Monese is an online bank that provides a range of banking services, including personal, joint, and business accounts. It offers multicurrency accounts, enabling you to hold and manage funds in GBP, EUR, and RON. Additionally, it provides features like IBAN and SEPA, allowing for seamless money transfers within the supported regions. Monese is available in the UK and the European Economic Area (EEA).
Benefits of Monese Account
Monese offers several benefits to its customers:
- Multicurrency Accounts: Monese allows you to hold and manage funds in British pounds (GBP), euro (EUR), and Romanian lei (RON).
- Personal, Joint, and Business Accounts: With Monese, you can open personal, joint, and business accounts.
- Money Transfers: Monese offers convenient and cost-effective money transfer services, including make SEPA transfers.
- Insurance: It offers bill and purchase protection (only in the UK).
- Integration: You can link your Monese account with PayPal to monitor balance and transactions, and Avios to collect and keep track of your Avios points.
How to Open Monese Account Online
To open a Monese virtual bank account in Europe, you need to be at least 18 years old and a resident of the UK or the European Economic Area (EEA), regardless of your citizenship or financial history. You can sign up on Monese website or download Monese app, complete the onboarding process, and provide the necessary documents such as your ID and a video selfie. Verification of your address will be required.
If you are interested in opening a RON account, the process may differ slightly. You must be a resident or citizen of Romania with a valid CNP (Romanian Personal Numeric Code). Additionally, you will need to provide one or more of the following documents: Romanian national identity card, Romanian passport, Romanian driving license, or a residence permit.
Types of Monese Accounts
Monese allows you to open more than one account. Primary account is the account you open first. You can open another secondary account at no additional cost. All accounts come with a Monese physical debit card as well as Monese virtual card.
Monese offers three types of accounts: personal accounts, joint accounts, and business accounts. With a personal account, you can choose to open an account in British pounds (GBP), euro (EUR), or Romanian lei (RON). Depending on your country of residence, you may have the option to open accounts in multiple currencies. Joint accounts allow you to combine your finances with someone else into a shared account. Currently, joint accounts are available in GBP and EUR.
For businesses based in the UK, Monese offers business accounts to help manage your finances. To open a Monese business account, you need to have a UK registered company and an existing personal account with Monese. Business accounts are currently available in GBP.
How to Top Up Monese Account
Once your account has been approved, you will need to transfer money into your Monese account to start transacting. You can add money into your account using:
You have a few options to top up your Monese account:
- Instant top-up: The fastest method is to use a debit card to instantly add funds to your account.
- Bank transfer: You can transfer money from another bank account to your Monese account via a bank transfer. T
- Cash top-up at Post Office or PayPoint: You can visit any Post Office or PayPoint location in the UK to top up your account with cash. This service does not incur any fees.
- Transfers between Monese accounts: If you have multiple Monese accounts, you can conveniently transfer funds between them instantly and without any charges.
- Fund request: You can also add money to your account by requesting a payment from your friends or by getting your salary paid into your account.
Monese provides three pricing plans: Simple, Classic, and Premium. Opening a Monese account is free, regardless of the chosen plan. The physical debit card is also free, though delivery charges may apply based on your location. Below is a table summarizing the Monese pricing plans:
|Simple||£0/month||Free and instant account in GBP, EUR and RON.|
|Great for spending, travelling and sending money abroad.|
|Classic||£5.95/month||Perfect for your everyday spending.|
|Lower fees, higher allowances and protection over your bills and purchases.|
|(including electronic devices like your phone)|
|Premium||£14.95/month||Most comprehensive plan, with lowest fees, highest allowances,|
|maximum insurance and VIP Customer Support.|
Is Monese Safe?
Monese takes security and safety of customers seriously. Monese is regulated by the Financial Conduct Authority (FCA). It is a member of CIFAS, a fraud prevention not-for-profit membership association in the UK. Your funds at Monese are not covered by the Financial Services Compensation Scheme (FSCS). Instead, Monese ensures the safety of your money through a practice called “safeguarding.” This means that your funds are held separately from Monese’s own funds. Moreover, accounts are protected by biometric login and authentication protocols such as 3D Secure.
Monese Supported Languages
Customer support and any other communication is offered in 14 languages via phone, email or chat: English, French, German, Brazilian Portuguese, European Portuguese, Bulgarian, Italian, Spanish, Romanian, Polish, Czech, Turkish, Estonian and Lithuanian. However, a business account supports 10 languages: English, French, German, Portuguese, Bulgarian, Italian, Spanish, Romanian, Polish and Czech.
Monese Supported Countries
You can open a virtual bank account with IBAN if you live, or you are a citizen of the following countries: Austria, Belgium, Bulgaria, Croatia, Republic of Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Iceland, Ireland, Italy, Latvia, Liechtenstein, Lithuania, Luxembourg, Malta, Netherlands, Norway, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden and the United Kingdom.
Opening Account Online With Monese Bank
Monese bank offers a user-friendly and flexible banking experience for individuals in the UK and EEA. With its multicurrency accounts, flexible account options (personal, joint, and business), and the ability to link to PayPal, Monese provides convenient online banking services. Although not protected by the FSCS, the safeguarding process ensures the security of your funds. Additionally, the option to make SEPA transfers and the availability of insurance add further value to Monese online banking experience.
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Is Monese a real bank?
Yes, Monese is a real bank, but it's not a physical bank. It is a licensed and regulated financial institution, providing banking services in 31 European countries. Monese holds a European banking license and is authorized by the Financial Conduct Authority (FCA) in the UK.
Is Monese a good bank?
Monese is a recommended choice for individuals seeking a convenient online banking experience with the added benefit of multicurrency accounts available in GBP, EUR, and RON.
Which countiries is Monese available?
Monese bank is available in the United Kingdom and the European Economic Area (EEA) countries.
How do you close Monese account?
To close your Monese account, you can either do it through the app under Account Settings or request closure by emailing [email protected].
Is Monese free?
Monese offers simple pricing with no monthly fees for their basic account. For the Premium account, there is a monthly fee of £5.95, and for the Premium Plus account, the fee is £14.95 per month.
How many accounts can I have with Monese?
Monese allows you to open more than one account. Primary account is the account you open first. You can open another secondary account in a different currency at no additional cost.