Monese Mobile Current Accounts

Monese Review

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Why choose a Monese mobile current account?

What is Monese?

Monese was one of the first mobile-only “challenger” banking services to be set up in the UK, in 2015. It offers an easy-access spending card anyone living in the European Economic Area (EEA).

It’s not actually a bank but an Electronic Money Institution, which means that deposits aren’t protected by the Financial Services Compensation Scheme; they’re held in a separate “protected” account.

Monese offers three cards, each with a maximum balance of £40,000:

Monese Simple:

    • Delivery charge for Mastercard debit card £4.95, no monthly fees
    • Free contactless purchases
    • ATM withdrawals and top-ups: free up to £200 per month (then 2% fee)
    • Card payments abroad: free up to £2,000 per month (then 2% fee)
    • Money transfers: 2% fee (free between Monese accounts)

Monese Classic:

    • £4.95 monthly fee
    • Free contactless purchases
    • Free ATM withdrawals and top-ups up to £800 monthly (then 2% fee)
    • Free card payments abroad up to £8,000 (then 2% fee)
    • Money transfers: 0.5% fee (free between Monese accounts)

Monese Premium:

    • £14.95 monthly fee
    • Free contactless purchases
    • Free ATM withdrawals, up to £300 a day
    • Free ATM top-ups, up to £500 a day
    • Unlimited free card payments abroad
    • Free money transfers

How does it work?

  1. Download the mobile app.
  2. Follow the sign-up steps, entering your personal email address, and a mobile number capable of receiving text messages.
  3. Take a photo of your ID documents (driving licence, passport or National ID card) and a short video selfie.
  4. You may need to do a video call as well.
  5. When you’ve opened your account, order your Monese debit card within the Card section of the app.
  6. Confirm the address you’d like the card sent to.
  7. Your card should arrive within 3 – 5 working days.

Pros

  • Easy account opening, via mobile (“within 60 seconds”)
  • No need to have a permanent UK address, or a credit check
  • Send and receive payments
  • Pay in cash via the Post Office or Paypoints
  • Supports direct debits
  • Supports standing orders (“Recurring payments”)
  • Apple Pay
  • Instabalance real time view of your account balance
  • Pie chart representation of your monthly spending habits.
  • Set up a savings Pot (one per account) for easy savings transfers
  • Lock your card instantly from the app if you lose it (and unlock it again if you find it)
  • Earn £15 for referring friends

Cons

  • Debit card only
  • No overdraft facilities: if your account goes overdrawn your card is locked
  • No credit facilities, though loan services are planned for the future
  • No interest paid on savings

 These features and services were accurate late 2019. But challenger banks are very aware of customer demands: features may change or be extended.

Sign up to Monese