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  • FIRST POST
    • Archi Bald
    • By Archi Bald 25th Sep 15, 10:11 PM
    • 9,263Posts
    • 7,264Thanks
    Archi Bald
    Monese
    • #1
    • 25th Sep 15, 10:11 PM
    Monese 25th Sep 15 at 10:11 PM
    Yet another new current account that doesn't do a credit check - https://www.monese.com/

    No SOs at present, and I didn't see anything about DDs. But at least they do have a VISA debit card (contactless), and they come with "indirect FSCS cover", whatever that may mean. They are not paying any interest.

    Operated via Android app; iPhone support expected later. They might support both, GBP and Euro, so potentially useful for those after a Euro account. Not sure what the conversion rates are.

    Currently most bits are free of charge but it looks a Faster Payment costs 50p, and other charges are to be expected down the line.

    If you're at least 18 years old and live in the EEA (European Economic Area), you can open an account with us, regardless of your citizenship or financial history. Yes, you read that right. Anyone with an EEA address can apply.

    Your Monese account comes with quick and super cheap local and international money transfers, a debit card for your purchases and cash withdrawals, and a mobile app to act as your personal banking branch and help you keep an eye on your finances wherever you are. You can also send money to your friends at Monese with one tap and forever for FREE. All of this will be in your pocket in just a few minutes, because that’s how long it takes to open an account with Monese.
    I am not going to apply for this one but if anyone does, it would be useful to hear of your experience.
    Last edited by Archi Bald; 25-09-2015 at 10:50 PM.
Page 1
    • jonesMUFCforever
    • By jonesMUFCforever 25th Sep 15, 10:27 PM
    • 23,192 Posts
    • 10,538 Thanks
    jonesMUFCforever
    • #2
    • 25th Sep 15, 10:27 PM
    • #2
    • 25th Sep 15, 10:27 PM
    If you make more than 5 withdrawals at an ATM per month then they will cost you 50peach - paying in to the account (cash) is via Paypoint and will cost you - no mention of cheque credits at all.

    At least the money launderers will have to deal in cash.
    What goes around - comes around
    give lots and you will always receive lots
    • Paul_1977
    • By Paul_1977 25th Sep 15, 10:33 PM
    • 977 Posts
    • 303 Thanks
    Paul_1977
    • #3
    • 25th Sep 15, 10:33 PM
    • #3
    • 25th Sep 15, 10:33 PM
    The only people that will have these cards are those who have bad credit history, "normal" people (as in people who have a good credit history) would be stupid to get an account with this "bank".

    Although the card design is alright.

    It seems to be aimed at foreigners. Anyone can open an account, regardless of citizenship, or even have a UK address.

    I reckon this is going to lead to dodgy goings on.
    Last edited by Paul_1977; 25-09-2015 at 10:39 PM.
    • Paul_1977
    • By Paul_1977 25th Sep 15, 10:42 PM
    • 977 Posts
    • 303 Thanks
    Paul_1977
    • #4
    • 25th Sep 15, 10:42 PM
    • #4
    • 25th Sep 15, 10:42 PM
    Your funds are indirectly covered by the Financial Services Compensation Scheme via our UK banking partners. In addition all Monese customer funds are stored in a ring-fenced, protected account. In the unlikely event Monese folds we cannot touch your funds and all of your money will be refunded to you. So with Monese there is no bankruptcy risk compared to a traditional bank scenario. Your money is always safe.
    "indirectly"

    It seems customers are really just getting a card they can put money onto, its not a real bank account?


    Part of the reason that the company is able to offer banking to those who high street banks typically decline or put up additional barriers is that Monese doesn’t hold a full banking license, meaning that it isn’t able to offer credit or loan out customer deposits. Instead the startup is classified by the Financial Conduct Authority, the U.K. regulator, as an Electronic Money Institution.
    Another is that Monese customers will be able to hold multiple currencies in their Monese account. This will mean you will be able to have Euros sitting alongside Sterling, perfect for its European ex-pat target audience and those who travel to the Eurozone extensively. The Monese Visa card will adapt automatically.
    http://techcrunch.com/2015/09/21/moneseasy-peasy/

    https://bnc.lt/techcrunch
    Last edited by Paul_1977; 25-09-2015 at 10:47 PM.
    • ceredigion
    • By ceredigion 25th Sep 15, 10:43 PM
    • 1,680 Posts
    • 1,703 Thanks
    ceredigion
    • #5
    • 25th Sep 15, 10:43 PM
    • #5
    • 25th Sep 15, 10:43 PM
    "Pricing

    To celebrate our launch the Monese service will be entirely free (with the exception of international money transfers)."


    "UK Fast Bank Transfers
    £0.50 or 1 Credit"


    • Archi Bald
    • By Archi Bald 25th Sep 15, 11:03 PM
    • 9,263 Posts
    • 7,264 Thanks
    Archi Bald
    • #6
    • 25th Sep 15, 11:03 PM
    • #6
    • 25th Sep 15, 11:03 PM
    The only people that will have these cards are those who have bad credit history, "normal" people (as in people who have a good credit history) would be stupid to get an account with this "bank".

    Although the card design is alright.

    It seems to be aimed at foreigners. Anyone can open an account, regardless of citizenship, or even have a UK address.

    I reckon this is going to lead to dodgy goings on.
    Originally posted by Paul_1977
    Believe it or not, "normal" people can have problems with their credit history. Similarly, "normal" people might want a Euro account, and it isn't because they are stupid or because they are foreigners. How you conclude that this is "going to lead to dodgy goings on" is beyond me.
    • Paul_1977
    • By Paul_1977 25th Sep 15, 11:22 PM
    • 977 Posts
    • 303 Thanks
    Paul_1977
    • #7
    • 25th Sep 15, 11:22 PM
    • #7
    • 25th Sep 15, 11:22 PM
    The average normal person is able to get a current account.

    This account is aimed as foreigners, as well as those with bad credit.

    It would be stupid for people with good credit to get one of these accounts and to use it as their main account, given the limits and charges, also the missing features currently.

    You can set up an account without verification.

    The reason I quoted "Another is that Monese customers will be able to hold multiple currencies in their Monese account. This will mean you will be able to have Euros sitting alongside Sterling" is because that is a good point.
    Last edited by Paul_1977; 25-09-2015 at 11:28 PM.
    • Archi Bald
    • By Archi Bald 25th Sep 15, 11:35 PM
    • 9,263 Posts
    • 7,264 Thanks
    Archi Bald
    • #8
    • 25th Sep 15, 11:35 PM
    • #8
    • 25th Sep 15, 11:35 PM
    There is no "normality" assessment involved in applying for, or running, a current account.

    Whilst I agree that Monese could be useful for those with a bad credit record or those EEA nationals who are new to the UK, it could be useful for many others, too. Such as those Brits who, regularly as clockwork, ask on this board how they can get a Euro account or how they can send money to someone in Euros, make payments in Euros, or receive payments or their salary in Euros.
    • mgdavid
    • By mgdavid 26th Sep 15, 2:17 PM
    • 4,806 Posts
    • 3,973 Thanks
    mgdavid
    • #9
    • 26th Sep 15, 2:17 PM
    • #9
    • 26th Sep 15, 2:17 PM
    ...... Such as those Brits who, regularly as clockwork, ask on this board how they can get a Euro account or how they can send money to someone in Euros, make payments in Euros, or receive payments or their salary in Euros.
    Originally posted by Archi Bald
    none of which fall within normal use of the word normal.
    They are a tiny minority therefore are abnormal.
    A salary slave no more.....
    • Archi Bald
    • By Archi Bald 26th Sep 15, 4:02 PM
    • 9,263 Posts
    • 7,264 Thanks
    Archi Bald
    none of which fall within normal use of the word normal.
    They are a tiny minority therefore are abnormal.
    Originally posted by mgdavid
    I would agree that it is unusual or uncommon or less frequent that people in the UK receive payments/salaries in Euros, or have a need of Euro accounts.

    To refer to them as "abnormal" or "not normal" is deeply offensive.
    • TheBanker
    • By TheBanker 27th Sep 15, 8:09 AM
    • 489 Posts
    • 1,259 Thanks
    TheBanker
    They are just offering a pre-paid Visa card, not a bank account.

    Your funds are indirectly covered by the Financial Services Compensation Scheme via our UK banking partners. In addition all Monese customer funds are stored in a ring-fenced, protected account. In the unlikely event Monese folds we cannot touch your funds and all of your money will be refunded to you. So with Monese there is no bankruptcy risk compared to a traditional bank scenario. Your money is always safe.
    So the money is held with various banks, and if the bank folds they believe they will be able to make a claim against the FSCS, presumably as Trustee.

    But if they fold, you are dependent on the internal arrangements they have being in place and hope there has been no fraud or mis-administration.

    I think the sentence I have highlighted in bold could be misleading as it seems to imply that they are safer than a normal bank.
    • somewhereovertheolivetree
    • By somewhereovertheolivetree 30th Sep 15, 2:15 PM
    • 1 Posts
    • 1 Thanks
    somewhereovertheolivetree
    how presumptious
    I live in Spain and cant have a UK account without a UK address yet I sometimes work for Oxford Uni and Pearson who insist on paying into a UK bank account. It is possible for a Brit living in the UK to have a Spanish bank account without a Spanish address yet the banks in the UK do not reciprocate unless you are a 'wealth' or 'investment' client. They wrap it all up on the POCA regs yet Spain is also subject to the same regs!!! Go figure! I for one will be applying for this account and I am not the 'bad' credit bunch that you assume.
    • Archi Bald
    • By Archi Bald 30th Sep 15, 7:55 PM
    • 9,263 Posts
    • 7,264 Thanks
    Archi Bald
    I for one will be applying for this account and I am not the 'bad' credit bunch that you assume.
    Originally posted by somewhereovertheolivetree
    Not everyone here thinks people like you would have bad credit. In fact, I would think the overwhelming majority wouldn't.

    Let us know how you get on as I am sure others will be interested.
    • Krash420
    • By Krash420 1st Oct 15, 12:24 AM
    • 140 Posts
    • 43 Thanks
    Krash420
    I for one will be applying for this account and I am not the 'bad' credit bunch that you assume.
    Originally posted by somewhereovertheolivetree
    Consider a https://www.fidorbank.uk/ Fidor bank account instead, if you're able to open one, as for one it doesnt have the charges that this account does. Ive not checked the requirement for a UK address though.

    That said, I had a colleague that came from New Zealand and couldnt get paid for over a month as he wasnt able to open a bank account. Would be very helpful for those that cant open an account to have an account such as this as the starting point.
    • colsten
    • By colsten 1st Oct 15, 7:40 AM
    • 8,142 Posts
    • 6,637 Thanks
    colsten
    Consider a https://www.fidorbank.uk/ Fidor bank account instead
    Originally posted by Krash420
    Why do you recommend www.fidorbank.uk to someone who is not a UK resident?
    • Chino
    • By Chino 1st Oct 15, 12:27 PM
    • 326 Posts
    • 149 Thanks
    Chino
    Ive not checked the requirement for a UK address though.
    Originally posted by Krash420
    "What are the requirements to be a Fidor Bank customer?
    Fidor Bank customers must have reached 18 years of age and have a permanent residence in the United Kingdom."
    https://www.fidorbank.uk/faq#General_Question


    Although the requirement for UK residence doesn't seem to be mentioned in Fidor Bank's General Terms and Conditions:

    "Only individuals of at least 18 years of age are currently permitted to register for the Fidor Smart Current Account."
    https://www.fidorbank.uk/documents/banking/Terms-and-Conditions.pdf
    • mathewsmith
    • By mathewsmith 13th Mar 16, 4:00 PM
    • 17 Posts
    • 1 Thanks
    mathewsmith
    Anyone got any feedback on monese?
    • Robne
    • By Robne 14th Oct 16, 6:29 AM
    • 1 Posts
    • 0 Thanks
    Robne
    Hi.
    I have had an account with monese for a few months now and in my experience it works very well. It isn't just a prepaid debit card as someone stated, I have an acount number and sort code so can have my wages paid into my account. As well as receive payments from other person within an hour. Not sure about dd as I haven't tried to set any up yet. The customer service teams all seem helpful as well.
    • robatwork
    • By robatwork 14th Oct 16, 9:40 AM
    • 3,360 Posts
    • 3,567 Thanks
    robatwork
    Consider a https://www.fidorbank.uk/ Fidor bank account instead, if you're able to open one, as for one it doesnt have the charges that this account does. Ive not checked the requirement for a UK address though.
    Originally posted by Krash420
    Weird interest-rate-by-facebook-likes system:

    The principle is simple: The more likes Fidor UK receives on Facebook, the higher the interest rate on the Fidor Smart Current Account balance will be!
    The interest rate is currently 0.3% per annum.

    Start spreading the word today and contribute to the increase of interest earned on your Fidor Smart Current Account!


    Why doesn't a customer engage one of those dodgy "thousand facebook likes for $10" and bump up their own interest rate?
    • JGUK
    • By JGUK 14th Oct 16, 9:43 PM
    • 91 Posts
    • 14 Thanks
    JGUK
    Yeah by looking at the website I can't see where it says the debit card is prepaid.

    Do you know the first six digits of your card so we can look into it ?

    Be interested to see if they're the first FinTech bank to issue a proper debit card.
    Thanks
    JG
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