The pioneer Monese mobile bank

Monese is a financial services provider based in the United Kingdom. It provides instant current accounts to residents of the UK and Eurozone. Although their current accounts can only be accessed online, they have the full package which includes services found on a standard bank account.

How Was Monese Started?

Having moved to the United Kingdom 17 years ago, Norris Koppel was denied the chance to open a current account just because he could not provide a local address or any credit history. The experience gave him the idea of creating bank services that did not need proof of local address, residency and credit history to open an account. The bank launched its first product in the UK, a current online account, in September 2015. Even before the launch, their online banking service is said to have had over 56,000 pre-registered customer that waited to be granted access upon opening. The bank is well known for providing mobile banking services to non-residents and the registration process that takes less than three minutes.

Businesses concerned

Monese serves both individual and business customers. All customers can complete unlimited transactions, make direct debits, and fast bank transfers. Monese caters for individual customers with products that favor holders of personal accounts. Indeed, 75% of the deposits are from employers making salary payments. The bank also offers a Euro personal account and will soon introduce a Euro business account.

The bank allows customers to transact with each other at zero cost. Using their apps, customers can send money to their contacts and relatives with Monese current accounts free of charge. Further, customers can make free transfers between different types of accounts. All international money transfers are charged at the wholesale exchange rate.

Business account offers

Monese offers business customers business accounts that come with a MasterCard. Users can separate business accounts from personal accounts by acquiring dedicated debit cards to use for business transactions. The business cards open within minutes and are fully accessible in less than 24 hours. All local dealings are free.

Monese charges one of the lowest fees for international money transfers. Business customers get a contactless business card that is customised for UK residents. Users can deposit cash into their accounts from over 40,000 sites in the UK. Customers can transact in 10 languages, so there is no need to worry about being stuck with incomprehensible instructions.

The bank offers customers smart transactions, which is a feature on the app that categorises transactions by type of payment and effect on cash flow. Customers can also switch from personal to business account on their mobile app and request a comprehensive report of their transactions.

The MasterCard is integrated with a mobile app that updates in real-time during transactions. The bank offers some of the most competitive currency conversion rates in the UK, meaning that customers will not need to worry about conducting transactions in foreign currencies.

The Monese business account has a feature called “Monese Plus” that allows users to integrate business and personal finances. Users also get a UK and Euro IBAN account that they can use in 20 European countries.

Customers can:

  • Open either a GBP or a Euro business current account
  • Track transactions and other activities on their accounts in real-time
  • Set budgets, get monthly statements, and create saving pots that are separate from their daily expenditure
  • Process statements at any time
  • Use their Monese card to withdraw money from ATMs around the world

Account pricing

Simple account

Opening a simple current account is free. The account comes with special allowances that enable customers to make transactions abroad without incurring any costs.

Classic account

The classic current account goes for £4.95/month. It has more allowances for foreign transactions and charges lower foreign exchange rates than the simple account. It is suited to individuals and businesses that send and receive money abroad quite often.

Business account

The business account goes for £9.95/month and offers free bank transfers and direct debits. The bank charges extremely low rates for international money transfers, cash deposits, and currency conversions.

Premium account

The premium account goes for £14.95/month. Premium is the ultimate business account. It allows customers to make unlimited transactions and charges zero fees on transactions, ATM withdrawals, and deposits.

International Money Transfer Service

If you are an entrepreneur or the kind of a person that’s always dealing with foreign currency, then Monese money transfer is the perfect service for you. They have a currency transfer service that allows its users to send money anywhere without hidden charges. The rates provided during the transfer are the same as the base rates. However, you will be required to pay a service fee of 0.5 -2 per cent if you don’t own a premium account. For international money transfer, you should consider using Monese current account which offers:

  • Money transfer to more than 30 countries
  • Prepaid Monese debit card for both local and international transactions
  • Currency exchange services with interbank base rates

How to open an account

New users start by downloading the Monese app from Apple’s App Store or Google Play, and after installing it they can initiate the registration process. Customers need to: • Provide a photocopy of their national ID, driving license or passport

  • Take a selfie video and upload it to the Monese website
  • Provide a unique and valid email address where all notifications will be sent
  • Provide an active mobile phone number, which is will receive notifications

The registration process for some accounts and processing of certain transactions may involve a video call. When making a video call, customers need to be holding their ID document and ensure the call is within the hours when support is available. Unlike users of traditional banks, Monese customers do not need to provide credit history or physical address

Security

Monese has rigorous security systems for protecting customer data and money from theft and breaches.

  • It is a member of CIFAS, which is an interbank organisation that fights financial fraud
  • Monese is regulated by the FCA, meaning that all customers’ money is held safely at major banks in UK and the EU
  • The bank does not lend or invest customer money, but only offers a platform for completing transactions
  • Accounts are protected from unauthorized access by biometric logins and other authentication policies like 3D secure

Summary of the benefits

  • Monese customers do not need to provide credit history or physical address
  • The bank has low transaction charges and offers very competitive exchange rates.
  • The account support ten languages
  • The bank has a multilingual Customer Support that is available 24/7 to serve customers using all the major European languages
  • Monese current accounts are integrated with several partners such as Paypal and Avios
  • Monese allows customers to operate their accounts in 20 European countries

Final words

At a time when residents of the UK are anxiously following proceedings on the protracted Brexit deal, Monese has invented the model European neobank. UK and European customers can rest assured that no matter the outcome of the Brexit, Monese has their backs covered.

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