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Monese Digital Bank Review

Monese is among the first banks in the UK to be available via a mobile app. The bank’s founder, Norris Koppel, opened the bank due to his inability to open a bank account in the UK. This was because he did not have local utility bills or credit history to prove his address. Noticing this predicament was affecting many people, Koppel launched the Monese Bank and mobile App in September 2015.

What is Monese?

Monese is a financial services provider that offers instant UK bank accounts. In its words, “Monese was created to be instant and break down the barriers of banking bureaucracy”. Users can access services via a mobile app that allows users to open a bank account in the UK, without the need of a UK address.

The app is convenient for digital nomads who want to open a bank account, as well as other location-independent global citizens who for various reasons need to open a UK bank account, without a physical UK address.

You can use the Monese account as your main current bank account. The bank offers all the services you would expect such as online access, budgeting, payments, direct debits, and account transfers among other services. Monese is portable across 20 European countries and if you move to another country, your Monese account moves with you.

How Does Monese Work?

Monese works via a mobile app, and it’s completely digital apart from the bank card. It operates a streamlined banking system. The mobile app features multiple tabs which offer different services including the currency transfer service that allows users to send money internationally with no hidden fees. The base rates are the same, although you will need to pay a service fee of between 0.5% and 2% if you don’t have a premium account. For international money transfers, you will need a Monese UK current account. It takes at least one full working day to complete such transfers.

Monese also provides business accounts that feature instant account opening, invoices, expense reports, a premium business debit card, transaction categorisation, and competitive currency transfers.

Monese Contactless Debit Card

Monese provides a dedicated, prepaid debit card that’s accepted around the world for payment of goods and services. The debit card offers international payments at Monese wholesale exchange rates, which are equivalent to the interbank base rate.

Merchants who take MasterCard accept the Monese debit card in over 200 countries around the world. The card doesn’t charge foreign transaction fees, and you can top up the card from your bank account, a post office or PayPoint (a system for paying bills in the UK, Ireland, and Romania).

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