Monese Review: Is It Worth It?
Monese Review
In this Monese review, we will be examining whether or not Monese is a good online banking option.
We'll be going through Monese's history and background, its features, subscription plans, pricing, and fees, and finally, decide whether or not Monese is worth it!
Background And History
Monese is a European banking service that provides localized mobile-first bank accounts. Operating in 31 countries across the UK and Europe in 14 languages, it helps people and businesses bank like locals, moving with them wherever they choose to be. In a matter of minutes, customers can sign up to a Monese account and access global payment solutions that are cheaper than high street banks.
Monese was founded by Norris Koppel, an entrepreneur from Estonia. Koppel moved to the United Kingdom and had his application for a current account at a major high-street bank declined because he could not provide local proof of address and did not yet have a credit history in the UK. This experience led Koppel to vow that one day he would launch a banking service that did not exclude customers based on their residency or lack of credit history.
The company completed its seed round in May 2015, raising $1.8 million from Seedcamp, early Spotify investor Shakil Khan and several other angel investors.
Monese launched its first product, an instant-to-open mobile current account in the UK, on 21 September 2015.
Ever since its launch, Monese has seen continuous and exponential growth, gathering millions of clients from across 31 countries, and it is now one of the most popular and trusted financial service providers across Europe.
Plans and Pricing
Monese currently offers four different subscription plans, one of them is free, and the other three are paid, let's take a look at all of them and compare the differences.
Monese Starter Plan (€0/month)
- Free and instant account in GBP, EUR, and RON.
- Great for spending, traveling, and sending money abroad.
Includes:
- FREE instant Monese to Monese transfers
- 2.5% fee, an additional 1% fee on weekends (International Transfers)
- FREE local transfers in and out
- Recurring payments and direct debits
- Personal loans
- Credit Builder £7.95 monthly fee (Rep. APR 28.2%)*
- STANDARD contactless debit card
- €4.95 for first card delivery
- €9.90 for replacement cards
- 2% fee for card spending in foreign currencies
- GooglePay / Apple Pay
- Virtual debit card
- €1.5 fee for ATM withdrawals
- 3.5% fee for cash top-ups
- Account in GBP, EUR, and/or RON
- PayPal account integration
- Avios account integration
- Joint Accounts with another Monese user
- Money pots with round-up feature
- Access to interest-bearing savings accounts
- Access your account with the Monese mobile app and from a desktop computer
- Multilingual customer support
Monese Essential Plan (€1.95/month)
- The best value plan for managing your bills, with lower fees and higher allowances.
- Also includes automatic Bills Protection if you have an accident or go to the hospital.
Includes:
- FREE instant Monese to Monese transfers
- 2% fee, an additional 1% fee on weekends (International Transfers)
- FREE local transfers in and out
- Recurring payments and direct debits
- Personal loans
- Credit Builder £7.95 monthly fee (Rep. APR 28.2%)*
- Up to €600 for accident, sickness, involuntary unemployment protection
- €15 per day for up to 30 days for a hospital stay
- STANDARD contactless debit card
- FREE first card delivery
- €4.95 for replacement cards
- 0.5% fee for card spending in foreign currencies
- GooglePay / Apple Pay
- Virtual debit card
- €200 FREE monthly ATM withdrawals
- 3.5% fee for cash top-ups
- Account in GBP, EUR, and/or RON
- PayPal account integration
- Avios account integration
- Joint Accounts with another Monese user
- Money pots with round-up feature
- Access to interest-bearing savings accounts
- Access your account with the Monese mobile app and from a desktop computer
- Multilingual customer support
Monese Classic Plan (€5.95/month)
- Perfect for your everyday spending.
- Even lower fees, higher allowances, and Purchase Protection for your purchases, including electronic devices such as your mobile phone.
Includes:
- FREE instant Monese to Monese transfers
- From 0.5% fee (International Transfers)
- FREE local transfers in and out
- Recurring payments and direct debits
- Personal loans
- Credit Builder £7.95 monthly fee (Rep. APR 28.2%)*
- Up to €1200 for accident, sickness, involuntary unemployment protection
- €30 per day for up to 30 days for a hospital stay
- Up to €1,000 per claim €2,500 per year Purchase made in last 90 days on purchase protection
- HOLOGRAPHIC EDGING contactless debit card
- FREE first card delivery
- €4.95 for replacement cards
- FREE card spending in foreign currencies
- GooglePay / Apple Pay
- Virtual debit card
- €500 FREE monthly ATM withdrawals
- €400 FREE monthly cash top-ups
- Account in GBP, EUR, and/or RON
- PayPal account integration
- Avios account integration
- Joint Accounts with another Monese user
- Money pots with round-up feature
- Access to interest-bearing savings accounts
- Access your account with the Monese mobile app and from a desktop computer
- Multilingual customer support
Monese Premium Plan (€14.95/month)
- Get more of everything!
- The most comprehensive plan, with the lowest fees, highest allowances, maximum insurance, and VIP Customer Support.
Includes:
- FREE instant Monese to Monese transfers
- FREE International Transfers
- FREE local transfers in and out
- Recurring payments and direct debits
- Personal loans
- Credit Builder £7.95 monthly fee (Rep. APR 28.2%)*
- Up to €1800 for accident, sickness, involuntary unemployment protection
- €50 per day for up to 30 days for a hospital stay
- Up to €4,000 per claim €10,000 per year Purchase made in last 180 days on purchase protection
- PREMIUM contactless debit card
- FREE first card delivery
- FREE replacement cards
- FREE card spending in foreign currencies
- GooglePay / Apple Pay
- Virtual debit card
- €1500 FREE monthly ATM withdrawals
- €1000 FREE monthly cash top-ups
- Account in GBP, EUR, and/or RON
- PayPal account integration
- Avios account integration
- Joint Accounts with another Monese user
- Money pots with round-up feature
- Access to interest-bearing savings accounts
- Access your account with the Monese mobile app and from a desktop computer
- Multilingual customer support
- Priority customer support access
*Representative example: The loan, as a part of the Credit Builder service is a 0% interest loan, but in financial jargon the subscription fee relates to a 28.2% APR as that is the cost of your Credit Builder. This is based on a loan amount of £600.
Fees
Monese has a very competitive fee structure, the fees may be occasionally updated, with that in mind, we suggest that you follow the link below in order to get the latest numbers.
Security
The safety of your account, money, and data is Monese's number one priority.
Monese works to protect you from identity fraud when you join Monese. So that Monese knows it’s really you, the team asks for a government-issued ID featuring your photo, plus a short video of yourself.
With advanced engineering and innovative technology, you can rest assured that your money and personal information are protected.
You can securely log in to your app using Face ID, Touch ID, or Fingerprint Scanner. With Monese's biometric login and strong multi-factor encryption and authentication protocols, count on a secure mobile money account.
Stay safe when shopping online with an extra layer of security. With 3D Secure, you’ll enter a one-time password sent via SMS at checkout to protect you from falling victim to card fraud.
You can only sign in to your account from one mobile device at a time, stopping anyone else from having access to your money. To authorize a new device, Monese will ask you to go through a secure multi-factor authentication process.
If you lose your card, you can block your card in-app instantly to stop anyone else from using it.
Your in-app virtual card has its own unique 16-digit card number (different from your physical card) that guarantees you an extra layer of security when shopping.
Monese monitors its state-of-the-art tech infrastructure around the clock — that’s 24 hours a day, 7 days a week.
Monese is a member of CIFAS, it is also part of Take Five, a national UK campaign that offers straightforward and impartial advice to help people protect themselves from preventable financial fraud.
Monese Pros & Cons
Monese: Pros
- Well established company
- Both desktop version and app are very intuitive
- It offers a free plan
- Integrates with PayPal
- Many features on paid plans
- Free multi-currency accounts in GBP, EUR & RON
- Instant account opening
- Free instant card top-ups
- App and support in 14 languages
Monese: Cons
- No free cash withdrawals in the free account version
- No option for a metal card
- Monese accounts can only be opened from EEA countries
- Doesn't have a banking license
- Limited customer support
Monese Review: Verdict
Monese is one of the most popular and well-established online banks in Europe, it offers various subscription plans and many interesting features.
It is extremely easy to use, and very intuitive, both the desktop version and the app are great! It also offers seamless integration with PayPal, and a free plan.
If you choose one of the paid subscription plans, you'll get many more features, such as insurance, fee-free international transfers, higher limits for ATM withdrawals, and much more.
On the downside, Monese is only available for EEA citizens, it does not hold a banking license, it has limited customer support, it doesn't offer any free cash withdrawals on the free plan, and it doesn't have a metal card option for its most expensive subscription plans.
If you'd like to open a Monese account, follow the link below and get started with a £50 bonus!
