Since its establishment in 2013, Monese, like its peers such as Monzo, N26, and Revolut, has successfully redefined how the traditional banking system operates. Headquartered in London, United Kingdom, the company is a provider of instant current account and money-transfer services.
Monese serves the European Economic Area (EEA) and as of 2018, had at least 200 in its employ. Its current account banking product, although offered only online, functions like a typical standard bank account. However, with Monese, you will never have to wait at a bank again.
The legitimacy of any financial services company is very important. On this note, Monese is a company whose services you can use with peace of mind. It is registered with the Financial Conduct Authority (FCA).
Therefore, it is obliged to maintain high standards in the conduct of its business activities. These high standards, interestingly, are not limited only to the way the company handles its clients’ funds, but also their information.
Hence, the company keeps a stable record of all transfers made to its clients’ current accounts. Moreover, funds saved with Monese are insured and, in case of any financial distress, you will be able to recoup. Monese is not part of the Financial Services Compensation Scheme but instead guarantees the protection of 100% of customer funds, which it says could be more than the £85,000 protection of FCSE.
Monese Ltd is a registered agent of PrePay Technologies Limited which is an electronic money institution authorised by the Financial Conduct Authority under the Electronic Money Regulations 2011 (900010) for the issuing of electronic money and payment instruments. Monese, therefore, is legitimate and safe to use.
Although not as well organised as that of Revolut especially, Monese’s mobile platform is easy to use. Plus, the app was developed to adhere to the highest standards of financial security. In fact, an interesting feature about the app’s security standards is that it enables you to directly manage your pin on it.
As part of the company’s dedication to clients’ protection, accounts opened with Monese can only be used from a single mobile device. As a result, it is impossible for third parties to access those accounts from a different location.
The accounts are further secured with other provisions such as multifactor authentication, 3D Security, and Face ID Biometric Recognition. Overall, those tools ensure that clients’ accounts are always secure. Consequently, there is no way they can be victims of unauthorised access.
Monese is also a member of CIFAS (Credit Industry Fraud Avoidance System), ensuring that it works with banks and other organisation to fight against fraud
Monese specialises in one thing and that is current accounts. Its services specifically include the provision of a free contactless debit card, the Google and Apple Pay, and international money transfers.
The Monese current account, issued in either GBP or EUR, supports all the services associated with the typical standard current bank account. That is, with it, you can make payments, transfers, ATM withdrawals, and receive cash anywhere in the world.
To open it, a proof of address is not required. This account has a notable benefit in that it enables you to budget easily. When you use it, you can only spend the amount you have in it, thereby ensuring that you never go overdrawn. And once you open the account, you will instantly have online access to the app.
special allowances enabling you to use your card abroad without fees.
Great for travelling, receiving your salary, or paying your bills.
Get the ultimate Monese account, with unlimited allowances and zero fees on all transfers, top-ups and ATM withdrawals.
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