Monese is a mobile app-based account for those living in the UK and EEA. In addition to being simple to set up and competitively priced, Monese is relatively inexpensive to use abroad (for both ATM withdrawals and card transactions), offers cheap international money transfers and has almost guaranteed approval—which means it's possible for those without a UK address, proof of address or a UK credit history to open an account.

Monese Review

Monese is a leading pan-European fintech designed for the 'mobile-first' generation, specialising in instant accounts for those who may struggle with traditional high-street banks. For 2026, Monese offers multi-currency accounts (GBP, EUR, and RON) that can be opened in minutes with a streamlined sign-up that attempts to verify your address automatically. However, many users—especially those new to the UK or living in certain EEA territories—will be required to upload a digital proof of residency (such as a bank statement or utility bill) to complete their application.

While it won 'Best Challenger Bank' back in 2016, it has matured into a robust platform with over 2 million users, though it operates as an Electronic Money Institution (EMI) rather than a fully licensed bank—meaning deposits are protected via "safeguarding" rather than the FSCS (Financial Services Compensation Scheme).

Monese has closed the gap with traditional banks by 2026. Through its 'Savings Hub,' users can now access competitive interest rates on their balances via partner providers. Additionally, modern Monese cards have overcome previous technical hurdles, so they are now widely accepted at self-service petrol pumps and for offline transactions on trains and flights (provided there is a sufficient balance).

Bottom Line: If you are new to the UK, travel frequently across Europe, or have a thin credit file, Monese could be a solid option to consider. However, it is important to choose your plan wisely: the 'Pay as you go' plan has higher fees for international spending, while the 'Cashback' and 'Premium' tiers offer better value for frequent travellers. Those requiring a full bank account with an overdraft or FSCS protection may still prefer a high-street bank alternative.

Monese: An Easy and Accessible UK Account

One of Monese’s biggest selling points is its streamlined approach to opening a UK account, making it a viable option for those with limited documentation or a "thin" credit score. While traditional banks often require an extensive credit history or a regular salary, Monese focuses on digital identity verification.

For many users, Monese can verify an address automatically; however, if a match isn't found, you may be asked to provide a digital proof of residency (such as a bank statement or residency permit). Currently, Monese is available to residents across more than 30 countries in the European Economic Area (EEA), making it a popular choice for expats and frequent travelers.

How do you Open an Account with Monese?

To open an account with Monese, just download the mobile app and follow the digital onboarding instructions.

The process does not require a traditional credit check. Instead of a paper trail, you will use your smartphone’s camera to capture a high-quality image of a government-issued ID (such as a passport or national ID card) and record a short video selfie to verify your identity. Once your ID is processed and any necessary residency checks are cleared, you can receive your account number and sort code. While many accounts are ready in minutes, some may take up to one business day if further verification is required.

To open a Monese account you must live within the European Economic Area (EEA)—that’s the EU countries plus Norway, Iceland and Liechtenstein.

Is Monese Safe?

While, this is no guarantee of 'safety', Monese is fully registered with the UK banking regulator the Financial Conduct Authority (FCA) as an Electronic Money Institution (EMI).

While money isn't covered by FSCS, Monese uses 'safeguarding' under E-Money Regulations, where customer funds are held in separate accounts with Tier 1 banks like Barclays or Investec. This provides protection, just not the FSCS guarantee—in other words, if Monese goes bust, the money is protected, but if the safeguarding bank goes bust, you are not covered by the FSCS £85,000 guarantee.

Multi-factor authentication required for new devices. For security, Monese employs strict multi-factor authentication (MFA). You designate a primary mobile device for your account, and any attempt to log in from a new device requires a multi-step authorization process. If your phone is stolen, your funds remain secure as the app requires a unique 5-digit passcode or biometric data (Face ID/Fingerprint) that only you possess.

Easy to lock/unlock your debit card via the app. If you ever suspect that your Monese debit card has been compromised or lost (or if you simply want to prevent yourself from spending any money), you can easily and instantly lock your card via the Monese app. You can also unlock it again easily via the application.

Pin not posted to you but available via the app. Monese also takes a secure approach to your PIN. There’s no need to write it down anywhere or wait to receive a written PIN in the post. Instead, you simply view your pin right in the Monese app by logging into the app and entering your card’s CVV number (the 3 digits on the back of the card). You’ll then be able to see your PIN. For added security, many users use biometrics (FaceID/Fingerprint) to view the PIN rather than just the CVV, as an extra layer of protection.

How Do You Make Deposits to Your Monese Account?

Since your Monese account has a UK sort code and account number, it’s simple to receive UK bank transfers just like a traditional bank account. They can be from companies or individuals and include payments from your employer.

People outside the UK can make payments into a UK Monese account using European IBAN. For many users, Monese provides a personal IBAN, allowing for seamless cross-border transfers. Monese typically uses the mid-market exchange rate for the currency conversion to ensure you receive a competitive rate before the funds are deposited into your UK account in GBP.

In addition to depositing funds into a Monese account via UK or European bank transfers, you can also top up with cash at one of more than 50,000 UK locations. Monese has partnered with PayPoint and the Post Office, so you can go anywhere with the PayPoint logo and instantly top up with cash into your Monese account. Note that depending on your Monese plan, monthly allowances and fees may apply to cash deposits.

ATM Withdrawal Fees with Monese

You can use the debit card at any ATM which accepts MasterCard. While most ATMs will be free to use unless explicitly stated otherwise, you may need to pay Monese for withdrawals depending on which account you have. These are the limits from February 2026:

If ATM withdrawals are a primary reason for using Monese, the break-even analysis below may help you decide which plan is best for you. The analysis shows that only Premium offers a clear ATM saving over the free Pay as you go plan—because the Cashback plan's free allowance (£300/month, saving a maximum of £6) doesn't quite cover its £7.95 monthly fee. The Everyday plan charges the same 2% ATM rate as Pay as you go, so it never wins on ATM fees alone.

Monese also now has a new Cash Advance feature, where users can get a cash advance of £50, £100 or £200 at a representative 9.98% APR (e.g. a £50 advance for £4.99).

How Can You Make Payments with Monese?

You can use your Monese debit card to make payments just like you would with any other MasterCard. You can make payments via the mobile app, and you can also pay an individual or company via a bank transfer. Any payment between Monese accounts will be free and occur instantly, without any limit on the number of transfers you can make.

You can also make regular bank transfers to accounts from other banks. It is also possible to sign up for Direct Debits with Monese accounts, perfect for ensuring bills are accurate and then paying them. Finally, Monese is compatible with Apple Pay and Google Pay.

Using Monese Abroad

Monese can be a very cheap way to withdraw cash and make transactions abroad, depending on which account you have and how much you plan to spend/withdraw each month. As long as you stay under the limits for your type of account then transactions and ATM withdrawals are free—whether you're using the debit card at home or abroad. For all of the below, Mastercard wholesale exchange rate applies.

(That said, remember that some ATM machines charge an additional fee to use them, which you'd have to pay regardless of the credit or debit card you have. This fee is taken by the ATM owner, not your card provider.)

Monese Features: What You Get with a Monese Account

Monese Debit Card

The Monese debit card works exactly as you would expect. It is contactless, which means there’s no need to enter the PIN for transactions up to £100. The Monese debit card is accepted in more than 200 countries around the world, as well as by most mobile app services and online retailers.

Apple Pay

Apple Pay is available for personal UK and European Monese cards in the UK and France, so you can make payments using your iPhone or for iOS apps and online wherever it is accepted.

International Money Transfers with Monese

For overseas transfers, you can transfer money with Monese in one of 20 currencies: EUR, USD, AUD, CAD, CZK, DKK, GBP, HKD, HUF, INR, MXN, NOK, PHP, PLN, RON, SEK, SGD, TRY and ZAR.

And the fees are far lower than what a bank would charge. Monese helps account holders to convert funds using market rates for quick international money transfers at very low costs. This means that customers can make huge savings when sending money overseas. With Monese, you can send money to almost all European countries, as well as Australia, Brazil, Mexico and the US.

What Types of Accounts Does Monese Offer?

With a Monese account, you can do unlimited transactions, receive pounds or euros via bank transfers, make and receive fast bank transfers, set up direct debits, get cash from ATMs around the world, and use a contactless debit card—but fees vary depending on the account you choose. Monese offers four account types: Pay as you go, Everyday, Cashback and Premium. Here’s a summary of some key features, which you can read more about here:

Monese also offers UK business accounts for a fee of £9.95 per month.

Monese Customer Reviews

Reviews are quite positive, with a Trustpilot rating of 4.3 out of 5 stars, based on over 51,000 reviews.

How Does Monese Compare Against Other Options?

In order to decide if Monese is the app-based bank account for you, it’s best to compare it against the closest competitors. Below we discuss the differences between Monese and some other popular options, so you can decide which is best for you.

Monese vs. Revolut

Revolut is another challenger bank, and there’s a lot of similarities with Monese. But Revolut's free Standard plan actually offers better ATM terms than Monese's Pay as you go, giving £200/month or 5 withdrawals fee-free before the 2% charge kicks in, whereas Monese's free plan charges 2% on all withdrawals with no free allowance.

Quick Takeaway: One key difference between the two is that Monese doesn’t require a UK address to sign up, so it may appeal more to people who live between countries, or recent migrants to the UK.

Monese vs. Monzo

Monzo is another challenger bank offering a very similar service to Monese. In terms of account features, fees and the debit card, again there’s little to choose between them.

Quick Takeaway: Where Monese distinguishes itself is that it’s available to people outside the UK, whereas Monzo is not.

Monese vs. Wise Borderless Account

Wise is primarily an international money transfer service rather than a full banking alternative. With Wise, you can send money to 50+ countries from your account, both online and through the mobile app.

Quick Takeaway: If you’re looking for an account that offers banking services, Monese is probably the way to go. For international transfers, it’s worth checking out Wise, too.