Monese offers a mobile money account for UK registered businesses to help them to manage and track their finances all in their app. Below we look at reviews for the company along with the accounts they offer, how much they cost and other key things you need to know to help you decide which business bank account provider is right for your business.
Below we look at reviews for Monese from a variety of websites. Please keep in mind that these reviews are for all of Monese’s services and so may not fully reflect their business offerings.
Monese Business Services Plans, Packages & Prices
Monese allows you to manage both your personal and business accounts in a single app. They offer:
- Mobile banking app
- Contactless Mastercard
- Free cash machine withdrawals
- Spend, receive and send money in local currencies to over 30 countries with no mark-up fees
- Pay in at PayPoints and Post Offices
- Track spending
- Create invoices in the app
- Secure and protected service
- Multilingual customer support in 14 languages
There are a range of charges on their business bank account which includes:
- £9.95 per month account fee
- Foreign currency card spending 0.5%
- Six free ATM withdrawals per month
- Free currency transfers
- Cash deposits at Post Office £1 each and PayPoint at 2.5% minimum fee at £1
Note plans, packages and prices were all accurate at the time of publication (April 2021) but may have changed since then. Please check Monese’s website for the latest information.
Monese was founded in 2015 as an account that helps to take the hassle out of setting up a bank account without the need for perfect credit scores and address history confirmation. They also made it so that you can open the account instantly from your mobile phone, so you don’t need to visit a branch.
Monese’s mobile app alternative to the traditional banks offers personal banking and launched business bank accounts in 2018. Their business bank account requires business owners to have a personal account first and they allow them to manage both accounts in a single app.
Monese have designed their accounts to suit those that want an account that can travel with them and operate in multiple currencies as they offer 30 currencies with no mark-up fees. They provide counter services through PayPoints and Post Offices where charges occur but offer free electronic transfers.
Switching To Monese
If you want to open a Monese account you need to have a UK-registered business and have your ID. They have made opening an account simple and easy and you don’t need any extra documents or phone calls to open the account. Download the app and sign up straight away and get an account instantly.
Additional Business Services From Monese
Monese currently only offers business and personal current accounts and savings accounts.
Monese Business Service Availability
To be eligible for a Monese business account you must be over 18 years old, have a UK registered limited company and have a personal account with them. The company must not be a holding company or be under any actions from Companies House.
Some restrictions apply to businesses that operate in certain sectors such as gambling, cryptocurrencies, unlicensed pharmaceuticals and weapons.
Monese Business Customer Service and Complaints
You can contact the Monese customer service team through the app using the live chat function.
Monese Business Contact
You can get in contact with Monese by:
- Email email@example.com
- Live chat in the app
- Post – 1 Fore Street, London EC2Y 5EJ
Monese Business Services Pros/Cons
- Operates in over 30 countries and allows you to send and receive funds
- No mark-up on currency fees
- Allows you to create invoices in the app
- Simple pricing structure
- Offers multilingual support in 14 languages
- No branches
- Electronic communications only
- A low number of reviews that are poorly rated
- Requires you to have a personal account with them first