Monese —
One Of The Best Mobile Banks

About Monese

Monese is a leading digital banking app and card which is operated by using smartphone technology to improve your experience of banking. It was one of the first bank apps only which was launched in the UK. It was introduced by Norris Koppel.

Monese provided a basic knowledge of using banking on smartphones since 2015. It helped people in the UK and abroad have an opportunity to experience streamlined modern finance. Then taking it a step further than the rest, allows people/customers to create and open an account without a UK address through the app.

The facility to open an account anywhere in continental Europe and in the UK makes Monese unique. Currently, this app is available to anyone, anywhere in the European economic area. Whether or not you are having an address in the UK, a fixed income or a credit history, you can easily access Monese and open an account.

It is portable enough across 20 countries of Europe as if you relocate to another country on the same continent, the Monese account comes with you.

How Monese works

It simply works like a traditional banking system but more streamlined. Similar to the most digital-only accounts it is managed via a mobile app that has multiple tabs which focus on different aspects of an account, like as follows:

Direct Debits:

With the help of it you can easily access and manage your active direct debits. Here you will get your account number and sort code to copy.

Debit card:

By using Montese, you can order and manage your contactless debit card hassle-free. It provides the facility to check whether your card is active or not and give a reminder of your pin.

Add Eurozone account:

You can simply add any Eurozone account by simply hitting a button and can also switch between European and UK accounts any time on the home page.

Support:

The support tab helps customers to access customer service easily through instant email or message. It also consists of a FAQ section.

Invite and earn:

If you refer this to your buddy then you will get a chance to earn £15 once he/she deposits money in their account and at the same time they will also receive the same amount.

My plans:

It offers two paid accounts and free account options. With the help of this, you can view the benefits that might facilitate in subscription or upgradation of the service.

About Monese

Monese is a leading digital banking app and card which is operated by using smartphone technology to improve your experience of banking. It was one of the first bank apps only which was launched in the UK. It was introduced by Norris Koppel.

Monese provided a basic knowledge of using banking on smartphones since 2015. It helped people in the UK and abroad have an opportunity to experience streamlined modern finance. Then taking it a step further than the rest, allows people/customers to create and open an account without a UK address through the app.

The facility to open an account anywhere in continental Europe and in the UK makes Monese unique. Currently, this app is available to anyone, anywhere in the European economic area. Whether or not you are having an address in the UK, a fixed income or a credit history, you can easily access Monese and open an account.

It is portable enough across 20 countries of Europe as if you relocate to another country on the same continent, the Monese account comes with you.

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Monese —

Pros and Cons:

Pros:

  • It is reliable enough that the payments are processed quickly (in a few seconds).
  • From the perspective of technology enthusiasts, it is the best solution for everyday banking needs.
  • Easy and quick to set up an account
  • Dual currency accounts
  • Standing orders and direct debits
  • Easy to use app that allows you to freeze the card if you lose it and categorise your transactions
  • Free cash loading into the account
  • Can open and switch both the UK and European account
  • Free ATM withdrawals and card payments abroad
  • Standing orders and direct debits

Cons:

  • Several account limitations with free accounts
  • No loans or overdraft
  • Doesn’t offer any other thing more than a current account
  • No physical branches
  • Can’t put your savings in a separate account

Who it is for?

Monese onboard clients are usually from the UK and European economic area. Also, this service is available in different languages like Italiano, English, Portuguese, Turkish, Polski, Romanian, French, Bulgarian, etc.

Process of opening the Monese account

If you want to open an account in the Monese then all you need to do is first, download the Monese mobile app from Google play store or App Store(iOS) and then sign-in on it.

Then you need to take a photo of your ID proof (any documents like driving license, National ID, passport, etc.) and a selfie of yourself to upload. Also, you need to have a unique and valid email address and a mobile number for registration to receive text messages. Then you will need to continue following all the instructions given by the Monese app. In some conditions, you may need to do a video call also.

You can do a video call from Monday to Friday from 8 am to 10 pm UK time and on Saturdays, 10 am to 4 pm with the help of the Monese mobile app. Keep in mind, when you call you should have a good internet connection and ID document with you.

How much Monese cost and its limits?

Monese is available in three types, all offer free card usage and direct debits in home currency. The limits and costs of a Monese account depend on which plan you choose. The below table summarises the difference between all three types of Monese.

PlanMonthly feeCard payments abroadCard payments abroadMoney transfers
Simple£0SimpleFree up to £200 a month (2% fee after)2% fee (free between Monese accounts)
Classic£4.95ClassicFree up to £800 a month (2% fee after)0.5% fee (free between Monese accounts)
Premium£14.95PremiumFree (limited to £300 a day for ATM withdrawals and to £500 a day for cash loads)Free

Key features

  • Free cashless withdrawals (up to certain amounts which depend on the plan that we have taken)
  • We can hold multi-currency accounts (£ or €) with the help of it.
  • Have the ability to identify customer pain points and analyze agent performance
  • Keep track of your spendings
  • Provide us Master prepaid contactless debit card
  • Provide us the facility to check Insta balance which means you can check your balance anytime anywhere with the help of the app.
  • You can easily lock your card in-app if it gets stolen or lost
  • Can easily transfer money abroad in 8 different currencies
  • Get instant notifications of spendings
  • You can easily top up your account in a PayPoint or a post office.

Warp up

In the era of technology, people are using mobile rapidly both in terms of where they work and live and how they transact. Monese plays an essential role in that. Its app is helpful for those who are on the move regularly between various countries and who need to transfer money abroad. Its app is especially helpful when you travel between the UK and Europe as you can easily switch between European and UK accounts.

Monese is one of the best mobile banks which is great for travelers and it works well if you are planning to set up an account in another country. It permits you to use fee-free ATM withdrawals and card payments abroad that something you can dream of with a traditional bank.