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In this Monese review we take a look at the various features of this app-only bank account. These include the cost of opening a Monese account and we also check out some customer reviews. We ask whether your money is safe and mention some other apps like Monese.

Looking after your money has got easier in the last few years and mobile banking is now an everyday part of life for many of us. This has even led to the emergence of UK app-only banks to rival traditional banking. Monese was one of the UK’s first mobile-only banks, with no physical branches, to try and make banking smoother. 

They offer an easy way for people who can’t open a traditional bank account to access banking facilities. With research from Pockit suggesting that 1.2 million Brits couldn’t open an account in 2019, there is certainly a demand for this type of service. However, they offer some other services that also make Monese worth taking a look at.     

Who Are Monese?

Monese was launched in 2015. The idea for it occurred to Norris Koppel when he moved to the UK and discovered that opening a bank account wasn’t going to be as easy as he had thought. He founded Monese to avoid other people having the same problem, and is currently their CEO.

It has now grown to service over a million customers carrying out more than three billion transactions each year. Their customers now come from over 30 different countries, and many of the improvements Monese have made in recent years have been around ways of moving and spending money across the world.

Monese Review – What Do They Offer?

From the simple idea of letting people open a mobile-only account with no fuss, they have expanded their services to help more people in different ways.

• Instant, savings and joint accounts are all available, with several currencies to choose from.
• A contactless bank card can be ordered from Monese.
• Speedy payments can be made using the UK Faster Payments network.
• You can also send money abroad or spend when you are in another country.
• A range of tools let you control your spending and your budgeting.
• Have your salary paid into your Monese account.

What Does It Cost?

There are three pricing options to choose from when you open a Monese account.

The free option is called Simple and gives you all of the basic features. These include a bank card for use in ATMs (free up to £200) and free foreign currency transfers to other Monese accounts. Foreign currency spending up to £2,000 is free. However, some other types of transactions have a cost. 

For £5.95 per month, you get a Classic account. This increases the amount you can withdraw from an ATM for free from £200 to £900. It also takes the free foreign currency card spending from £2,000 to £9,000.

The Premium account has a cost of £14.95 a month. It removes the previous limits on your ATM withdrawals and spending, for greater flexibility.

The paid accounts work out a bit cheaper if you choose to pay for them on an annual basis.

How Do You Get Started?

One of the best points about Monese is that it is very easy to get started with. If you want to open a bank account but don’t meet all of the criteria for a High Street bank, you will find that this service is a lot simpler.

You need to download the Monese app to your mobile device. As you would expect this is available on both iOS and android.

The list of accepted countries is on their site, with all of them in the European Economic Area. You then need to take a selfie showing your ID document. There is no need to provide other documents or get a credit check carried out. 

You can then set up an account in the currency you need and order a card. The service integrates with PayPal, Google Pay, Avios and Apple Pay. This makes it easy to move your cash in and out of your account.

You can now move money around and use the budgeting tools to take control of your spending. It doesn’t have the same focus on good spending habits as apps like Chip and Plum, but if you want to analyse your spending more closely then you’ll find some decent ways to do it with this app. For instance, you can set money aside in up to ten different savings pots.

Use the app on a single phone, logging in with Face ID, Touch ID or a fingerprint scanner for added security.

What Do Other People Say About Monese?

Since Monese has been around for a few years, you will find quite a lot of reviews for them online. Most of the independent reviews are positive. Reviewers tend to be particularly impressed by how easy it is to set up an account and how useful it is for travelling.

There are some drawbacks to be aware of, though. For example, you won’t be able to get a loan, overdraft or credit card from this company. Equally, the fact that the free account is quite limited in its functionality means that it isn’t going to be useful for everyone.

In terms of online feedback from individual users, the overwhelming majority have given positive comments. It is no surprise to see that people who have had trouble opening a bank account are particularly pleased to be able to use the app.  Many people who have moved from one European country to another have mentioned how it made their life a lot easier.

The negative comments from users seem to focus mainly on customer service issues. While these come from a minority of customers, it is worth noting that quite a few people have complained about their account being blocked for no apparent reason. 

Monese Reviews on TrustPilot

Trustpilot currently – March 2021 – has a rating of 3.7 out of 5 for Monese based on over 18,600 reviews. This rating does also seem to have slipped a little over the past year.

At first glance of a Monese review on TrustPilot may scare you off from opening an account. While this is understandable, it’s worth noting that many similar banking apps suffer the same fate on the site. Some banking apps have better overall ratings than others, but the issue of accounts being closed without warning does seem to pop up on a lot of the negative reviews for an app of this kind. It seems to be an industry problem, rather than something that is unique to Monese.

Other Banking Apps Like Monese

After reading this Monese review you may be wondering how it compares to other banking apps like Monese? While we are planning a more in-depth post on this, here are a few of the basic differences.

We’ve already mentioned that Monese doesn’t have the same kind of savings features as apps like Chip or Plum.

The same can be said of apps like Starling and Monzo too. These apps seem more savings focussed and they also offer the option of getting a loan or overdraft. These features are not currently available through Monese.

Monese doesn’t have the same share trading or cryptocurrency features of an app like Revolut either.

While in some ways it makes Monese easier to understand, it does place limits on what you can achieve.

Is Your Money Safe With Monese?

One thing we really need to ask in a Monese review is whether your money is safe?

Monese is registered with the Financial Conduct Authority and customer funds are ring-fenced. This means that your money is never loaned out and is always 100% available to be returned should Monese collapse. It should be noted, though, that funds are not protected by the FSCS (Financial Services Compensation Scheme).

Conclusion

There is no doubt that the arrival of Monese on the UK financial market was a positive change. Monese have helped many people to open an account when they might not have otherwise been able to do so. They remain an attractive option for anyone looking for an easy, mobile banking option.

With a number of similar banking apps around these days, though, it is no longer the only option. Having said that, the fact that they let you send money abroad or spend it when travelling adds an extra element.

Monese is still a good choice for anyone who doesn’t have the paperwork or credit history needed for a traditional bank. Yet, the different currency options mean that it may now appeal to a wider group of people. If you travel a lot or need to move cash to other countries in Europe, this could make life a bit easier and cheaper.

We hope you’ve found this Monese review useful. Monese is a product that a lot of people are sure to be interested in as it provides a modern solution to a couple of fairly common problems. 

Capital at risk. Investments can go up and down in value, and you may not get back what you put in. This blog does not constitute financial advice. If you’re unsure, seek independent financial advice.