Monese is a financial services provider based in the UK. Established in 2015, Monese provides mobile banking services, streamlined current accounts, and modern finance to both UK and Eurozone residents. The company takes mobile banking a step further by allowing customers to create an account without a U.K address.

U.K residents can add funds to their account and prepaid debit card from 40,000 locations including Post Offices or any Paypoint location. Monese also integrates with your phone’s mobile wallet allowing you to make direct payments from your Monese account through Google Pay or Apple Pay.

Monese Current Account

The Monese current bank account is simple to open even without a perfect credit score or documentation for utility bills. The account offers services similar to a standard bank account. These include budgeting, direct debits, cash at ATMs, receive GBP or Euro bank transfers, debit cards, and much more.

Is Monese Safe?

The FCA under the Electronic Money Regulations 2011 (900010) has authorised Monese Ltd to issue electronic money and payment services. Furthermore, Monese uses best practices to protect your money and secure your personal information. A network of stable European banks helps store all the transfers made to Monese current accounts. In case the company should go bust, customer funds are ring-fenced to protect your money from being reinvested by Monese.

Monese has also developed innovative technologies and processes to protect accounts against unauthorised access. This adheres to the latest standards in financial security. The company is a member of CIFAS and works with major banking services to fight against fraud.

Accessing your Monese account from a single mobile device prevents any possibility of someone gaining control of your account. Monese uses a secure multifactor authentication to verify identities including Touch ID, 3D Secure and Face ID biometric recognition.

How to Transfer Money with Monese

Monese works like digital-only accounts via the app which has multiple tabs for different aspects of the account including:

  • Debit card – The Monese debit card performs the same functions like a traditional debit card. It’s also prepaid and contactless for extra convenience.
  • UK bank transfers – You can pay your bills or send money to friends and family with Monese bank transfers which use the Faster Payments Service that takes between 2 to 4 hours.
  • Foreign transfers – You can transfer money abroad into eight different currencies using the “interbank rate”. The transfer takes between 2 to 4 working days.
  • Foreign transfer from Eurozone accounts – If you transfer money with a Euro account through a SEPA payment, the payee will receive the money by the next working day.
  • Pay contacts – You can make payments or transfer money to friends and family straight from your phone’s contact list.
  • Standing orders – You can set up a standing order to make routine payments for specific amounts, dates or payee via a managed in-app.

Monese is a great option for digital nomads and travelers looking to open an account quickly in a different country. You can access fee-free card payments and ATM withdrawals abroad which is impossible with traditional bank accounts. If you need to deposit cash in your account regularly, Monese deposits are free making it a better option over other UK challenger banks such as Monzo and Starling.

By Jeff Mwaura, Jeff is Kenyan based freelance writer with a focus on technology and finance.