Monese

edited 25 September 2015 at 10:50PM in Budgeting & Bank Accounts
29 replies 21.1K views
Archi_BaldArchi_Bald Forumite
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edited 25 September 2015 at 10:50PM in Budgeting & Bank Accounts
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.
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Replies

  • jonesMUFCforeverjonesMUFCforever Forumite
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    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.
  • edited 25 September 2015 at 10:39PM
    Paul_1977Paul_1977 Forumite
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    edited 25 September 2015 at 10:39PM
    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.
  • edited 25 September 2015 at 10:47PM
    Paul_1977Paul_1977 Forumite
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    edited 25 September 2015 at 10:47PM
    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
  • ceredigionceredigion Forumite
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    "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"


    :rotfl:
  • Archi_BaldArchi_Bald Forumite
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    Paul_1977 wrote: »
    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.

    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.
  • edited 25 September 2015 at 11:28PM
    Paul_1977Paul_1977 Forumite
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    edited 25 September 2015 at 11:28PM
    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.
  • Archi_BaldArchi_Bald Forumite
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    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.
  • mgdavidmgdavid Forumite
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    Archi_Bald wrote: »
    ...... 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.

    none of which fall within normal use of the word normal.
    They are a tiny minority therefore are abnormal.
    The questions that get the best answers are the questions that give most detail....
  • Archi_BaldArchi_Bald Forumite
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    mgdavid wrote: »
    none of which fall within normal use of the word normal.
    They are a tiny minority therefore are abnormal.

    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.
  • TheBankerTheBanker Forumite
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    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.
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