional banks’ service, and the same can be said for the instant messaging customer service. 

If you want to check Monese vs. Monzo there is a digital accounts comparison.