All You Need to Know about Monese Mobile Money-Management App

Have you ever faced the problem of opening a bank account with no credit or bill-paying history?  You moved to a new area and wanted to open a bank account, avoiding the hassle of going through a frustrating process. Monese comes with an instant solution to your problem. With Monese, you can open and manage an account on your mobile without proof or lengthy documentation. You can easily open an account in the UK or Europe and transfer money overseas. To know more about the platform, continue reading. Let’s get rolling down!

Here we will discuss:

What is Monese?

To know about the Monese, you first need to know the story behind its opening. Monese founder Norris Koppel, when he moved from Estonia to the United Kingdom, he faced the problem of opening a bank account. It is because he needed a credit or bill payment history in the UK.

Without a bank account, Koppel couldn’t pay his rent and utility bills. After struggling and being frustrated, Koppel opened an instant mobile banking service. Monese is a mobile-only current banking service alternative to traditional banking. 

It is an easy-to-access option if you live in the UK or any other area of the European Union. You can easily travel and make transactions in Euros, Pounds, Sterlings, and Estonian Leu. Monese has 2 million customers worldwide as of February 2020.

Additionally, if you want to open an account in the UK, you no longer need utility bills or transaction history if you own a Monese account. Now every common citizen of the UK can open a current account in a matter of minutes. 

Is Monese Safe?

Monese is a little different from traditional banking. It is mobile-only, and users’ money isn’t covered by Financial Services Compensation Scheme (FSCS). FSCS covers up to £85000 if a finance provider fails. 

However, Financial Conduct Authority regulates the matters of Monese as a registered agent for electronic money institutions’ PrePay solutions. There is no upper limit per customer or account, and Moneses always claims to have your money available. It shows it is safe.

How does Monese Operate?

Working with Monese is simple. Anyone living in the European economic area can open a Monese account via Monese app on the smartphone or through a link sent from the Monese website. Monese operates on the basic mantra of mobile-only, instant, and inclusive banking. 

Moreover, you can open a current account without any address or good credit card history. Just download the app and follow step-by-step instructions to open your account in minutes. You have to submit a selfie video and a snap of a document, such as a passport. 

After verification of your documents, you will be given an account number and sort code within minutes. Whereas in the case of traditional banking, you have to make an in-branch appointment and then wait for your atm card to arrive in the post. 

You can enjoy the luxury of instant payment, but you still need to order your contactless Mastercard debit card. Usually, Monese users receive the card internationally within three days or 14 days. After that, you can activate the card using a 4-digit code through the app. 

The functionality of the Monese debit card is the same as that of traditional banks. You can make online payments, in-store purchases, and withdraw money anywhere in the world. You can also access statements through the app anytime. 

Furthermore, you can use the card to make payments at Google Pay and Apple Pay without delay. Monese’s interbank rates allow you to exchange lower-cost foreign exchange and international money transfers. 

What are the Different Features of Monese?

Monese has several features that are similar to your street bank. Some of them are:

• Monese offers multi-currency accounts like EUR, GBP, and RON
• You can send money instantly to anyone without any fees or charges. Also, you can send money requests to another user
• Also, users get Mastercard Prepaid debit cards. Users can make contactless payments with ease
• Users can also lock the card using the mobile application of Mosene if the card is lost or stolen
• Mosene offers the flexibility to manage money from mobile
• You’ll get spending notifications instantly. Even your spending is categorised (e.g. shopping, Travel)
• Users can also set saving pots to save extra money for future goals
• You can also set monthly or weekly budgets
• Apple and Google Pay services are available
• Also, linking Monese accounts with other services like PayPal and Avios is available
• Monese credit builder lets you build your credit history
• 3D secure payments and interest on savings
• Multilingual support team to help you with every problem
• You can earn £30 if you refer a friend to Monese. This is up to £450

How Much Does it Cost to Use Monese Services?

Final Thoughts

Now everything is on the smartphone. People are used to a quick and fast lifestyle and need more innovative instant solutions. Monese offers speedy transactions, and its process is much simple. Especially for UK and Europe residents, it is much helpful.

Although Monese has some limitations and fees on withdrawal and abroad spending, its simple setup makes it worth considering. Do let it a try and let us know your opinion in the comment section below. Visit Somquest to learn more.

FAQ

How much time does it take to verify a Monese Account?

Ascertaining the Monese mobile current account takes between 24 and 48 hours. When you submit your documents, the Monese team verifies them and unfreezes your account. After that, you’re all set and can enjoy managing money with a Monese instant access account.