This comprehensive Monese review (2022) covers what the Monese app is, how to sign up, security features and pricing, user reviews, and more. Ultimately, find out whether the Monese app is worth it, and who it might be best suited to.
The online world is increasingly set up for mobile-first use, and that means that there is certainly a place for Monese in the market. The mobile banking app is incredibly helpful for people without a fixed address, as well as for people looking to send and receive money from abroad on a regular basis.
One factor that you may want to consider is that some paid features on Monese are available for free with others. Overall, though, if you’re struggling to find a bank that will allow you to open an account, Monese’s quick set up and numerous features are worth it.
Ease of Use
Monese make it extremely easy to set up your account in minutes, and start sending/receiving money from abroad in minutes.
Monese’s free plan has enough features for everyday spending, but the paid plans do have some features that others offer for free.
Overall, Monese has good reviews and is a popular mobile banking option, with over 2 million sign ups.
Monese was launched in 2015 by Norris Koppel, who was frustrated at the lack of bank account option available to him due to having no utility bills with proof of a fixed address.
The company launched as the UK’s first mobile app alternative to banks. Now, the company has over 2 million sign-ups from 31 countries and is growing rapidly. Monese has received €1.1 million in funding from the European Commission.
MOBILE MONEY ACCOUNTS
- £7.95 per month
- Rep AER 28.2%
- 12 months of monthly repayments on interest-free Credit Loan
Bills protection and purchase protection:
- Built-in protection of bills and purchases from day one on Monese card purchases
- UK only
Being a mobile banking service, it makes sense that the app itself is free, available on both iOS and Android, and has a very user-friendly service.
Useful features of the app include being able to send and request money in 19 currencies, and the ability to split transactions with others when out and about.
Monese is authorised by the Financial Conduct Authority (FCA) as an e-money institution. E-money accounts are provided by Monese’s partner, PrePay Solutions (PPS), which is also regulated by the FCA and the National Bank of Belgium.
In terms of the app itself, Monese includes security features such as biometric login and/or facial recognition, while their services have multi-factor encryption to keep your data – and your money – safe.
Business Account: £9.95
Personal Account Pricing:
Pros & cons of using Monese
Monese user reviews
On TrustPilot, Monese has an overall positive 4.0-star score from over 28,000 reviews. Some bad reviews complained that accounts were blocked and customer service was difficult to get hold of to re-open and access funds.
In summary, Monese is a good option for people in the UK or Eu who frequently send and recieve money in different currencies. The mobile-focused banking is useful for a wide range of people, and the app provides an easy, user-friendly experience that gets you set up and running within minutes.
Is Monese safe to use?
Yes, Monese is safe to use. The company is authorised and regulated by the FCA, and provides several security features to keep your account safe within the app.
Do I need an account to use Monese?
Yes, you will need an account to use Monese. However, you can get a free account and have it set up in 5 minutes. You need no proof of address or any additional documents to open your account.
How much does Monese cost?
Monese offers a free personal account so it’s accessible to all. The company also offers paid plans which have slightly more features.