The FREE Monese Current Accountprovides all the services you would expect from a standard bank account including:
- Online access through the Monese app
- Account transfers
- Direct debits
- Recurring payments
- Debit cards
- Unlimited transactions
- Receive £ or € bank transfers
- Fast bank transfers
- Get cash at ATMs globally
Monese bank accounts come with sorting codes and account numbers, so you can easily get paid directly into your Monese account or accept transfers from elsewhere. Additionally, Monese only allows you to spend as much as you have in the account, so you can never go overdrawn.
Monese provides a dedicated, prepaid debit card that you can use around the world to pay for goods and services. The debit card offers international payments at Monese’s wholesale exchange rates, which is the same as the interbank base rate.
The card is accepted in over 200 countries around the world by merchants that take Mastercard and is compatible with Apple Pay and Google Pay (only in the UK). There is no foreign transaction fee, providing you spend below certain limits, based on your price plan. If you lose your debit card, you can instantly lock it from your Monese mobile app.
The card delivery costs £4.95 and will arrive at the registered address within 14 days.
How can I transfer money with Monese?
- UK bank transfers. Pay friends, families or bills with bank transfers. Monese uses the Faster Payments Service and says that it typically takes around 2-4 hours for your payee to receive the money you’ve transferred.
- Foreign transfers. Transfer money abroad into eight different currencies. Monese uses the “interbank rate”, much like Revolut. The delivery time for your money depends on the processing times of the receiving bank. Depending on the currency you’re sending and the time (try send before 4pm), your transfer should take between 2-4 business days.
- Foreign transfer from Eurozone account. If you’re transferring money to someone with a Euro account through a SEPA payment, then it should reach them by the next working day – or the day after that.
- Direct Debits. Set up a direct debit and automatically pay for utilities and services. Whether its your gym membership, phone contract, or your electricity bill – this way you won’t forget to pay rent this month.
- Standing Orders. Set up a standing order (or ‘Recurring Payment’) to make routine payments for a specified amount, payee and date – all managed in-app.
- Pay Your Contacts. Make payments to friends and family – straight from your phone’s contact list. See who’s already a Monese user, and to whom you’ll be able to make an instant payment.