No foreign exchange fees on transfers between Monese accounts
Premium plan may be pricey for some
Monese is a UK-based financial services company that is set up as an alternative to traditional banks. It was founded by Estonian entrepreneur Norris Koppel. Koppel was inspired to start the company by his being turned down for a current account when he first moved to the UK because of a lack of UK credit history and proof of address. He decided to create a banking service that didn’t exclude people based on these factors. The instant-open current account launched in September 2015 with a waiting list of more than 50,000 customers.
To open and manage their Monese account, customers must use the Monese mobile app. This was launched for Android in September 2015 and for iOS in July 2016.
Monese Products and Services
Monese customers can use the app to pay for goods and services, plus bills such as rent or utilities. Customers can also pay companies or individuals via bank transfer; transfers between Monese accounts are unlimited and take place instantly.
Monese customers do not have to prove residency in the UK and current accounts can be opened via smartphone in just three minutes. Monese began charging £4.95 per month for current account holders in 2016 but has since introduced a free account option and a premium option. All services are free of charge other than international money transfers.
If you have both business and personal banking accounts, you can switch to Monese and get the features of both Monese Plus and a business bank account for £9.95 per month, with the two spends separated in the app.
A Euro personal account is also available with a Euro business account is coming soon.
Monese accounts can only be accessed from a single device, preventing potential fraudsters from accessing account information from elsewhere. Other devices can be added but must be manually authorised using multiple authentication processes every time. Customers must also enter a five-digit passcode every single time they use the app.
Monese Contact Details
85 Great Portland Street First Floor London England W1W 7LT