Your Top 5 Questions about Monese – Answered

Every day, we are delighted to answer your questions over email and on social media. We absolutely love it when you get in touch, but we can’t help but think there are people out there with the same burning questions about Monese. Here are your top five most frequently asked questions – answered.

  1. I don’t have a UK address. Can I still open an account at Monese?

Good news. You can open a Monese account in under 3 minutes if you are an EU resident and can provide proof of an address within an EU country. You do not have to have a UK address.

  1. How much do your services cost?

Opening an account with Monese is completely free and there are no signup fees or monthly charges. A number of payments each month are also free, so you can take care of your monthly essentials without worrying about any charges at all. Once these free transactions are used up, there is a simple, and fair, flat rate charge per additional transaction that month. We will be posting detailed pricing information on our site before we launch.

  1. How can I be sure my money is secure?

Monese is regulated by the UK Financial Conduct Authority (FCA) and we have built our systems using the latest cloud technologies that help us safeguard your funds and data. We are required to keep our customers’ deposits in segregated and safeguarded accounts in strong European banks, and cannot reinvest any of our customers’ money. That is how we make sure that as long as your money is with us, it is always safe, and available for you to use whenever you need it.

  1. Do you pay interest on the account?

No, we don’t. Paying interest would require us to reinvest your deposits, which we do not do. Instead, our focus is on offering the quickest access to all of your most essential banking services, providing a safe place to keep your money and bringing you awesome technical solutions so you can always stay on top of your finances.

  1. When are you going live?

We will launch our service in the UK this summer, and we will be posting updates about the launch on Twitter and Facebook. If you want to get in on the fun, we suggest you hop on our site at www.monese.com and secure yourself an invite. We will then notify you as soon as your account is ready to be opened.

Have more questions? Drop us an email at [email protected] or ping us on Twitter or Facebook. You can also leave a comment below and you’ll get an answer from us in no time.

Update: We have answered more of your questions in Part 2 of this series. Check them out!

monese

12 thoughts on “Your Top 5 Questions about Monese – Answered

  1. Have you considered introducing a rewards scheme? Certain other banks have introduced or are considering this (Fidor Bank in Germany for example) to promote cashless payments as cash withdrawals, even if free for the customer, incur an interbank fee somewhere around 2 euros or pounds.

    1. Hi Fassbrause,

      When we launch this summer, we won’t have a rewards scheme in place. For the time being, our main focus is on offering super-quick access to a secure and free digital UK current account for all EU residents. However, we will be considering this for the future.

      Thanks for the question!
      Monese Team

  2. I’m a British citizen who’s retuning to the UK after 8yrs working abroad. I have a job lined up but no UK bank account. I’m not a fan of the stuffyness of traditional banks. So would this account suit me? And would it allow me to set up direct debits, to pay bills, like traditional high street banks? Thanks

    1. Hi Darren,
      Yes, Monese would suit you like a glove! You can get your account open in a matter of minutes and without any high-street bank nonsense. You can pay bills, make local and international payments and use your debit card to pay in stores and withdraw cash at home and abroad. Direct debit will not be available at launch, but it is one of our top priorities and we’re working on it. Make sure you’re signed up for the invite at http://www.monese.com. We’d love it if you were among the first to try Monese.
      Thanks,
      Your Monese Team

  3. Hi,

    I’m wondering whether you also offer this service to non-EU passport holders that do not reside in the UK/EU? (I hold a Malaysian passport)

    Thanks

    1. Hi there, if you reside in the EU, we can welcome you onboard, regardless of which passport you’re holding. If you don’t reside in the EU, you’ll have to wait for our global expansion, but we’re certain it will happen in the not too distant future.

    2. Hi there, we are currently only available for EU residents, regardless of their citizenship. But our eyes are always on the horizon, so we will be expanding globally in the future. Stay tuned!

    1. Hi there, we can currently accept national ID cards, depending on where they were issued. However, using your ID card will mean that it won’t be a fully automatic process. When you sign up through the app, the app will ask you to retake the photograph of your document or call us in. You can then call our support and they’ll be more than happy to help you finish signing up for your Monese account.

      See you there!

      1. Hello, and thank you for your availability.
        I’m Italian and I live in Italy but I’m also an e-Estonia digital resident.
        I tried to take a picture of both documents but the app seems freezed at taking-photo-process…
        I really desire to call you: ae you reachable in saturday morning?
        Italian bureaucracy is very bad and expensive… requesting a passport is very expensive (about 200€) and requires a month of waiting time… 😦

        Thank you far all

      2. Hi there, neither of these documents is currently supported by the app as valid proof of identity, as the Italian national ID doesn’t have the required security elements and the Estonian e-residency card does not have a photo on it. But we want to do everything we can to help you out. If you could kindly send a message to [email protected], or call +44 1706 304001 (open Mon-Fri 8am to 5pm UK time), our support team will be more than happy to try and figure out a way to help you.

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