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Everything You Need to Know About Monese Payment App

Are you based in the UK or European countries? Have you been through the dilemma of difficulty opening a bank account in the country, which makes your salary transfers difficult? Please read this article to learn about Monese and how to open an account.

You must go through this article if you’re new to European countries and need help opening accounts. This article will help you with better insight into Monese, its features, and operations.

Everything You Need to Know About Monese Payment App

Is Monese a Scam?

One may wonder whether monese is a scam! You surely should be worried about your hard-earned money. Although Monese has mixed reviews and responses regarding its services, we cannot guarantee whether it is a scam. 

But, one should always do homework before jumping into the ocean of digital banks. You may find several digital banks, but what matters the most is their reliability and authenticity. Your money should be safe from any scam or theft, whether physical or digital.

What is Monese?

Monese launched its services in 2015 and is a digital bank. Norris Koppel founded it in the UK. Monese offers a 100% mobile current account in the UK. It is now considered an established digital bank in the UK.

Norris Koppel underwent the struggle of not getting his account opened in any banks in the UK. It was because he had no UK utility bills or credit history. Therefore, he decided to launch his mobile-friendly digital bank for people like his own.

Features of Monese

Some of the features of Monese are discussed below.

Instant Account Opening

You can open a current account in the UK within minutes with the help of the Monese app. There is no requirement for proof of address or a credit check.

Contactless Mastercard

Once your account has been created and approved, you receive a MasterCard. One can utilise the Mastercard to make payments and withdraw cash via ATMs globally.

Money Management

The Monese app has integrated so you can view your account details and transaction history on the go. Moreover, you can set up direct debits and standing orders.

Money Transfers

Transfer of money to other bank accounts or Monese accounts has been easy. The transactions are smooth and done swiftly.

Security

Monese utilises advanced security measures that protect your data and personal information. It is secured by the Financial Services Compensation Scheme, which ensures the safety of your hard-earned money.

Referral Program

Monese has introduced an amazing opportunity where you can earn passively. The method is easy, you have to invite your friends and family to join Monese, and you earn cashbacks on each referral.

How Much Does Monese Cost?

Account Opening & Maintenance Fee

Account opening and maintenance of your account at Monese are free. You don’t have to pay a monthly fee; therefore, you’re relaxed about using your account at your convenience.

Card Charges

Although the card is free, one has to pay a certain fee for it to be delivered to their doorstep. The fee for the card delivery is £4.95.

ATM Transaction Fee

The transactions are free globally if you withdraw money in the same currency as your Monese account. In a simple plan, you have a cap of £200 per month on ATM transactions. You’ll be charged 2% of the ATM withdrawals if the limit is crossed.

Transfer Fee

The transfers from a Monese account to a Monese account in the same currency are free. Global transfers to other accounts are also free.

Exchange Rates

A conversion cap of up to £2000 per month is free. If the limit ends, you are charged 2% of the value of the transaction. However, the fee is shown and confirmed within the app before transferring.

Top-up Fee

As discussed above, top-ups are only free for ATM withdrawals and transfers if the monthly limit cap is not exceeded. After the limit exceeds, 2% charges apply according to the transaction amount.

Account Opening with Monese

Simple

A simple account with Monese is a hassle-free and feature-rich plan. One can make the account from your mobile device easily. You also receive a free Debit Mastercard.

Classic

The mid-tier plan of Monese is referred to as the Classic plan. You have to pay a monthly fee of £5.95. You get free limits for cash withdrawals and deposits and no fee on foreign currency expenditure.

Premium

The top-tier plan of Monese is the Premium plan. It costs you £14.95 per month. The allowances in cash deposits and withdrawals are more than the classic plan. It is the choice of heavy cash users or people that do international transactions very often.

Monese Credit Builder

If you need a credit history, Monese may be the perfect fit for you! Monese offers customised plans to each individual, which means you decide how much you can pay monthly to repay your loan.

What’s the benefit of this procedure? The credit scoring companies count it as a real loan, and you build up a good credit history for the future.The system is referred to as “pot”.

Insurance Protection

If you are a UK resident and have an account with Monese, you can get insurance to cover your expenses and bills. But, for this, you do have to have an upgraded account. The insurance also covers losing your job or being hospitalised for unforeseen reasons. 

Moreover, purchase protection is also given for expensive items. You are refunded for them if any theft or damage to the products occurs. The insurance, however, only applies to the amount utilised from the monese account. 

The cover is slightly above for a premium account holder as a privilege. Read below for details of insurance coverage:

  • Accidents and sickness may cover up to £1200
  • Hospital stays for up to £30 per day for thirty days
  • Purchase protection of up to £1000 per claim. The maximum limit is up to £2500 per year.

Reviews on Monese

Pros and Cons

PROS CONS
Quick and simple app setup No banking licence
Benefits of an account in the UK Monthly limits on top-ups and ATM withdrawals
Extra privileges for premium subscribers Personal support is relatively slow

How to Use a Monese Referral Code or Monese Invite Code

When you sign up for a Monese account, you receive a bonus if you do so with a Monese referral code. To use the code, enter the code when prompted while you go through the account opening process. Once the process completes, the bonus is credited to your account.

Moreover, you can also earn bonuses or cashbacks via the Monese app. Simply refer your friends and family to join the app via your Monese invite code. For the code, go to the referral section of the app, and share it with your friends and family.

Conclusion

Monese is a digital banking app that makes opening a UK-based bank account easy for everyone. Monese offers a convenient and secure way to manage money and make payments with its advanced identity verification system.

The app helps you pay bills, make payments, and even allows you to build a credit history. Above all, payment insurance is something everyone wishes for in digital banking systems. With the Monese referral code program, you also earn cashback. Visit somquestblog to learn more.

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