According to our idea, the TU Overall Score indicator should answer the biggest question of all: “Can I trust this broker with my money?”. The scores range within 0.01 – 9.99 (the higher the indicator the more trust the broker has). More details
- UK and EEA
Currencies:
- GBP, EUR, RON
- 28.2%
- Yes
Our Evaluation of Monese Bank
According to our idea, the TU Overall Score indicator should answer the biggest question of all: “Can I trust this broker with my money?”. The scores range within 0.01 – 9.99 (the higher the indicator the more trust the broker has). More details
Brief Look at Monese Bank
The Monese Bank is registered in the UK and has been operating since 2015 under an official license. This is a classic mobile bank with a proprietary plastic card, which provides its customers with a full range of banking services. The account is multi-currency with global transfers, cash withdrawals from ATMs, and payments via online and offline stores. There are several tariff plans, including those that are free. You can link accounts opened in other banks to the Monese card for comprehensive control of your finances. The credit program has an average annual rate. All transactions are carried out instantly following the standards of modern digital banks. The Monese bank protects personal data and customer funds with advanced cryptographic algorithms.
- Instant transfers to other Monese clients without commission, transfers around the world with a commission of up to 2.5%.
- The plastic card is configured in the application, it can be linked to multiple accounts opened with other banks.
- Cash withdrawals from ATMs that are located in other countries, and payment in any online and offline stores.
- Favorable lending program, which, when activated, automatically increases the credit rating of the bank’s client.
- A wide range of insurance services such as the client’s life insurance, as well as insurance of his property and acquisitions.
- The card is multi-currency, and the assets on it can be freely converted among each other.
- Integration with a PayPal account, an Avios account, as well as other payment and financial management services.
- Only three currencies can be kept and converted on the account: the euro, pounds sterling, and leu.
- The digital bank does not have a call center. Communication with technical support is possible via email, chat in the application, and on the website.
- Free transfers only to the accounts of Monese Online Bank clients, but when transferring to the accounts of other banks, a fee is charged.
TU Expert Advice
Author, Financial Expert at Traders Union
Monese Bank offers a wide array of digital banking services through its mobile banking platform and proprietary plastic card. Its clients can choose from a variety of account types, including Standard, Essential, Classic, and Premium, each with differing features and fees. The bank supports multi-currency accounts in GBP, EUR, and RON, and facilitates seamless global transfers and cash withdrawals. Its integration with PayPal and Avios, as well as budgeting and savings tools, further enhance financial management capabilities. Additionally, Monese Bank provides instant transfers to other clients without fees and competitive lending conditions that can help boost client credit ratings.
However, Monese Bank does exhibit some drawbacks, such as limited currency options and the lack of a call center for client support, which is limited to email and live chat. Free transfers are restricted to accounts within Monese Bank, and transferring to other banks incurs fees. Despite these disadvantages, Monese Bank may be suitable for digital-savvy personal and business users who prioritize multi-currency features and integration with third-party services. However, those who require extensive client service interaction or a broader range of currency options may find other banking solutions more fitting.
Monese Bank Summary
Via Monese's secure website. Your capital is at risk.
| 💼 Main types of accounts: | Standard, Essential, Classic, Premium |
|---|---|
| 💱 Multi-currency account: | Yes (in pounds, euro, leu) |
| 💵 Deposit terms and conditions: | Individual |
| 💳 Loan terms and conditions: | At 28.2% per annum with an increase in credit rating |
| ☂ Deposit insurance: | Yes |
| 👛️ Savings options: | Savings pots, rounding when shopping, budgeting |
| 📋 Types of payment: | Plastic bank card, Apple Pay, Google Pay, wire transfers |
| ➕ Additional features: | Up to 10 pots, PayPal and Avios integration, joint accounts, business accounts |
Monese digital bank is focused on increasing the availability of banking services and simplifying financial control for users with different levels of financial literacy. The bank solves the problem through a functional application with a full range of necessary functions. Payments, transfers, conversions, ATM withdrawals, cash replenishments at the post office, the chance to get a loan at any time, insure your life and property are all important and necessary for a comfortable life in the modern world.
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Monese Bank Commissions & Fees
There is no subscription fee on the Starter plan. For other plans, a fee is charged monthly, and the amount depends on the terms of the plan. Low commissions are one of the competitive advantages of Monese neobank. The Premium plan is especially beneficial for those who frequently travel worldwide, and there are no additional fees for transactions (including payment for goods and services), regardless of the country in which these transactions are conducted. Essential and Classic tariffs are chosen following financial activity, focusing on the proposed limits.
We also compared Monese fees with similar types of fees on other Digital banks.
| Broker | Overdraft fee | ATM Withdrawal Fee | International transfer fee | International exchange fee |
| Monzo Bank | 19-39% | Free in the UK In other countries: - up to £200 - free - beyond £200 - 3% | €0.5 | 0.35%-2% |
| Revolut | No | Up to $350 - free - beyond $350 - 2% | 0.3% (min. $0.30, max. $6) | From 0% to 1% |
| Monese Bank | 28.2% | £1.5 | From 0% to 2.5% | From 2.5% |
The Monese neobank can be recommended for cooperation. It has provided banking services for over 7 years on transparent terms and has a valid license. The mobile bank application allows you to conveniently control your finances and increase them. It is possible to connect to other accounts with end-to-end reporting. Monese offers personal and business accounts. Other banking features include a lending function, savings accounts, the ability to open up to 10 pots for any purpose, standard neobank savings functions such as rounding purchases, and budgeting. The bank complies with modern banking standards, including high-level security to protect users’ funds and personal data.
Account types
Investment Options
Normally, neobanks do not offer separate investment solutions. Monese customers can multiply their capital through a savings account and automated deposit features. This is a standard feature for modern mobile banks, which allows you to slowly form significant savings without any visible damage to the current budget. If the client wants to invest large amounts in startups or other promising high-yield projects, he should turn to third-party services.
If you are a large investor and plan on investments over $10,000, contact us at vip-invest@tradersunion.com or by the feedback form on our website. Our professional team will take you through all the intricacies of the deal and all the steps from signing up to withdrawal of profits.
Contacts
| Foundation date | 2015 |
|---|---|
| Official site | https://monese.com/ |
Comparison of Monese Bank with other Brokers
| Monese Bank | Wise | Bunq | Curve Bank | Aspiration Bank | Ally Bank | |
| Supported Countries | UK and EEA | Globally | Netherlands, Germany, Austria, Italy, Spain, France, Belgium, Ireland, Bulgaria, Croatia, Slovenia, Republic of Cyprus, Finland, Greece, Hungary, Latvia, Lithuania, Luxembourg, Malta, Norway, Poland, | UK and EEA | US | US |
| Supported Currencies | GBP, EUR, RON | 54 currencies | Euro (16 European currencies in the Easy Money plan) | 26 currencies | USD | US dollar |
| Deposit insurance | Yes | No | EUR 100,000 | No | Yes | 500,000 dollars |
| Minimum deposit | No | No | No | No | $10 | No |
| Deposit rate | 28.2% | No | 0.09% APY | No | No | 4% |
| Loan Rate | Individual | No | The bank does not issue loans | No | 3%-5% | Individually |
Detailed review of Monese Bank
Monese is a universal bank. Its important competitive advantage lies in its ability to integrate with accounts of other banks and with third-party services, including PayPal and Avios. In view of this, an individual account has all the advantages of modern banking without any restrictions for a user who is used to working with specific platforms.
A business account with Monese bank can be opened for £9.95 per month. The corporate account offers convenient financial management of the organization and allows you to automate the payments to employees and taxation processes. That way you have simplified interaction with business partners due to the reduction of the paper bureaucracy. The application supports all types of business accounts and allows you to pay promptly.
Monese mobile bank by the numbers:
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0 – the cost of the default Starter plan with unlimited functions.
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40,000 – the number of PayPoint for funding with cash.
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£1,800 – the cost of insurance when using the Premium plan.
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14 – the number of languages spoken by technical support.
Digital banking is equally convenient for personal and business accounts. This is largely achieved due to the high usability of the Monese Online Bank application. Any tool is accessed via the main menu. The interface is clear and easy to understand, it can be customized for your needs.
Monese’s useful features:
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Multi-currency account and converter. On your Monese account, you can keep pounds sterling, euros, and leu. Currencies are converted between each other at the market rate without additional fees.
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Instant and worldwide transfers. Funds are transferred between Monese accounts instantly. Transfers to other countries are available, but they take longer due to the peculiarities of international banking interaction.
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Deposit and withdrawal of cash. You can withdraw cash from your Monese account at all ATMs (the limit without commission depends on the plan). Cash deposits are carried out using mail or through PayPoint (40,000 points around the world).
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Quick loan. The user at any time has the opportunity to apply for a standard bank loan or use a loan constructor for £7.95 per month with an annual rate of 28.2%.
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Saving accounts. A bank client can open up to 10 savings pots with different conditions and for different purposes.
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Budgeting tools. In his account, a bank client can set limits on services and purchases in different categories. When the limit is reached, the category is blocked and/or the client receives a notification.
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Rounding up when paying. When the function is active, the “change” from each purchase (for example, cents if paid in euros) is deposited into a savings account, and the purchase amount is rounded up to a whole number. This allows you to permanently form additional savings.
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Integration with financial services. For the convenience of its customers, Monese bank allows you to link accounts from other platforms to your account. For example, PayPal and Avios.
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Insurance. Bank customers can insure themselves against accidents, illnesses, and involuntary unemployment. Hospital insurance and insurance of property and acquisitions are also available.
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Business automation. This comprises a whole range of tools and features that eliminate or reduce paper bureaucracy, such as simplifying the issuance and the payment of invoices, the receipt of salaries by employees, and other processes.
Advantages:
Many functions and tools to control the client’s finances such as its Smart Budgeting capability.
Savings account, the function of rounding the amount when paying, additional pots make it possible to comfortably generate savings.
Instant transfers within the platform and transfers around the world without restrictions with an objectively low commission.
User accounts have several levels of protection, and for 7 years of the bank’s operation, customer accounts have not been hacked.
Neobank offers all types of insurance for its clients, the amount of insurance is determined by the tariff plan.
A bank client can take out a loan for almost any amount at any time by setting individual conditions in the loan constructor.
The Monese bank card can be used to pay in stores around the world and to make contactless payments via Google Pay and Apple Pay.
You can withdraw cash at any ATM worldwide.
All formats of issuing and receiving invoices, as well as transfers are also available.
The mobile application works quickly and without hiccups, it has an intuitive interface and a high usability parameter.
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