Monese review
Updated September 28, 2026 · VaultCue Editorial Team · Facts checked September 26, 2026
We earn a commission when you sign up through links on this site. Partner status can affect where a brand appears in our rankings. Partners with a live offer in your country come first, then every other brand by score.
Our verdict
Monese suits expats, frequent travellers and freelancers who want a digital everyday account with nothing to pay each month. Costs stay low with a monthly fee of £0, while the limits on 3 currencies and a 3% conversion charge keep it simple rather than cheap for heavy currency use.
Key facts
- Best for
- Expats, travellers and freelancers who want a fee free digital account and instant transfers
- Monthly fee
- £0↗
- Deposit protection
- FSCS up to GBP 85,000↗
- Currency conversion fee
- 3%↗
- Currencies
- 3↗
- Local account details
- IBAN, UK-sort-code↗
- Free ATM withdrawals
- £0↗
- Transfer fee
- GBP 1.29 per outgoing domestic transfer; real-time Monese-to-Monese transfers free↗
- Legal entity
- Monese Ltd↗
- Headquarters
- United Kingdom↗
- Founded
- 2015↗
- Support channels
- Chat, Email, Help-centre↗
- Audience
- Expats, Travelers, Freelancers
- Pricing model
- No monthly fee, Low FX fees
- Features
- Joint account, Digital-only, No credit check
- Official website
- monese.com
Money transfer
Facts checked September 26, 2026, 5 sources
Apps and profiles
- Get the app
- App StoreGoogle Play
Pros and cons
Pros
- Personal accounts carry a monthly fee of £0
- Outgoing domestic transfers cost £20 and transfers between Monese accounts are free
- Transfers land in Instant
- Local details in iban and uk sort code formats let you get paid like a local
Cons
- Converting money costs 3% on top of a 2% exchange rate margin
- A fee of £20 applies to outgoing domestic transfers
- Support runs on chat, email and help centre only, with no phone line listed
Who it suits
- Expats and freelancers who send money across borders and are paid in expats, travelers and freelancer setups
- Travellers who want local account details in iban and uk sort code formats
- Anyone who wants a joint account opened with no credit check, since the account is digital only
Who should look elsewhere
- Skrill if you need a much wider range of currencies than 3
- PayPal Colombia if you want a wallet for online payments rather than local account details
- Plazo ES if you would rather reach support by phone than on chat, email and help centre
Deposit protection
Balances sit with an electronic money institution, and money is held as e-money rather than as a bank deposit. Monese Ltd is an electronic money institution authorised by the Financial Conduct Authority in the UK, licence 900960. Customers in the EEA are covered by a National Bank of Belgium electronic money licence held by PPS EU SA, 0712.775.202, with Monese EU SA registered as agent, PPSEBEA000002. Lending runs through Monese Credit Limited under 787052.
How Monese compares
8.7 vs 8.7
8.7 vs 8.6
8.7 vs 8.0
8.7 vs 8.9
8.7 vs 9.1
8.7 vs 9.2
8.7 vs 8.7
8.7 vs 8.7
8.7 vs 8.7
8.7 vs 9.0Also charges a monthly fee of €0, and covers many more currencies than the 3 held here.
8.7 vs 8.7
8.7 vs 9.5
8.7 vs 9.4
8.7 vs 9.3
8.7 vs 9.2
8.7 vs 9.2
8.7 vs 9.2
8.7 vs 9.2
8.7 vs 9.2
8.7 vs 9.2
8.7 vs 9.1
8.7 vs 9.0
8.7 vs 9.0
8.7 vs 8.9
8.7 vs 8.9- 8.7 vs 8.9
8.7 vs 8.7
8.7 vs 8.5
8.7 vs 8.5
8.7 vs 8.5
8.7 vs 8.4
8.7 vs 8.3
8.7 vs 8.2
8.7 vs 8.1- 8.7 vs 8.1
8.7 vs 8.0
8.7 vs 8.0
8.7 vs 8.0
8.7 vs 9.1
Where Monese is available
- Available
- Austria, Belgium, Bulgaria, Croatia, Cyprus, Czechia, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Iceland, Ireland, Italy, Latvia, Liechtenstein, Lithuania, Luxembourg, Malta, Netherlands, Norway, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden, United Kingdom
- Licence in United Kingdom
- Financial Conduct Authority (UK) - electronic money institution, Monese Ltd (900960), checked September 26, 2026
- Licence in Belgium
- National Bank of Belgium - electronic money institution, PPS EU SA (EEA customers) (0712.775.202), checked September 26, 2026
- Licence in Belgium
- National Bank of Belgium - registered agent, Monese EU SA (PPSEBEA000002), checked September 26, 2026
- Licence in Ireland
- Financial Conduct Authority (UK) - lender, Monese Credit Limited (787052), checked September 26, 2026
Countries from the brand (Source, checked September 26, 2026)
Frequently asked questions
Does Monese charge a monthly fee?+
The personal account carries a monthly fee of £0, which is the cheapest end of the accounts compared here. Plazo ES and Skrill also sit on €0 and €0, so you can compare like for like. Nothing is deducted from the balance each month for keeping the account open.
What does it cost to send money out?+
Each outgoing domestic transfer costs £20. Real time transfers from one Monese account to another are free, and the money arrives in Instant. For sending abroad, the cost comes from the 3% conversion charge rather than a transfer fee.
What does it cost to change currency?+
A conversion carries a fee of 3%, plus an exchange rate margin of 2% on the rate itself. The account holds 3 currencies, so you can keep balances separate rather than paying to convert on every spend. Converting is the costliest part of using this account for travel.
How is my money protected?+
Balances are e-money rather than bank deposits, and Monese Ltd is an electronic money institution authorised by the Financial Conduct Authority in the UK, licence 900960. Lending is separate, under Monese Credit Limited and 787052.
How do I get paid from abroad?+
You get local account details in iban and uk sort code formats, so an employer or client abroad can pay you without sending a wire. Money arrives in Instant. Deposits and payouts run through bank and wallet methods, and the account is opened with no credit check.
What account types can I open?+
The account carries joint account, digital only and no credit check, so there is a joint account option and the service is digital only. Everything is run in the app rather than a branch. A joint account lets two people share one balance and the same local details.
How do I contact support?+
Support runs on chat, email and help centre, meaning in app chat, email and a help centre. There is no phone line listed, so live help is limited to chat. The help centre is the quickest route for details on the 3% conversion charge and transfer limits.
Sources
- monese.com checked September 26, 2026
Backs: Founded, Pricing model
“We launched in 2015 as the UK's first mobile app alternative to the banks”
- monese.com/features/money-transfers checked September 26, 2026
Backs: Delivery time
“If your transfers are same-currency and between Monese accounts, they're free and instant.”
- monese.com/features/multi-currency-account-opening checked September 26, 2026
Backs: Audience
“We offer financial freedom to foreign nationals, expats, freelancers and the unbanked.”
- monese.com/fees-and-limits/uk-personal-fees-and-limits-02... checked September 26, 2026
Backs: Free ATM withdrawals, Deposit protection, Currency conversion fee, Exchange rate markup, Headquarters, Legal entity, Monthly fee, Payout methods, Transfer fee, Fee to send 1,000, Licences
“Pay As You Go (previously Simple) ... ATM withdrawals worldwide: 2% currency exchange fee per transaction”
- monese.com/our-pricing checked September 26, 2026
Backs: Support channels
“Customer support: Available on chat and email”
- monese.com/products/instant-account checked September 26, 2026
Backs: Currencies, Features, Local account details
“It takes minutes to open a Monese instant-access account in GBP, EUR or RON”
Compiled from 6 source pages, checked September 26, 2026. We did not open an account.
Not confirmed yet: Licence type.
Related by the facts
Guides
Monese
Expats, travellers and freelancers who want a fee free digital account and instant transfers