Monese Discussion & Feedback


It is from their own internal data based on salary deposits, mortgage payments, etc. And included by them in the wording of recent press release and email communication to prospective customers.


AFAIK Monese are not in deposit protection scheme so it’s very interesting that people trust them and use them as their main bank account. My guess is that a lot of people who can’t provide their ID and proof of address for whatever reason must be benefitting from Monese offering.
I wonder how they will deal with new UK legislation which requires all banks to check immigration status…


So many things to counter in your comment.

  1. why are you suprised people use them, when people gladly used Monzo before they had FCSC protection.

  2. There is a real issue for those going to the UK to work where they can not open an account for their salary until they have an address and utility bills, but many employers won’t employ unless they get given bank account details. Monese allow you to apply before you go to the UK as anyone resident in EU can apply.

  3. They do check ID and have to comply with the same rules as anyone else however they are more flexible on what ID they will accept as they do not use a 3rd party agency and they have a policy of advising or assisting an applicant to get sufficient proofs from various sources to enable verification to the neccessary standards. They do however still turn applicants down.

  4. They still would have to check immigration status of account holders with a UK address but where an account holder has a non-UK address this will neccessitate checks at a later stage if they amend their address to the UK.

I have previously been an AML Officer of a financial services company and have visited the Monese Estonian offices on a couple of occassions and am impressed by the staff and procedures. They seem to have a greater understanding of the money laundering regs than banks I have visited who often just following a tickbox exercise to confirm they may have seen particular ID.


Have I understood the free account correctly in that the Debit card is optional?


Personally, I think Monese is very decent tbh.
And my comments were not what I think it was about the general feeling I gathered from loads of people commenting here and on other places about these reservations.

I made my feelings clear with this thread a long time ago :slight_smile:


Yes. The free account has the card as an optional extra and does not come automatically with the free account as not all people want or need one.

(Geoff Pascoe) #49

I wonder what proportion of users will stay on the paid account going forward. Unless you use foreign exchange a lot, there’s no reason to go for the plus account.


An article on the development of the Monese app


FYI Monese users can now use Google Pay (formerly Android Pay)


Do you consult for Monese? No probs with that or them, happy user of multiple fintech accounts, just curious how you know so much about their processes.


I just had an email from them, which I assume was sent out to all their UK customers?

I have been in their overseas customer service centre twice and UK office once, so do have a good rapport with them, but never been paid by them to do any consultancy work.

Personally I love them because of their app. I can send SEPA payments easily (and think their interface for this is so user friendly), I have two accounts in the app (€ and £) and can transfer between them, plus I can deposit cash at PayPoint AND Post Office!


I got the email too.


That’s good to know, I’ll apply for an account. Do you know if getting a euro account as the base currency would avoid the DCC issue when abroad?


you get a separate card for the GBP account and the EUR, and they different colours too.

You will get a £5.00 welcome gift when you open a Monese account and deposit £10.

Just use the code: MQF6Y4C6

Download the Monese app here:


In the Times today (30.05.2018) it said about Monese:

The business has about 420,000 customers. That is less than Monzo and Revolut, but the nature of Monese means that it has had greater success in securing “primary accounts” — those into which users’ salaries are paid each month. Monese says that about 70 per cent of its accounts are primary, seen as crucial for establishing customer loyalty in the new world of the app-only bank.

(Simon B) #58

Do you have a link to that article?

I’d like to understand what exactly they mean by “the nature” of Monese meaning that they have more primary accounts.


My understanding of primary accounts is they are the account you pay your salary in to rather than a secondary account which does not receive salary deposits.

Here is the article.


that is interesting, but I assume it relates to their target customer profile, which is immigrants needing a current account and hence using it for receiving their BACS salary payments, whereas a non immigrant may be more likely to have a secondary or tertiary account and therefore not guaranteed to deposit their salary.