Monese: How It Works

Monese is a mobile app-based account for those living in the UK or the European Economic Area (EEA). It's designed to be quick to set up, with a streamlined sign-up process that doesn't require a UK credit history, proof of address, or a traditional credit check — which is part of why it's found an audience among people new to the UK, frequent travellers, and anyone who's struggled to open a account with a traditional high-street bank.

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What Is Monese?

Monese started life as a dedicated international money transfer service, going live in 2015. It was founded by an Estonian who'd moved to the UK and found himself unable to open a bank account without a credit history or UK utility bills in his name. It's since grown into a broader digital account provider, adding multi-currency accounts (GBP, EUR, and RON), a debit card, and business accounts.

Monese is registered with the FCA as an Electronic Money Institution (EMI) rather than as a bank; Monese Limited's current FCA reference number is 900960. This distinction matters because customer funds aren't covered by the Financial Services Compensation Scheme (FSCS). Instead, Monese uses "safeguarding" under the Electronic Money Regulations, which means customer money is kept in accounts separate from Monese's own funds, or otherwise protected through an insurance policy or similar guarantee. It's a different form of protection from FSCS cover, not the same thing under another name (worth understanding the distinction before deciding if it suits your needs).

Opening a Monese Account

Setting up an account is done entirely through the mobile app. Instead of a credit check, verification is based on a photo of a government-issued ID and a short video selfie. Many accounts are ready within minutes, though some may take up to a business day if further checks are needed.

To open an account, you'll need to live in the UK or the EEA (the EU countries plus Norway, Iceland, and Liechtenstein).

Account Types and Fees

Monese offers four personal account tiers: Pay As You Go (previously called Simple), Everyday, Cashback (previously Classic), and Premium. Each can be paid monthly or, for the three paid tiers, as a single annual fee instead.

A few things worth flagging on top of the table: on the Pay As You Go tier, leaving an account completely inactive (no payments in or out for 12 consecutive months) triggers a £1 monthly inactivity fee until activity resumes. This fee isn't listed for the three paid tiers. And the international transfer fee structure is worth reading carefully: there's technically no separate "transfer fee" on any tier now, but the currency exchange fee does the same job cost-wise, so the overall price you pay hasn't really changed even though the fee's been relabelled.

See their fees here.

Cash Advance

Monese also offers a Cash Advance feature — a short-term advance of £50, £100, or £200, for a flat one-off fee (£4.99, £9.99, and £19.99 respectively, regardless of account tier). This is run through Monese Credit Limited, a separately regulated lending entity, rather than the e-money account itself. A separate repayment fee applies outside of each tier's free repayment allowance.

Sending and Receiving Money

Monese's incoming international transfer service covers 30+ currencies from 150+ countries, with each account given its own dedicated IBAN for receiving payments from abroad. Top-ups can also be made in cash at Post Office and PayPoint locations, subject to the allowances and fees shown above.

Using Monese Abroad

The Monese debit card runs on the Mastercard network and works at ATMs and for purchases wherever Mastercard is accepted, using the Mastercard wholesale exchange rate. Staying within your account tier's allowance keeps ATM withdrawals and foreign currency spending free or low-cost; going over it brings the standard percentage fee into play. Some ATM operators charge their own separate fee on top, regardless of which card you're using.

Security

Monese uses multi-factor authentication for new devices; logging in from a device that isn't your registered primary one triggers extra verification steps. The card can be locked or unlocked instantly through the app if it's lost or you just want to pause spending, and your PIN is viewable in-app (after entering your card's CVV) rather than posted to you.

How Does Monese Compare to Other Options?

Monese vs. Revolut

Revolut and Monese cover similar ground. They're both app-based accounts with multi-currency features and international transfers.

Monese vs. Monzo

Monzo offers a broadly similar UK account experience in terms of features and fees. The main structural difference is availability — Monese is open to EEA residents as well as UK residents, while Monzo is UK-only.

Monese vs. Wise

Wise is primarily built around international money transfers, rather than being a full everyday account with a debit card and direct debits in the way Monese is. Where Wise focuses on getting money from A to B as cheaply as possible, Monese is closer to a day-to-day account with international features layered on top.

This article is for general information only. Terms, fees, and features can change; always check current details directly with the provider before applying.

Details correct as of 04 September 2026. Terms, rates and features are subject to change — always verify current details before applying. This article is for general information only and does not constitute financial advice.