Have you reviewed your finances and felt you could manage your money better? For example, have you split your banking business into different online platforms based on use cases such as daily transactions, savings or investments? Now maybe you are looking for a comprehensive solution?
With that in mind, today we are focusing on one digital banking option: MONE . It is a digital banking platform and a money transfer service. In this Monese Bank review, we'll take a brief look at who Monese is, its pros and cons, its prices, what you get for your money, its features, and try to answer any questions you may have.
There's a lot to talk about, so let's get started.
Monese Review: A Brief Overview
Founded in 2015 by Norris Koppel, Monese functions a bit like a challenger bank. This is a UK company that mainly provides mobile banking solutions. Interestingly, the first UK mobile app to replace traditional banks. Fast forward to today, and it now email list has over 31 million customers in 70 countries, with 70% of their deposits coming from payroll.
Customers can choose to open a personal or business account. Nonetheless, business accounts are only available for GBP and UK companies registered with the UK Companies House.
However, for the purposes of this review, we'll focus primarily on Monese's personal banking options. But we'll also briefly cover their business bank accounts.
There are two types of personal accounts, either MONE refers to an instant account or a joint account. There is also a savings option on these accounts called Pots, where you can save money to achieve specific goals. These Monese accounts can use GBP, EUR or RON (Romanian New Leu).
Best of all, if you want to transfer money overseas, Monese also offers this service.
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Monese Review: Pros and Cons
First, let's start with Monese's strengths:
Pros
Setting up your account is easy.
The app is intuitive (iOS and Android)
You can open a UK account without proof of residency or a credit check.
If you are in hospital, Premium account holders can enjoy a benefit of £50 a day for 30 days.
You will get a Monese debit card with free shipping (supports contactless payments)
You can access virtual payment options including Google Pay / Apple Pay and virtual bank cards.
Monese provides customer support in 14 languages.
Disadvantage
Monese does not have a banking license, so there is no deposit guarantee.
With a Starter account, there is a charge of £1.50 per withdrawal. You can withdraw up to £500 a month for free with a Classic account, which can be extended to £1,500 a month with a Premium account.
Customer support can be (reportedly) slow.
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Monese Review: Monese Fees and Products
Now that you can get a quick overview of Monese's pros and cons, let's dive into its prices and what you can get with each type of account:
personal account
As we've already hinted, there are three levels of personal accounts (these act a bit like checking accounts).
Starter: £0 a month
Classic: £5.95 monthly fee
Premium: £14.95 a month
But if you prepay for a year, you'll benefit from a 30% discount on those prices.