Monese business banking review
Monese is a UK-based digital banking platform that provides personal and business accounts with a focus on international accessibility and financial inclusion. It is designed for expats, freelancers, and frequent travellers, offering a seamless mobile banking experience without requiring a UK address or credit history.
Key features of Monese
1. Personal and business current accounts
- Quick digital onboarding: Open an account in minutes via the app.
- Multi-currency accounts: GBP, EUR, and RON supported.
- FSCS protection not available: As an e-money institution, funds are safeguarded separately.
- Physical and virtual debit cards: Contactless payments via Apple Pay and Google Pay.
- No UK address or credit check required: Accessible to expats and new residents.
2. International money transfers
- Competitive exchange rates: Lower fees compared to traditional banks.
- Supports 30+ currencies: Seamless global transactions.
- Instant transfers between Monese accounts: Free and real-time transactions.
3. Payment and spending management
- Direct debits and standing orders: Automate bill payments.
- Instant spending notifications: Track transactions in real-time.
- Budgeting and spending insights: Helps manage finances efficiently.
- ATM withdrawals: Available worldwide (fees may apply).
4. Digital banking experience
- Mobile-first banking: No physical branches.
- Biometric login: Secure access with fingerprint and facial recognition.
- Multi-language support: Available in multiple languages for international users.
- Customer support: In-app chat and multilingual assistance.
Monese fees and pricing
1. Account plans
| Plan | Monthly Fee | Free UK Bank Transfers | ATM Withdrawals | Foreign Exchange Fees |
|---|---|---|---|---|
| Simple | £0 | Free | Limited free, then £1 per withdrawal | 2% currency conversion |
| Classic | £5.95 | Free | Higher free limit, then £1 per withdrawal | 0.5% currency conversion |
| Premium | £14.95 | Free | Unlimited | No FX fees |
2. Transaction fees
- UK transfers: Free for all plans.
- International transfers: Lower fees compared to traditional banks.
- Cash top-ups: Fees vary based on deposit method.
- ATM withdrawals: Free up to a limit, then £1 per withdrawal.
Pros and cons of Monese
Pros
- No UK address or credit check required.
- Multi-currency support (GBP, EUR, and RON accounts).
- Fast digital account setup.
- Seamless international money transfers.
- Strong mobile banking features with budgeting tools.
- Multilingual customer support.
Cons
- Not a traditional bank, so no FSCS protection.
- Limited free ATM withdrawals.
- Higher fees on the free plan for FX and withdrawals.
- No lending products like overdrafts or loans.
How Monese compares to competitors
| Feature | Monese | Revolut | Starling Bank | Monzo |
|---|---|---|---|---|
| Multi-currency accounts | Yes (GBP, EUR, RON) | Yes | No | No |
| Monthly fees | £0 – £14.95 | £0 – £12.99 | Free | Free – £5/month |
| FSCS protection | No | No | Yes (£85,000) | Yes (£85,000) |
| International transfers | Yes | Yes | Yes | Yes |
| Free ATM withdrawals | Limited | Limited | Unlimited | Limited |
| Ideal for | Expats, travellers, freelancers | Digital nomads, traders | UK-based SMEs, freelancers | UK-based users |
Who should use Monese?
- Expats and newcomers to the UK: Provides an easy banking solution without requiring proof of residency.
- Freelancers and gig workers: Offers a flexible account with global payment support.
- Frequent travellers and digital nomads: Multi-currency support and low FX fees.
- Individuals with no UK credit history: No credit checks required for account opening.
Our verdict
Monese is a user-friendly digital banking alternative designed for expats, freelancers, and international users. It provides multi-currency accounts, low-cost international transfers, and easy access to financial services without requiring a UK address or credit history.
However, its lack of FSCS protection, limited free ATM withdrawals, and higher fees on the free plan may not suit all users. For those seeking borderless banking with multi-currency support, Monese offers a flexible and convenient financial solution.