Monese is a digital banking app and card using smartphone technology to improve your banking experience. Monese is great for travellers and works well if you are looking to set up an account quickly in another country. It allows fee-free card payments and ATM withdrawals abroad. Let’s take a closer look.
How we scored Monese
Feature
Rating
Details
App rating
★★★★★
Monese scores highly across the App Store and Google Play.
Monthly fees
★★★★★
Monese is free to use, with no monthly fee.
Transaction fees
★★★★★
Pay a fee to deposit cash, withdraw funds at an ATM, and receive your card.
Overseas fees
★★★★★
A fee applies to both purchases and cash withdrawals abroad.
Customer service
★★★★★
Monese scored just above average for customer satisfaction.
Green credentials
★★★★★
Monese was not included in the Finder Green Banking Awards.
Account access
★★★★★
Account access is limited to mobile and online banking.
Payment features
★★★★★
Most payment features are available, but Monese doesn’t offer cheque deposits or a cashback or rewards programme.
Extra features
★★★★★
Benefit from spending categories, budgeting tools, savings pots, and more.
What is Monese?
Monese has provided basic banking on smartphones since 2015. It gives people in the UK and abroad a chance to experience streamlined, modern finance.
This feature is what makes Monese unique: the ability for anyone to open an account anywhere in the UK or continental Europe. Whether or not you have a UK address, a credit history or fixed income, you can access Monese and open an account today. The app is currently available to anyone in the European Economic Area.
Monese is completely portable across 30 countries across Europe and, if you move to another country, your Monese account goes with you.
How does Monese work?
Monese works like a traditional banking system, but more streamlined. Like with most digital-only accounts, it’s all managed through the app. You can choose from a free account or pay for the Classic or Premium plans.
Below are some of the key features and benefits of Monese:
Debit card. Order and manage your contactless debit card. You can see whether your card is active and get a reminder of your pin.
Support. The support tab in the app provides customers with easy access to customer service via telephone, instant messenger or email. This tab also has an FAQ section.
Direct debits. View and manage your active direct debits. Your account number and sort code are provided on this page for you to copy.
Add Eurozone account. Add a Eurozone account at the click of a button. You can switch between your UK and European accounts at any time on the home page.
Earn cash when referring friends. Invite a friend to join Monese and you can earn money.
Interest-free credit builder. For a monthly fee, you can build your credit history and savings through the Credit Builder feature. As you make your monthly repayments, these are reported back to the credit reference agencies.
Link your bank account. Through Open Banking you can easily link a UK bank account and manage all your money accounts and balances from the app.
Budgeting tools. You’ll easily be able to keep track of your spending and even set yourself budgeting goals.
Savings pots. Set aside money in up to 10 different pots to keep it separate from your day-to-day spending.
What are the different Monese plans?
Monese offers 3 different price plans. One of them, the Simple plan, has no monthly fee, while the other 2 (Classic and Premium) charge a monthly fee but offer a greater range of features.
Note that all accounts can be held in GBP, EUR and RON and all offer money pots to help you set aside cash for different savings goals. All plans give you access to the Credit Builder feature, too.
Simple plan
This free plan is a pretty basic account, and while transfers to other Monese accounts are free of charge, you will pay a fee to send money abroad.
Fees will also apply to ATM withdrawals, cash top-ups and when you spend on your card abroad. There’s also a fee for the delivery of your first card.
Classic plan
This is a paid-for plan but in return for your monthly fee, you’ll receive a greater range of benefits. These include:
This is a step up from the Classic plan so requires a larger monthly fee. In return, you’ll receive the following benefits:
Free Monese to Monese transfers
Free international transfers
Accident, sickness, involuntary unemployment protection (higher level of cover compared to the Classic plan)
Hospital stay cover (higher level of cover compared to the Classic plan)
Purchase protection (higher level of cover compared to the Classic plan)
A free card with the account
Fee-free spending abroad
A fee-free monthly limit on ATM withdrawals
Priority customer support access.
What does the Monese app look like?
How can I transfer money with Monese?
UK bank transfers. Pay friends, families or bills with bank transfers. Monese uses the Faster Payments Service and says that these money transfers are typically instant.
Foreign transfers. Transfer money abroad into eight different currencies. Monese uses the “interbank rate”, much like Revolut. The delivery time for your money depends on the processing times of the receiving bank. Depending on the currency you’re sending and the time (try sending before 4pm), your transfer should take between 2-4 business days.
Foreign transfer from Eurozone account. If you’re transferring money to someone with a Euro account through a SEPA payment, then it should reach them the same day or by the next working day.
Direct debits. Set up a direct debit and automatically pay for utilities and services. Whether its your gym membership, phone contract, or your electricity bill – this way you won’t forget to pay the rent this month.
Standing orders. Set up a standing order (or “Recurring Payment”) to make routine payments for a specified amount, payee and date – all managed in-app.
Pay your contacts. Make payments to friends and family – straight from your phone’s contact list. See who’s already a Monese user, and to whom you’ll be able to make an instant payment.
Using Monese abroad
Monese has the option of opening an account across Europe making it easier to spend money in the UK and on the continent. Being able to switch instantly between your UK and European accounts means you’ll be able to spend abroad like a local. You can also open an account in Romanian lei.
Is Monese safe?
As a current account provider, Monese makes security a priority. To register it requires your address, a passport photo and video identification.
Your account is protected by a passcode which can be changed at any time, and you are logged out after 20 minutes of inactivity. If your phone or card is stolen, customer service is available Monday to Saturday during working hours.
Monese is registered with the FCA (Financial Conduct Authority) and is authorised to deal in electronic money, but isn’t technically a bank. In practical terms, this means that your money is held in a segregated account that Monese can’t touch (even if it were to go bust), but it isn’t protected by the Financial Services Compensation Scheme.
Pros and cons of Monese
Pros
UK current account that does all you can expect, including direct debits and standing orders.
Fast and easy set-up (no credit check needed).
Colourful app that is easy to use, allows you to categorise your transactions and freeze the card if you lose it.
Free card payments and ATM withdrawals abroad.
Can open both a UK and European account and switch instantly.
Cons
With a free plan, fee-free ATM withdrawals and cash loads are limited to £100 per month.
No physical branches.
Customer service information for Monese
Email support
Telephone support
In-app or live chat
Contact form
Branch support
Our verdict: Is an account from Monese worth it?
Monese is great for travellers and works well if you are looking to set up an account quickly in another country. It allows some fee-free card payments and some fee-free ATM withdrawals abroad, something you can only dream of with a traditional bank.
However, it isn’t your only option. Competitors Monzo and Starling are similar but have a full banking licence and offer more features, including overdrafts.
Finally, if you regularly need to make international money transfers and hold multiple currencies, you should check out Revolut, which beats Monese by allowing you to hold and transfer around 30 different currencies for free. Get started by downloading the app.
Frequently asked questions
In three main ways
Treasury income. Some deposits are held by the Bank of England where they gather interest.
Interchange income. The fee that Monese takes from card transactions.
Fees and commissions. Fees Monese charges for certain payments. It also makes money from upselling Monese Plus accounts, which require a small fee to maintain.
Easy, head to your existing account and transfer money from there or go to a PayPoint or Post Office and pay money in manually for a small fee. You can find your account details easily on the Monese app.
No. Monese won’t currently allow you to cash cheques.
The answer depends on how you deposit your money. If you use the Post Office, the maximum deposit per day is £500. If you use PayPoint deposits, you can deposit a maximum of £249 per transaction but a total of £500 per day.
There’s no limit to the number of times you can withdraw money. However, the daily maximum that can be withdrawn is £300. On a Monese Simple plan, you will be charged a fee for all cash you withdraw over £100.
Upgrading is simple. Go to the account menu and choose ‘My Plan’ to upgrade. You’ll need to have enough funds on the account to cover the 1st monthly fee. Should you wish to downgrade again, you can do so at any time.
There are 4 main ways to top up your UK Monese account:
(1) Cash top ups
Go to a Post Office or PayPoint location. Give them your debit card and the money you wish to deposit. With Monese Simple you pay a 3.5% fee, but there is a fee-free limit of £400 a month for the Classic account and £1,000 for the Premium account. Funds will be available on your account in a couple of days.
(2) Bank transfers
To transfer funds into your Monese account from another UK bank, you will need your Monese account number and sort code. Find these details in the app.
(3) IBAN transfers
You can pay money into your Monese UK account from outside the UK by using the following details: Recipient / Beneficiary: Monese Ltd
IBAN: EE047700771001660150
BIC/SWIFT: LHVBEE22
Comment / Reference to beneficiary / Reference: (Your Monese ID e.g. M12345) (You can find your Monese ID inside the Monese mobile app. Android users will find it via the side menu. iOS users will be able to find it in the ‘Account’ section of the app.)
You also need to ensure your Monese ID is included as a reference.
(4)Instant debit card top up
Go into the app, head to the ‘Instant Top Up’ section and enter your debit card’s info.
Debit card top ups are free for the paid-for plans, but cost 0.3% for the free Simple plan. Any foreign exchange will be done by the issuer of the debit card used. Also, note that credit cards will not work with this feature.
The Monese UK account maximum balance is £40,000.
Not anymore. You can still make a direct bank transfer or online payment into you Monese account (using your Monese account details). Or, if you are in the UK or Romania, you can deposit cash via PayPoint. You may call Monese at +44 1706 304 001 from Monday – Friday, 08:00 – 17:00 Saturday 10:00 – 16:00. Please note that their all support is in English and the timezone is UTC.
Yes, there are other banking apps out there. We have even created a guide on some of the better known alternatives.
Acquired by Monese in late 2021, Trezeo was a peculiar hybrid between a credit card, a current account and a budgeting app. It was essentially a digital account that connected to your regular current account through Open Banking and managed your income for you.
Based on your previous earnings, an algorithm calculated how much you make per week and transformed that into a weekly paycheque.
If you made more, it would put the extra money aside; if you earned less, it would take the rest from your savings or, if you don’t have any, it would offer you an advance. In a way, it was like having a regular salary.
Trezeo was meant to be used mostly by freelancers and gig economy workers (such as Uber drivers or Deliveroo couriers) whose income can be a bit bumpy.
How did Trezeo work?
In order for Trezeo to work, you needed to have all your income paid into your Trezeo account (it had its own account number and sort code).
Trezeo then paid your average weekly salary into your regular current account and kept the rest in your Trezeo account. By doing so, it provided the following services:
Income smoother. You’d know exactly how much you’d get every week and how much you could afford to spend.
Savings account. Trezeo helped you save by automatically putting aside any extra cash you earned. You didn’t earn any interest on your savings, but Trezeo was looking into offering it (prior to acquisition). You could get your savings back into your regular current account anytime.
Credit. It didsn’t automatically come with the membership and you needed to apply for it. If you were accepted, Trezeo would top up your paycheque on those weeks when you earned less than your average, even if you didn’t have any savings aside.
You could keep all this under control directly from the Trezeo app.
Banking scores
★★★★★ — Excellent
★★★★★ — Good
★★★★★ — Average
★★★★★ — Subpar
★★★★★ — Poor
Finder scores, in blue, are based on our expert analysis. We also show reviews from users, where we've received more than 10, with a score in yellow. We gather more reviews from customers every year in Finder's customer satisfaction survey.
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Michelle Stevens is a deputy editor at Finder, specialising in banking, credit, loans and mortgages. She has a journalism degree from the University of Sheffield and has been a journalist for 15 years, writing on topics including fintech, payment systems and retail. In her spare time, Michelle likes to travel, explore new foodie experiences and attempt to improve her own culinary skills. See full bio
Michelle's expertise
Michelle has written 127 Finder guides across topics including:
Nick Renaud-Komiya has been a writer and reporter for nine years, covering a range of consumer issues from energy suppliers to banking and mortgage issues. He enjoys helping people take control of their personal finances and better understand their consumer rights. Nick’s consumer writing and money journalism has been featured in a range of outlets including MoneySavingExpert.com, The Sunday Mirror, The Independent and Money.co.uk. Outside of work Nick enjoys cooking and collecting old David Bowie merch. See full bio
This new account comes with cashback on direct debits, interest on the balance in your account and a regular saver with one of the best rates in the market.
Cardless cash provides a convenient way to use an ATM without their card. If you often go out without your wallet or want to make it easier for family members to take out money, this is a feature that deserves a second look.
15 Responses
MohamedJanuary 27, 2019
It’s not a safe account cause someone took money from my account 220£ if I didn’t Lock my card will take all my money and my card was it with me in my pocket I don’t know how they did it but this is not safe
Finder
johnbasanesJanuary 28, 2019Finder
Hi Mohamed,
Thank you for reaching out to finder.
It is best that you reach out to Monese’s fraud department for assistance as this may be an example of a cyber attack on your account. You may need their help in tracking as well as safeguarding your account immediately. Hope this helps!
Cheers,
Reggie
JanNovember 27, 2018
Hello together,
I want to share my experiences with Monese. But first I want to do some advertisment for myself. If you use my bonus code B5MP2AJP you will get 5 GBP for free (after signup).
I got to Monese because I was moving to the UK and had no bank account. As you might know when you foreigner, you will need to get a bank account to get a place to live. If you have no address you can not open a bank account. Thus I looked for an account where this is not the case. I stumbled over Monese and though that I want to give it a shot. The account creation process is really easy to do and a few days later I already received the bank card at my address in Germany.
After several months of using it I can say it is by far this most easy to use banking application I ever had. You have to be aware that there is some sort of 7000 GBP a day limit and a single transaction can not be higher than 4000 GBP but except for that it is a nice banking account.
Feel free to contact me if I you have any questions.
Cheers
Jan
OlalekanSeptember 26, 2018
I don’t know why my account with Monese was closed. It’s been almost 2 months now and my balance has not be received in the bank account I gave to them. Monese service is very bad and I am very disappointed.
Finder
JhezelynSeptember 27, 2018Finder
Hello Olalekan,
Thank you for your comment.
I am sorry to hear about what happened to your Monese account. Upon checking, it was stated on their website that all Direct Debit transactions that were set up on the Monese Account will be rejected once your Monese UK Account is closed. Please contact Monese directly so they can check this for you.
If you have complaints, you can directly get in touch their complaints department.
Should you wish to have real-time answers to your questions, try our chat box on the lower right corner of our page.
Regards,
Jhezelyn
FrancescoSeptember 25, 2018
They closed the account with my money inside and 15 days after they still did not send me to my other account. They give me a lot of problems with this, logistics and economics. It’s a big fraud, attention please to everybody, don’t open an account with this bank.
Finder
JhezelynSeptember 26, 2018Finder
Hi Francesco,
Thank you for your comment.
I am sorry to hear about how unfortunate your banking experience with Monese. If you have complaints, you can directly get in touch with the bank and be transferred to their complaints department.
Should you wish to have real-time answers to your questions, try our chat box on the lower right corner of our page.
Regards,
Jhezelyn
JonesSeptember 23, 2018
A really useful app and with low fees also! I used the code YN6PELE3 when registering to get a £10 bonus. The best part of a monese account is that you can solve any problem online :)
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It’s not a safe account cause someone took money from my account 220£ if I didn’t Lock my card will take all my money and my card was it with me in my pocket I don’t know how they did it but this is not safe
Hi Mohamed,
Thank you for reaching out to finder.
It is best that you reach out to Monese’s fraud department for assistance as this may be an example of a cyber attack on your account. You may need their help in tracking as well as safeguarding your account immediately. Hope this helps!
Cheers,
Reggie
Hello together,
I want to share my experiences with Monese. But first I want to do some advertisment for myself. If you use my bonus code B5MP2AJP you will get 5 GBP for free (after signup).
I got to Monese because I was moving to the UK and had no bank account. As you might know when you foreigner, you will need to get a bank account to get a place to live. If you have no address you can not open a bank account. Thus I looked for an account where this is not the case. I stumbled over Monese and though that I want to give it a shot. The account creation process is really easy to do and a few days later I already received the bank card at my address in Germany.
After several months of using it I can say it is by far this most easy to use banking application I ever had. You have to be aware that there is some sort of 7000 GBP a day limit and a single transaction can not be higher than 4000 GBP but except for that it is a nice banking account.
Feel free to contact me if I you have any questions.
Cheers
Jan
I don’t know why my account with Monese was closed. It’s been almost 2 months now and my balance has not be received in the bank account I gave to them. Monese service is very bad and I am very disappointed.
Hello Olalekan,
Thank you for your comment.
I am sorry to hear about what happened to your Monese account. Upon checking, it was stated on their website that all Direct Debit transactions that were set up on the Monese Account will be rejected once your Monese UK Account is closed. Please contact Monese directly so they can check this for you.
If you have complaints, you can directly get in touch their complaints department.
Should you wish to have real-time answers to your questions, try our chat box on the lower right corner of our page.
Regards,
Jhezelyn
They closed the account with my money inside and 15 days after they still did not send me to my other account. They give me a lot of problems with this, logistics and economics. It’s a big fraud, attention please to everybody, don’t open an account with this bank.
Hi Francesco,
Thank you for your comment.
I am sorry to hear about how unfortunate your banking experience with Monese. If you have complaints, you can directly get in touch with the bank and be transferred to their complaints department.
Should you wish to have real-time answers to your questions, try our chat box on the lower right corner of our page.
Regards,
Jhezelyn
A really useful app and with low fees also! I used the code YN6PELE3 when registering to get a £10 bonus. The best part of a monese account is that you can solve any problem online :)