Monese: Everything You Need to Know

Understanding Monese

FREQUENTLY ASKED QUESTIONS

Monese

Are you considering switching your bank account provider to someone who can provide you with instant money transfers and real updates of your spending in line with your budget? Why not consider applying for a Monese card and account.

We’ve put together what you need to know about all the offers that a Monese account has to offer, such as costs, how the app and card works, as well as more.

For more Saving Money products, take a look at our Solutions page.

Monese is a UK service that offers online banking services such as current accounts and money transfers. Monese allows customers to track, send and receive money instantly in over 31 countries worldwide, straight from your phone.

Monese is an entirely online current account, which you use via a debit card which is connected to an app on your smartphone. Users can track transactions, recurring payments, atm withdrawals, save and send money all in one place.

As the account is online, there’s no need to head into a local branch or spend hours on the phone to the bank. There are also no credit checks or the need for a fixed address. To open your Monese account, all you need to do is download the app and follow the following easy steps to open an account;

  • Step 1: Download the smartphone app, fill in a few personal details and verify your account using their steps for verification.
  • Step 2: You’ll need to take a picture of both yourself and a form of ID (a passport, ID card or drivers license).
  • Step 3: You’ll then need to wait for your identity and your details to be confirmed as a measure to ensure against fraud.
  • Step 4: Once your identity has been verified, you’ll receive your account number and sort code and your debit card in the post.
  • Step 5: You can add money to your account with payments via your debit card or bank transfer.

Here’s how each of the many features of the account work;

Top-ups:

With Monese, topping up your account has never been easier. You can use traditional top-ups using bank transfers and debit card payments.

For customers looking to send and receive money from outside of the UK from another European Economic Area, users can use a European IBAN account we’re they’ll make the currency conversion for you.

As well as these great options, Monese is also partnered with both the Post Office and PayPoint, allowing you to make top-ups from over 40,000 locations.

Transfers:

The Monese app makes transferring money simple. If you wish to send money to a friend or family member, then you can make money transfers instantly via the app. The app also allows you to set up direct debits for bills and utilities, ensuring your bills are paid on time.

With your account, you can even transfer money abroad into eight different currencies – for up to 8 times as less money than a high-street bank.

Budgeting:

Monese has designed its app to make budgeting simpler – providing instant real-time updates to your account. This means that you’ll be able to recieve a push notification every time you make a purchase to tell you how much you’ve spent inline with your budget.

As well as this, the app also offers the functionality to provide you with a visual representation of what you’re spending your money on. This feature is an excellent way to see where your money is being spent.

Monese can be an excellent tool for those who are looking to save money and want to analyse and reduce their spending habits.

Customer support team:

If you have any questions or concerns about your account, then there is a customer services team at hand five days a week to answer any queries you may have.

Pay using your phone:

Your Monese card can be connected to your phone to enable payments using Google, Samsung, and Apple Pay.

There are many benefits of using a Monese card to save and track your spending, they include;

  • No risk of overspending: Your account only allows you to spend the money in your account. As there are no fees or charges, there’s no risk of being charged for going into your overdraft or over your credit limit. This feature can be an excellent solution to avoid overspending.
  • Customer inclusive: Monese is an account for everyone, as they understand that getting a bank account for some can be difficult. That’s why they don’t need a proof of living address or perform credit checks into credit history —making the report perfect for foreign nationals and expats, for inclusive banking for everyone.

The following plans are currently available when you sign up for an account;

Simple – £0 a Month:

  • Free Contactless Debit Card
  • ATMs: £200 free withdrawal a month (2% fee after)
  • Foreign Currency card spending: £2,000 free a month (2% fee after)
  • Foreign Currency Transfers: Free & instant to other Monese accounts (2% fee when sending to non-Monese accounts).

Classic – £5.95 a Month:

  • Free Contactless Debit Card
  • ATMs: £900 free withdrawal a month (2% fee after)
  • Foreign Currency card spending: £9,000 free a month (2% fee after)
  • Foreign Currency Transfers: Free & instant to other Monese accounts (0.5% fee when sending to non-Monese accounts).

Premium – £14.95 a Month:

  • Free Contactless Debit Card
  • ATMs: Free withdrawal
  • Foreign Currency card spending: Free
  • Foreign Currency Transfers: Free & instant to other Monese accounts (Free when sending to non-Monese accounts).
To open an account with Monese is free, as is their Simple card plan. However, you may have to pay a one-off fee of £4.95 for postage and packaging costs to receive your card. Classic and Premium card plans will charge a monthly fee of £5.95/month and £14.95/month retrospectively.
Yes, you can have your monthly salary paid into your account using the account number and sort code that was assigned to you when you signed up for an account. With these details, your employer will be able to pay your pay cheque into your account each month.

Monese is authorised regulated by the Financial Conduct Authority and provides a range of security protection for your account including;

  • Multi-factor authentication: only access your account from a single mobile device at a time. If you need to verify another device you will need to do so using multi-factor authentication.
  • Passcode: every time you launch the app you will be required to enter your 5-digit passcode to protect your money and account information.
  • Block your card: in the event that your card is lost or stolen, users will be able to block their card using the app keeping their money protected.