Monese

Monese offers mobile money accounts for spending, sending, and saving through an app on Android, iOS, and web. Accounts support payments, transfers, direct debits, standing orders, savings tracking, account details, and physical or virtual cards. The app includes spending overviews, weekly and monthly budgets, and instant spending notifications. Customers can create up to 10 savings pots with a roundup feature, add cards to Apple Pay or Google Pay, and link multiple UK bank accounts to view balances and make instant top-ups. Pay as you go is a basic account for occasional use; paid plans start at £2.95/mo. Everyday costs £2.95 a month and includes two free bank transfers out monthly, with a £1 fee for transfers outside the allowance. Applicants must be at least 18, live in one of 31 EEA countries, and provide an email address, phone number, government ID, and in-app video selfie. Monese says UK e-money funds are safeguarded, but its services are not covered by the Financial Services Compensation Scheme.

Monese combines everyday account functions with budgeting, savings pots, and links to UK bank accounts. Applicants should note the residency criteria and that its services are not covered by the FSCS.

Monese may suit people underserved by traditional banks and people travelling, living, or working abroad. Applicants need to meet the age and residency requirements and provide the listed identification details.

Overview

Monese is a mobile money account for people who want spending, transfers and savings tools in one app, particularly while living, working or travelling abroad. It is a useful fit for everyday digital account management, but its lack of branches and FSCS coverage will rule it out for some customers.

Accounts support payments, transfers, direct debits, standing orders and account details, with physical and virtual cards. Spending overviews, weekly and monthly budgets, and instant notifications help make routine spending visible. Customers can also create up to 10 savings pots and use roundups to put money aside. This is a broad set of day-to-day tools, though not a substitute for cash and cheque handling or branch service.

Applicants must be at least 18 and live in one of 31 EEA countries. Opening an account requires an email address, phone number, government ID and an in-app video selfie. Monese says it serves people underserved by traditional banks as well as people travelling, living or working abroad.

Monese has no physical branches and does not handle cash or cheques. Customers can add cash at more than 84,000 payment locations in the UK and Europe, which offers a workaround but not the same flexibility as direct cash services. Monese says UK e-money funds are safeguarded, but its services are not covered by the Financial Services Compensation Scheme. Customers can contact support through in-app chat or email.

Key features

Open Banking lets customers link multiple UK bank accounts to view balances and make instant top-ups from Monese. That makes the app more useful as a hub for people with existing UK accounts, although the linking feature is specific to UK bank accounts.

Monese cards can be added to Apple Pay and Google Pay. Security measures include biometric login, multi-factor authentication, 3D Secure, single-device access, card locking and real-time notifications. Together these provide useful account controls and activity alerts; they do not change the stated absence of FSCS coverage.

Monese supports peer and international transfers, and its stated transaction limit is 4000 per transaction. Customers who need to make larger single transactions should account for that ceiling.

Pricing

Monese uses a freemium model, with plans billed monthly where priced. The free Pay as you go plan costs nothing and is designed for occasional use with a basic account. It is the sensible starting point for light users, but regular outgoing bank transfers may make a paid allowance more practical.

Everyday costs £2.95 a month, billed Pay monthly, and includes 2 free bank transfers out monthly; each transfer beyond the allowance costs £1. It suits customers who send outgoing bank transfers occasionally and want a modest included quota.

Cashback costs £7.95 a month, billed Pay monthly, and includes 10 free bank transfers out monthly, with a £1 fee outside the allowance. Premium costs £14.95 a month, billed Pay monthly, and includes 200 free bank transfers out monthly, also with a £1 fee beyond the allowance. The higher tiers are most relevant to frequent transfer users; customers should compare the monthly fee with their expected transfer count rather than pay for unused capacity.

Platforms

Monese is available on iOS, Android and AppGallery. The product also lists web support, giving customers a browser option alongside mobile access.

Who it's for

Monese is best suited to adults in eligible EEA countries who want app-based account functions, budgeting, savings pots and the ability to view and top up from linked UK bank accounts. It can also suit people travelling, living or working abroad. Those who rely on branches, direct cash or cheque handling, or FSCS coverage should look elsewhere.

Pros and cons

Pros

• Practical everyday account tools: Payments, direct debits, standing orders, physical and virtual cards, budgets and spending notifications cover common money-management needs.
• Flexible savings organization: Up to 10 pots and roundups give customers ways to separate and build savings.
• UK account linking: Multiple UK bank balances and instant top-ups can be managed from the Monese app.
• Transfer allowances scale: Paid plans offer 2, 10 or 200 free outgoing bank transfers each month, depending on tier.

Cons

• No branches or direct cash and cheque handling: Cash deposits rely on third-party payment locations, and cheques are not handled.
• No FSCS coverage: Monese says UK e-money funds are safeguarded, but its services are outside the Financial Services Compensation Scheme.
• Eligibility is limited: Applicants must be 18 or older and live in one of 31 EEA countries.
• Transfer fees can add up: Each outgoing bank transfer beyond a paid plan's allowance costs £1.

Alternatives

Google Pay is the better fit for someone who wants a free payment option focused on online checkout, in-store tap to pay or a business payments API, rather than Monese's account and budgeting features.

Wise is worth considering for a customer who prefers a personal account and transfers without subscriptions or plans, paying for what they use instead of choosing a monthly Monese transfer allowance.

Cash App Taxes is a free alternative for federal and state tax filing, including self-employment and investment income; it addresses tax returns rather than everyday account management.

GoPay is a free Android and iOS option for QRIS selling, with free registration and no transaction fees for microbusinesses.

GrabPay is a free wallet option for Android and iOS users who can work within its wallet and transaction limits, including a verified wallet balance limit of SGD$5,000.

Monzo offers a free UK current account for people aged 16 and over, while its Perks plan is described as £9 a month for customers aged 18 and over seeking extra features and partner perks.

Neteller is another free option; its True tier offers a lower money transfer fee but requires an eligible deposit and identity verification.

PayPal Invoicing suits people who need to create and send invoices without setup or subscription fees, while transaction fees apply when customers pay.

Browse more options in Digital Wallet Apps.

Verdict

Choose Monese if you are eligible and want an app-based account that combines everyday payments, budgeting, savings pots and UK account linking, with transfer allowances that can grow with your usage. Look elsewhere if branch access, direct cash or cheque services, or FSCS coverage is essential.