20,0%
Top 3
10,0%
Top 5
7,0%
Top 10
5,0%
Top 20
1,0%
Top 40
0,5%
Top 100
0,2%
Top 100+
0,05%
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Monese Bank Review 2024
Trading platform:
- Plastic card
- Apple Pay
- Google Pay
- Wire transfer
Supported Countries:
- UK and EEA
Supported
Currencies:
Currencies:
- GBP, EUR, RON
Deposit rate:
- 28.2%
Deposit insurance:
- Yes
Summary of 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.
| 💼 Main types of accounts: | Standard, Essential, Classic, Premium |
|---|---|
| 💱 Multi-currency account: | Yes (in pounds, euro, leu) |
| ☂ Deposit insurance: | Yes |
| 👛️ Savings options: | Savings pots, rounding when shopping, budgeting |
| ➕ Additional features: | Up to 10 pots, PayPal and Avios integration, joint accounts, business accounts |
👍 Advantages of trading with Monese Bank:
- 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.
👎 Disadvantages of Monese Bank:
- 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.
Evaluation of the most influential parameters of Monese Bank
Table of Contents
- Geographic Distribution
- Latest Comments
- Expert Review
- Latest Monese Bank News
- Analysis of Monese Bank
- Dynamics of the Popularity
- Investment Programs
- Terms for Cooperation
- Detailed Review
- Banking features
- Technical Support
- Social programs
- How to open an account?
- User Reviews of Monese Bank
- FAQs
- TU Recommends
Geographic Distribution of Monese Bank Traders
Popularity in
9.9%
GB
8.2%
ES
5.1%
US
3.7%
MA
68.1%
Others
User Satisfaction i
3 comments
Total score:
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janat16
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trubinayBaf
1 year ago
aclapitan
1 year ago
Expert Review of Monese Bank
The Monese bank provides customers with a multi-currency account, which is fully managed through its proprietary mobile application. Access to the user’s account can be obtained through the neobank website, but for me, it is more convenient to control my finances using the bank’s app. According to the test results, the application was rated by experts as intuitive and outperforms its competitors.
In terms of basic services, Monese offers the full range of modern banking features. Note that the free Starter plan offers the same features as paid plans. There is a difference in limits, however. For example, a Starter client pays 2.5% for international transfers, while a Premium client has no commission for this action. This approach is considered more progressive than limiting the functionality of the free tariff (as most digital banks do).
Monese’s lending terms are standard for European neobanks. You can choose convenient loan conditions by using the so-called loan constructor. The function costs £7.95 per month. The actual interest rate charged by the bank is 0%, but the subscription fee for the Credit Builder service is 28.2%. The bank transparently indicates exactly this rate in its conditions without hiding anything from customers.
In conclusion, the savings functions show a high degree of synergy with other services and a high level of efficiency. For example, a bank allows you to open savings pots for special purposes, round up the amount when paying, and track expenses. Most customers rated this segment of the application’s functionality with the highest score. The expert’s review confirms these user findings.
Dynamics of Monese Bank’s popularity among
Traders Union’s traders, according to 2023 data
Investment Programs, Available Markets, and Products of Monese Bank
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.
Important!
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.
Terms for Cooperation with Monese Bank
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.
| 💼 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 |
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 |
Monese Bank Commissions & Fees
Information
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% |
Conclusion
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.
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:
-
0 – the cost of the default Starter plan with unlimited functions.
-
40,000 – the number of PayPoint for funding with cash.
-
£1,800 – the cost of insurance when using the Premium plan.
-
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:
-
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.
-
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.
-
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).
-
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%.
-
Saving accounts. A bank client can open up to 10 savings pots with different conditions and for different purposes.
-
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.
-
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.
-
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.
-
Insurance. Bank customers can insure themselves against accidents, illnesses, and involuntary unemployment. Hospital insurance and insurance of property and acquisitions are also available.
-
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:
1
Many functions and tools to control the client’s finances such as its Smart Budgeting capability.
2
Savings account, the function of rounding the amount when paying, additional pots make it possible to comfortably generate savings.
3
Instant transfers within the platform and transfers around the world without restrictions with an objectively low commission.
4
User accounts have several levels of protection, and for 7 years of the bank’s operation, customer accounts have not been hacked.
5
Neobank offers all types of insurance for its clients, the amount of insurance is determined by the tariff plan.
6
A bank client can take out a loan for almost any amount at any time by setting individual conditions in the loan constructor.
7
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.
8
You can withdraw cash at any ATM worldwide.
9
All formats of issuing and receiving invoices, as well as transfers are also available.
10
The mobile application works quickly and without hiccups, it has an intuitive interface and a high usability parameter.
Types of accounts for individuals and businesses
Account Type
Description
Starter
Free plan (by default). The commission for international transfers is 2.5% (+1% on weekends). Insurance is not available. Card delivery costs £4.95, and a reissue costs £9.90. Global transactions are subject to a 2% fee. For each withdrawal at an ATM, the fee is £1.5 and cash replenishments cost 3.5%. Access to technical support is provided under the usual terms.
Essential
The subscription fee is £1.95 per month, and the commission for international transfers is 2% (+1% on weekends). Insurance costs up to £600. Card delivery is free, but a reissue costs £4.95. For worldwide transactions, a 0.5% commission is charged. You can withdraw £200 per month for free, but over that amount, there is a commission. For a cash replenishment, the fee is 3.5%. Access to technical support is provided under the usual terms.
Classic
The subscription fee is £5.95 per month, and the commission for international transfers is 0.5%. Insurance is up to £1,200. Card delivery is free, but the reissue costs £4.95. No commission is charged for global transactions. You can withdraw £500 a month for free, and replenish without commission up to £400. Access to technical support is provided under normal conditions.
Premium
The monthly fee for this account is £14.95, and there are no commissions for international transfers. Insurance is up to £1,800. Card delivery and reissue are both free. No commission is charged for worldwide transactions. You can withdraw £1,500 per month for free and replenish without commission up to £1,200. Access to technical support is provided on priority terms.
Banking features
The cooperation between individuals, legal entities, and a digital bank are convenient, among other things, because of its focus on the complexity of the solutions provided.
For example, if the topic is about secure transfers on favorable terms, this applies to all transactions, including international ones. If we are talking about insurance, then Monese bank provides insurance of all kinds, including for life and property.
All neobanks try to provide a client-oriented approach to banking services, but not everyone succeeds at the level that Monese manages to achieve.
Technical Support
The fastest way to communicate with technical support is through live chat in the app or website. It works 24/7 without days off. An alternative contact option is to email support@monese.com. Also on the site in the “Help” section, there is a basic FAQs section that explains all aspects of working with the bank.
In the same section, it is possible to send a ticket with a request to the support service, but this is not practical, since it will still be transferred to email, and further correspondence will be conducted via emails. Unfortunately, this digital bank does not have a call center and cannot be contacted directly by phone. The support service answers using 14 languages.
Social programs of Monese Bank
Monese Mobile Bank is a member of CIFAS, a UK-based international organization tasked with detecting scam and providing this information to the competent authorities. Monese volunteers regularly spend some of their resources looking for fraudulent schemes and the organizations behind them. The bank has its own methods, policies and tools, freely sharing with everyone.
Monese supports the Take Five social program, a unique project in every respect. Anyone can contact Take Five by phone, email, instant messengers or live chat to clarify information about an organization or other source they suspect is a scammer. Take Five provides a wide range of tips and practical solutions to fight financial fraud. Any neobank’s customer has the opportunity to contact CIFAS, Take Five, Action Fraud and any other relevant organization through the application.
How to open an account at Monese Bank
Go to the official website of neobank and click the “Register” button in the upper right corner of the screen. Then select the region in which you are located. Note that Monese does not currently work with all countries.
If you are in a country where cooperation does not exist, the platform will not allow you to register. If your country is available for registration, a QR code will appear on the screen, it must be scanned with a mobile device. Depending on your device, you will be taken to the App Store or Google Play on the Monese Online Bank app page. Download and install the application.
Once installed, start the app and follow the on-screen instructions. It is necessary to enter personal data, including first name, last name, date of birth, place of registration, and actual residence. At the final stage of registration, the system will ask you to provide photos and or scans of identity documents (a passport or driver’s license will do). After sending the documents, wait for their verification. Soon, you will receive a notification, and you will be able to use the functions of the application (the free Starter plan will be activated by default).
Disclaimer:
Your capital is at risk. Via Monese's secure website. Your capital is at risk.
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FAQs
How does Monese Bank earn money?
The main income of Monese Bank is from commissions. You can learn the structure of commissions in detail on the bank's website.
How does Monese Bank protect its customers?
Monese Bank uses two-factor authentication, data encryption and other security methods.
Is it possible to check the statistics of expenses?
Monese Bank provides clients with extended statistics. You can study the detailed information about revenue receipts, expenses, split into different periods of time, etc.
Is it possible to make international payments through Monese Bank?
Yes. Monese Bank allows you to make payments between customers in different countries.
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