What is Monese?
Monese is a digital banking platform that provides users with mobile current accounts and prepaid debit cards. Founded in 2015, it allows individuals to open an account quickly via their smartphone, often without the typical documentation required by traditional banks. Monese operates primarily in the European Economic Area (EEA) and the UK, enabling customers to hold accounts in GBP and EUR. The platform offers features such as international payments, instant notifications, spending insights, and easy top-ups. Monese targets expatriates, travelers, and those who may struggle to access mainstream banking. It is regulated by the UK's Financial Conduct Authority (FCA) and functions as an e-money institution rather than a fully licensed bank.
How to use Monese?
- Download the Monese app (iOS or Android).
- Register using your mobile number and personal details.
- Verify your identity with a photo ID and selfie.
- Choose your preferred account type and currency (GBP or EUR).
- Top up your account via bank transfer or card.
- Order your Monese debit card for online and in-store use.
The pro's of using Monese
- Fast, paperless account setup without a local address.
- Supports multiple currencies (GBP and EUR) for cross-border needs.
- No credit checks required to open an account.
- Instant notifications and budgeting tools via the app.
- Accessible to residents across the EEA and UK.
The con's of using Monese
- Not a full bank: funds are not protected by national deposit guarantee schemes.
- Limited cash deposit and withdrawal options compared to traditional banks.
- Monthly fees for premium accounts and some transaction types.
- Customer service can be slower compared to established banks.
- Services are currently unavailable outside the EEA and UK.