Digital Bank Guide

Monese Review

December 4, 2019
monese-homepage

Monese review contents

In this Monese review we will go through each aspect of the offering and you will and find out whether this digital bank is right for you. 

Monese snapshot score

1 %
Product
1 %
Design
1 %
Support

What is Monese?

Monese was founded back in 2015 by an Estonian fellow named Norris Koppel. When Norris moved from Estonia to the UK he was frustrated at the fact he couldn’t easily setup a bank account due to not having any credit history or utility bills in the UK. This spurred him on to make the process of setting up a bank account easier for everyone else. Monese was born!

Monese gives anyone in the Europe and the UK the opportunity to instantly (almost) open EUR and GBP bank accounts though the Monese app, even if you don’t have a local address, credit history or a salary. The beauty of Monese is in it’s design as it’s very intuitive and easy to use. If you move from one place to another, no problem, just update your location in the Monese app and you’re good to go!

Monese for Personal users

Monese is best suited for day to day banking and is ideal to receive your wage, pay your bills, managed your finances with it’s budgeting app etc. It’s not amazing for travel outside the EU as you can’t load foreign currency onto your card.

Monese in the UK/EU

Monese is currently available to citizens of the following countries:-

Austria, Belgium, Bulgaria, Croatia, Republic of Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Iceland, Ireland, Italy, Latvia, Liechtenstein, Lithuania, Luxembourg, Malta, Netherlands, Norway, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden and the United Kingdom.

Monese in the US

Monese is currently available in the US and we are waiting for information about when they might launch.

Monese for Business

If you need a bank account for your business fast, look to Monese as their business offerings are FAR cheaper than anything else we have seen from Revolut or N26. They charge you only 9.95GBP a month for a business plan, which comes with all the usuals like a debit card, free local payments and cheap international currency transfers. It’s a great choice for your business. 

How does Monese work?

Monese is a bank on your smartphone, simple as that. You make all your payments via the app. You’ll never need to go and visit the branch and frankly please don’t as there are not any. All the bank side of things happen in their systems and back office, meaning they can offer you a cheap and efficient banking system. Monese comes with a Debit MasterCard, Apple & Google Pay, so you can pay however way you wish, card, phone, face, watch, it’s all covered! 

It has the normal things you expect from a bank and some nice perks like push notifications when you pay for something or receive money. Budgeting and Analytics also come standard as do cheap international transfers, they only charge you the interbank rate.

What features does Monese have?

With a Monese account you will be able to:-

  • Pay with a Debit MasterCard anywhere
  • Remotely lock the card if lost or stolen
  • Request money
  • Make international transfers at the interbank rate
  • Send money instantly in a few clicks
  • Secure login, including fingerprint authorization (“Touch ID”)
  • Apple & Google Pay
  • Spending analytics with automatic categorization
  • Set/modify your daily payment and withdrawal limits within the App
  • Real-time notifications
  • Mobile apps

What does Monses cost?

Monese currently offers thee plans for personal users and one plan for business. 

Their ‘Simple’ plan will cost you nothing to use use per month, includes a free card, 200GBP in free ATM withdrawals, 2000GBP in foreign currency spending.

Their ‘Classic’ plan will cost you 4.95 to use use per month, includes a free card, 800GBP in free ATM withdrawals each month and 8000GBP in foreign currency spending each month.

Their ‘Premium’ plan will cost you nothing to use use per month, includes a free card, unlimited ATM withdrawals, and foreign currency spending. 

How do I signup?

Signing up for Monese is very straightforward and can be done anywhere you have a smartphone and a stable internet connection. You’ll need your ID (Passport/ EU ID etc) and everything is done in app. The process takes about 5-10 minutes so it’s a cinch compared to the traditional old school banks. 

Customer support

We have had positive experiences with Monese support via the mobile app and via e-mail and both times the responses were prompt.  There is no phone support but email and chat works great.

Safety and security

Monese takes safety and security very seriously and has top notch systems in place to ensure the safety of your money. For starters to access the app you need a special pin code and once inside they have the usual card locking feature and the ability to report your card lost or stolen and request a new one.

Customer Reviews

As we like to do, we had a look over TrustPilot to see what other folks thought of Monese and you can be sure you’ll be in happy company if you choose a Monese account. Out of 13,518 people they gave Monese an ‘Excellent’ 4.4 stars.

Final thoughts

Monese is an all round solid digital bank that comes packaged in a very slick and nice to use application. The design and branding makes interactive with it a charm. It excels in daily banking within the EU/UK and is also suited for digital nomads, but if you are planning on doing a lot of travel outside the EU/UK you may wish to look at Revolut.  

Starting off with their free account is a no risk proposition as you get to try the app for free and they’ll even give you a free card! So why don’t you go ahead and and give Monese a go today!

 

Leave a Reply