Monese Review

Company background

Monese is a safeguarded e-money institution, founded in 2015, headquartered in the United Kingdom, operating under Monese Ltd. Monese earns its place as an entry account for new arrivals who cannot yet pass a traditional bank's checks, with multi-currency basics built in from day one. We rate it best for newcomers without local credit history. At its core it is a 3-currency account you run entirely from your phone, bundling multi-currency balances, business accounts and joint accounts into one app.

Fees and pricing

On day-to-day costs, Monese charges no monthly account fee, and applies a 2.5% markup on foreign-currency spending.

• Monthly fee: no monthly account fee.
• FX markup: 2.5% on spending outside your currency.
• ATM withdrawals: 2% fee.
• Savings: no in-app savings interest.

For everyday domestic use the running cost is effectively nil, so the figure that matters most is how often you spend or withdraw in another currency.

Regulation and safety

Monese operates as a safeguarded e-money institution, regulated by FCA. Customer funds are held in segregated safeguarding accounts (Safeguarded (FCA-authorised e-money)) rather than under a deposit-guarantee scheme. Safeguarding ring-fences your money from the firm's own funds, but there is no deposit-guarantee payout, so it suits spending and transfers more than parking large balances.

Platform experience

Monese is available across iOS, Android and Web. The mobile apps score 4.4/5 on the App Store and 3.9/5 on Google Play. Payments run on a Mastercard physical and virtual card, and it works with Apple Pay and Google Pay.

Pros and cons

On the plus side, open an account without a UK credit history or proof of address, holds GBP and EUR with local account details and fast app-based onboarding for migrants and expats. The main trade-offs are fX fees on the free plan are higher than peers and safeguarded e-money, not deposit-guarantee protected. On balance it is a comfortable pick best for newcomers without local credit history, provided its limitations line up with how you actually bank.