An Informative Monese Review

Our Monese review covers many of the features and benefits of this GBP digital mobile money personal account such as the quick application process, the contactless debit card, the ability to pay your regular bills by direct debit and how you can have funds paid into the account.

Who can apply to open a Monese personal account?

As long as you are at least 18 years of age and are resident in the UK our Monese review found that you can open a GBP Monese personal account. So, whether you are employed, self-employed, retired or unemployed you are more than welcome to apply for an account. People with a poor credit rating may submit an application.

Do bear in mind that you will need to download the Monese App to your mobile phone to be able to use the Monese Account. Our review discovered that you will also need a unique and valid email address.

Our Monese review found that the application process is quick and simple. You apply online providing a video selfie and suitable supporting photographic identification such as a passport. Your address will need to be verified by Monese.

You can also open a foreign currency account.



Some of the Features and Benefits of the Monese account

Paying monies in: –

You will be provided with a sort code and account number that you can pass on to the likes of your employer to have your salary paid directly into your account.

You can have monies transferred into your Monese account from the UK our review found using the likes of Faster Payments, BACS and CHAPS.

You can also receive payments into your Monese account from overseas.

Our Monese review noted that you can also pay cash into your Monese account via the Post Office with the funds arriving in your account the following day (maximum £500 per transaction per day) and you can also pay cash in at Paypoint with the funds being instantly available (maximum of £249 per transaction and £500 per day).

You can also top up your account using up to three different debit cards in your name with the funds appearing in your Monese account straight away (maximum £500 per day, £1,000 per week, £1,500 per month).

The maximum amount that can be held in a Monese GBP account is £40,000.

Paying regular bills: –

You can set up direct debits and standing orders free of charge from your Monese account our review found. These can be used to pay regular bills such as your council tax, mortgage, rent, insurance policies and utility bills.

Paying for items: –

You can use a virtual Mastercard debit card via Google Pay and/or Apple Pay but you can also apply for a contactless physical card that can take 3 to 5 business days to arrive.

You can use both the virtual and physical card to purchase goods and services in shops or online both in the UK and overseas.

Transferring funds to others: –

You can transfer funds to the likes of friends and family as well as into other bank accounts that you may have via the Faster Payments Service in the UK.

You can transfer monies overseas from your Monese account our review revealed.

Cash withdrawals: –

The physical card can be used to withdraw cash at ATMs both in the UK and overseas (maximum £300 per day). Card payments are limited to a maximum of £4,000 per transaction and £7,000 per day.

Marketplace: –

Marketplace can be accessed via the app and provides access to a range of products and services such as personal loans from a number of providers.

Savings: –

You can create a savings pot to set monies aside perhaps for a holiday but you do not earn any interest on the funds.

Through its Marketplace feature, Monese can refer you to their partner Raisin via the app to open a savings account that pays interest.

Personal Loans: –

Our review of Monese found that it does not provide its own personal loans to customers, through its Marketplace feature that is accessed via the app, it provides access to Monevo that has a panel of lenders it can refer you to.

Some other features and benefits: –

Our Monese review revealed that you can view a balance/statement of your Monese account via the app. This review noted that you can make use of budgeting tools. You can also access your account via the website web.monese.com to do certain things such as view your balance and transactions.

Via the app, you can lock and unlock your debit card for added safety.

You can link your Monese debit card to your PayPal account our review found.

It is possible to have a joint account although both parties must have already each opened a sole account with Monese.

This review also found that you can earn reward points with Avios when using your Monese debit card to purchase goods/services with certain partner brands. You can then spend those Avios points with a range of Avios partners.

Why not have a read of some of our other reviews of alternatives to high street bank current accounts: –

For instance our review of the eccount money current account

For instance our review of the Cashplus Personal Account



Pricing

You can choose from one of three packages with the Monese personal account according to our comprehensive review – Simple, Classic and Premium.

Simple – £0.00 monthly fee

Contactless debit card – free but there is a delivery charge of £4.95

ATMs and cash top-ups – First £200 per month free then a 2% fee per transaction. (there may be a minimum fee with cash top-ups).

Refer to Monese.com website for other fees.

Classic – £5.95 monthly fee

Contactless debit card – free

ATMs and cash top-ups – First £900 per month free then a 2% fee per transaction. (there may be a minimum fee with cash top-ups).

Refer to Mones.com website for other fees.

Premium – £14.95 monthly fee

Contactless debit card – free

ATMs and cash top-ups – free

Refer to Monese.com website for other fees.

Conclusions of our Monese review

We trust that you found our Monese review informative. The Monese personal account offers a number of the features and benefits provided by high street banks here in the UK. It may well appeal to the growing number of customers who prefer to deal with their personal finances through a mobile app. The application process appears to be quick and simple. As part of your due diligence, you may also wish to compare the Monese account with similar accounts offered by competitors.
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