Nowadays it’s getting easier to transfer money from one person to another online. At first things were a bit rocky but now you can get quite an amazing result and some extraordinary benefits without that much of a problem. Monese is one of the latest platforms on the market that are focused on offering an incredible value for money for all customers, and it does stand out unlike never before. It’s a very impressive money transfer solution, and it works a lot better than you might imagine. Competing against the likes of Monzo and Revolut, Monese has managed to build a strong client base and a good reputation.In this reivew we will get to know more about Monese, how it works and why you should consider using it right away!
Brief story of Monese, how it started
At its core, Monese was started with the idea of helping people keep a current account online and manage it as they see fit. The creator of Monese is Norris Koppel, an Estonian entrepreneur. He moved to the UK 17 years ago and he wanted to apply for a high street bank account. But he was declined because he couldn’t offer a proof of address and he had no credit history in the UK. Unfortunately things like these tend to happen all the time, so the only thing you can do is to migrate towards online solutions.
Obviously that situation pushed Norris towards creating a comprehensive online solution that would help people like him acquire the right solutions and amazing results without a problem. Adapting and adjusting this kind of stuff is never a walk in the park, but the entire system is downright creative and unique. Plus, it’s focused on value and security, which is exactly what you want to think about all the time. That alone makes it very comprehensive and overly professional all the time.
Although the company was established in 2013, their first product was an instant open mobile account and that was provided in 2015. Since then, the company has expanded and now it provides international money transfers too. That alone goes to show the dedication this company had and you can imagine all of that translates into a rather distinctive and comprehensive result.
What is Monese, what does it do?
Monese is a great online business focused on offering current accounts as well as money transfer services. Like many other companies in the industry, the focus is on offering an alternative to bank accounts. Obviously the system is way cheaper when compared to the bank fees. And the best part is that usually you get those funds a lot faster too. So you always get a pretty impressive return on investment, and the payoff can be downright astonishing every time.
What can you do with Monese?
At this time you can easily create an UK bank account directly from the website. You just need to add a mobile phone number and some extra details, you create the account and then you are good to go. Everyone can create such an account, even if you don’t have a previous credit in the UK or if you lack utility bills. This entire system is super impressive and it shows that yes, you can obtain some great results even if at first you won’t really get the payoff and results that you might expect. But it’s a great and exciting opportunity nonetheless!
Monese can also help you transfer money online without a problem. The main currencies include GBP, EUR, USD, MXN, PLN, BRL, TRY, RON, BGN and AUD. New currencies might be added at some point, but these are the ones you can use right now. Although you can transform to other currencies if you want, but these are the ones that most people use anyway. Fees are fixed based on what price plan you choose when you create the account, so you do have a say in what you choose and how everything works. You rarely do that when it comes to companies like this. That alone makes Monese a cut above many others on the market. You still need to learn a few things, adapt some options and so on, but you will be quite amazed with the way this works and the adaptability on its own is great for what it is here. That’s why you should totally check it out if possible.
How to top up Monese?
Monese actually has a fairly simple and quite generic way that you can use to top up all of this. The idea behind their system is that they want to keep it as simple as possible, so the focus is on eliminating any drag and making the process quick and easy for the most part. Once you have the account ready to go, you just have to check the Account Page and see what amount you have.
After you see the amount and decide that you want to add more cash to it, you will need to use the Add Funds option. The idea here is that you can easily add cash to the account fast, you can use your credit card to do that. You will add to your default currency, thankfully you can easily change the default currency quickly and without any kind of problems here.
Depending on where you live the upload speed will be very different. Sometimes it will be rather quick, other times less so. The idea is that you do get plenty of value for the money as a whole, and all you need is to just give this a shot and test it out, then the payoff can be huge.
Fees will differ depending on what package you choose in here. The starter account is free, you get a credit card for free but you pay the delivery, you pay 1 euro per cash withdrawal at the ATM and the currency exchange rate is 2%. The Plus package at 4.95 Euros per month come with a foreign currency exchange of 0.5%, the top ups have 0.35% fees just like Starter, but the ATM cash withdrawals are free if you have 6 or less per month. For 14.95 euros per month you will have unlimited withdrawals and no fees on topups or transfers.
Honestly the Premium option is a bargain if you do want to use this service every month. The fact that you can save a lot of money on fees is amazing and the site does a pretty good job when it comes to management and handling everything as a whole. That being said, if you invite people you do get to earn points or cash. And that alone is a huge incentive to recommend this platform to people. Plus, it does work really well for what it is and if you are passionate about getting the best value for your money, this will definitely be a good idea to think about to say the least.
As for the fees themselves, we consider them pretty small. Even if you don’t have a monthly payment account like Plus or Premium, the fees are still ok. Of course things are way better if you go with the paid options. But that usually ends up offering you the best possible deal whenever you want a great return on investment. And that’s why it makes a lot of sense to focus on something like this. The system on its own works great, it’s adaptable and adjustable, but the best part is that it’s also full of customization options. The fees are ok too, and in the end that’s the thing that matters!
Pros and Cons of Monese
Monese has a very fast and very simple setup system. You can create your account quickly and you can customzie it with ease. On top of that, there are no fees for money transfers too which is very exciting. The debit card option is actually pretty good and a wonderful system indeed. You can also have UK and Euro accounts. And the currency exchange rates will not be as harsh as you might imagine.
However, there is a charge for withdrawals that can be pretty high if you go with the free account. And the post office deposits and pay points do have some high fees too.
Is Monese Safe?
Based on our experience we found Monese to be very safe and ultra convenient to work with. These people are true professionals and they implemented some very high standard safety features in here. Of course you do want to check this out for yourself and just enjoy it, but as a whole we found Monese to be very helpful and also super secure. It’s still a good idea to use it with a secure browser, even if the information is encrypted you are never protected against browser hijackers with any of these websites.
If you get past that and you are indeed using a secure browser then the site itself will bring you a great experience. The payoff is amazing, they really put a lot of hard work and commitment to make the website as comprehensive and as professional as possible. It’s a really good system based on what we found there and for the most part it will convey some extraordinary benefits as a whole.
How long does Monese card take to arrive?
Honestly the Monese card does not take a whole lot of time to arrive. You might expect it to take weeks, but depending on where you live it will come from a few days to a week and a half. Sometimes it can he faster, other times less so. But they do let you know that when you apply for the card. In fact, they do tend to show an estimate on when you can get the card directly on the site. So this is a lot better than just trying to figure it out on your own. It totally works and it does have the potential to pay it off big time and with some great results in the end.
Does Monese Charge for transactions?
Yes they do, but the charges as a whole are not very high. If you do end up using Monese multiple types per month, it’s a lot better to just go with one of their plans if you can. It’s still worth it to use that system and it will actually work quite nicely if you do it properly. We do encourage you to test the free version first to ensure that you like how everything works and once you do that the experience on its own will be great. Which is why you want to give it a shot, because it’s super exciting and this platform as a whole is very helpful for what it is.
How do I transfer money to Monese?
You will need to add people to your account and then you can transfer money to them with ease. You can choose how much to transfer, they will convert to a new currency if needed using the latest rates and you will even know the transfer fees at the bottom. If you are ok with all of that you can transfer from your account. Do keep in mind that you must top up the account for this to work.
Is Monese a bank?
In some ways it is, but this is an online system that helps you manage your money and transfer to your friends if you want to. The entire system is actually very easy to get into and super helpful, not to mention easy to learn. While this is not a real life bank, it’s pretty close, the difference is that you have less services, but the upside is that you can handle everything online, even from your phone if you want! You can say that this is what we call a digital bank.
What is Monese virtual card?
The Monese is designed to help you pay for stuff online with your Monese account. It’s very easy to use, you can top it up within the account and you will not have to worry about using it anywhere in the UK. Even if you are outside of the UK you can still use this, which is very helpful.
As a whole, we found Monese to be an amazing platform with a whole lot going on for it. The platform is great, adaptable to your own requirements and the fact that you get a current account and you can also transfer money online with low fees is very exciting. We do encourage you to test it out, they do have a free account system that you can use as a trial. See for yourself how Monese works, you will be quite amazed with it!