Is Monese a bank in the UK?

Is Monese a bank – Are you looking for a digital bank that does not require a credit check to open a current account, no monthly fee on a simple account, with competitive rates for foreign transactions, Monese could just be that ideal choice for you.

And yes, Monese dream was birthed in 2014 by Norris Koppel who moved from Estonia to the UK. The birth of Monese was necessitated given the fact that Norris Koppel does not have a credit history, and no utility bill in his name, so he could not run a traditional bank account in the UK.

To riggle out of these constraints, Koppel set up Monese, an app-only bank accessible to users throughout the UK and Europe.

Monese was finally launched in 2015 and now offers current accounts in single or joint categories. The app comes with budgeting tools with a simple tool to help build credit within the UK.

Who is eligible for a Monese bank account?

• Foreign nationals working and living in the UK
• UK ex-pats in Europe
• Freelancers, and the
• Unbanked who may have difficulty accessing the UK bank account

How Monese works

Monese is a digital banking service designed primarily for people who may have difficulty accessing traditional banking services, such as expats, immigrants, and individuals with poor credit histories.

Here’s how Monese generally works;

Account Creation: You can sign up for a Monese account through their mobile app, which is available on both iOS and Android devices.

The signup process typically involves providing personal information such as your name, address, date of birth, and contact details.

You may also need to provide identification documents for verification purposes, such as a passport or ID card.

Verification: Once you’ve provided your information, Monese will verify your identity. This process may involve scanning and uploading your identification documents and possibly undergoing a video call verification with a Monese representative.

Account Activation: After successful verification, your Monese account will be activated, and you’ll receive a virtual debit card that you can start using immediately for online purchases and payments.

Physical Card: Optionally, you can order a physical debit card, which will be delivered to your registered address. This card can be used for in-store purchases and ATM withdrawals.

Banking Features: Monese offers various banking features similar to traditional banks, including:

Payments and Transfers: You can send and receive money domestically and internationally using Monese. This includes SEPA transfers within the EU and international transfers in different currencies.

Direct Debits and Standing Orders: You can set up recurring payments such as rent or utility bills through direct debits or standing orders.

Budgeting Tools: Monese provides tools to help you manage your finances, including spending insights, budgeting features, and transaction categorization.

Currency Exchange: Monese allows you to exchange currencies within the app at competitive rates, useful for travelers or individuals dealing with multiple currencies.

Customer Support: Monese typically offers customer support through the app, website, or email. Some premium plans may offer priority support.

Fees: Monese may charge fees for certain services, such as ATM withdrawals beyond a certain limit, currency exchange, or premium account features.

It’s essential to review their fee schedule to understand the costs associated with using the service.

Security: Monese employs various security measures to protect your account and transactions, including encryption, two-factor authentication, and fraud monitoring.

Card fees

The Monese bank is issued free, however, a 4.95 Euro and 4.95 Pounds delivery fee applies.

ATM fees

Withdrawal from any ATM worldwide is free in the currency of your Monese account, within the allowance contained in your plan, which is 200 Euro/Pounds per month in the basic simple plan.

Monese currencies

Monese is available in 3 basic currencies, EUR, GBP, and RON.

 Is Monese a bank?

The answer is straight and direct, Monese is not a bank but an e-money firm, however, it’s covered by the Financial Services Compensation Scheme (FSCS), which guarantees customer deposits up to 85,000 Pounds.

Monese, at its core, is not a bank in the conventional sense. Instead, it operates as a digital banking service, offering a range of financial products and solutions through its mobile application.

Monese is, however, a registered agent of PrePay Technologies Limited (PPS UK), an electronic money institution authorized by the UK’s Financial Conduct Authority.

Monese features

• You can send money to users and nonusers too, for free
• Your spending is categorized according to the type of transactions like shopping, restaurants, etc.
• You can set aside savings to be stored separately
• Set monthly budgets
• You can set up cancel direct debits quickly and easily
• Set up Apple Pay or Google Pay
• You can link your Monese account with other services, such as PayPal and Avios.
• Joint accounts are available

How to top-up Monese

• Debit card
• Bank transfer
• Cash, is only available for UK accounts, at Post Offices and PayPoint locations
• Sofort service for Euro accounts

 Can I use Monese as a bank account?

Sure, Monese is operated as a bank account, only in this case it’s a digital account, which means all operations are done using the Monese mobile app.

You are not required to visit a physical branch like you have with the traditional banks.

Is Monese a US bank?

No, Monese does not offer business banking in the United States. However, they do offer a suite of personal banking products for individuals based in the UK and Europe and business accounts for UK-registered businesses only.

Final thought

While Monese may not be a bank in the traditional sense, it serves as a fintech alternative that fills a niche for individuals seeking accessible and flexible banking services, particularly in an increasingly globalized world where traditional banking requirements can pose challenges to financial inclusion.