Monese Current Account

Banking Personal Banking
142

Monese’s slithering down the ladder of the competition yet again, having failed to get people to sign up for their dubiously priced offers.

Hi Richard,

Here at Monese, we’ve been working hard to improve our pricing plans and have updated our free plans to offer the best service that’s right for you.

As a result, we’ll be moving you over to our NEW Simple plan on 27 January 2023.

Our NEW Simple plan fees and limits

Card

• Card: free

• Card delivery fee: £4.95 (free when your current card expires)

Instant top-ups with cards

• Local and international: 0.30% fee

ATM withdrawals

• All currencies: no fee for <£100 and 2% fee for >£100

Transfers

• Incoming local transfers (transfers in your base currency coming from an account in your country): free

• Outgoing local transfers (transfers in your base currency sent to an account in your country) including outgoing SEPA transfer (transfers in EUR sent to an EUR account outside your country but inside the Single Euro Payments Area): free within allowance but £0.20 per transfer outside of allowance

• Outgoing international transfers (all other outgoing international transfers other than outgoing SEPA transfers): no transaction fee but subject to currency exchange fee

• Incoming international transfers (all other incoming international transfers other than incoming SEPA transfers*): we’re currently upgrading to an optional subscription-based service and our existing service will no longer be available from 14 February 2023.

  • Incoming SEPA transfers are transfers in EUR received from an EUR account outside your country but inside the Single European Payment Area (SEPA)

Additional changes if you’re currently on our Starter plan

• Replacement card fee: free but subject to delivery fee of £4.95

• Outgoing international transfers (this relates to all other outgoing international transfers other than outgoing SEPA transfers): 2% currency exchange fee (£2min) and you’ll no longer be paying additional weekend currency exchange fees

• Online spending in other currencies (excluding £/€/lei/SEK): no fee for <£2000 and 2% fee for >£2000

[Fees & Limits]

If you’re happy with these changes, you don’t have to do anything and we’ll automatically move you over to our new Simple plan on 27 January 2023. If not, you can choose to close your account, but we’d be sad to see you go. These changes also apply to any Monese account you have in other currencies.

We’re also updating the relevant section of our Terms and Conditions about incoming international payments, and adding a section to confirm that we can close your account if you haven’t used it for 12 months.

You can see all of the changes we’ve made in our updated [Terms and Conditions]

143

They sent me a single pound saying they miss me, but now they want to close inactive accounts when not used for a year. Odd. Is mine now active because of the pound deposited?

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144

Spend the pound.

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145

I will transfer it out and hope this is a free money glitch

146

I’ve always wondered how they make money - they’re only cross selling is a pretty uneconomical credit builder as far as I’m aware

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147

I think their time isn’t long. HSBC will take over the more profitable bits and dump the rest

148

Agreed - I dumped them after £120 in referrals and £25 in complaints money.

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149

In case anyone doesn’t yet have a Monese account, they have upped the referral bonus (was only £30, now £50) until end of December.

Use my invite code DAN9843

And what do my friends need to do?

  1. Create a Monese account using your unique referral link or referral code

  2. Complete a transaction using their virtual Monese card before the promotional period ends, you’ll both get £25

Once they spend £500, the rest of the bonus is unlocked and you’ll both get another £25!

Any questions please feel free to ask.

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150

How does Monese’s Pots feature help? Is it a really good tool to manage your budget? Or is it similar to Revolut vault function?

151

It has no functionality other than moving money to one side and only offers e money protection - so yes it’s a bit like a Revolut Vault that isn’t with a partner bank.

At least with a Revolut Pocket (not the same as a regular vault!) you can pay direct debits and CPA’s from it

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152

I got a message today from Monese as regards them reactivating being able to receive money into your account that’s not denominated in Euros or Sterling. Previously, this was done via an Estonian partner bank (LHV Pank, IIRC) using a Estonian (EE) IBAN. This was cut a couple of months back, with a promise it would be resurrected - which it has, albeit that you will now have to pay a “small fee” to use what they are terming a “Multicurrency IBAN”.

Has anyone else had this message ?

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153

Yes, got a notification in the app. As usual, their messaging is confusing. No idea whether it will be competitive. :man_shrugging:

154

Anyone still using Monese, or have you closed account after maxing out their referral scheme?

I have quite a few pending referrals gone to waste, as they didn’t complete their signups. Monese refuses to clear the slots as well unfortunately.

I feel Revolut does almost the same things, so might just go ahead with the closure.

155

All closed down. Their joint account couldn’t process standing orders and their customer service was seriously lacking…

156

Why close the account? What if they do another gift card promo?

157

I always close things down that I’m not using - less things that could be compromised. Plus I milked over 10 referrals I think so fairly happy with that.

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158

I still use monese to convert euro to sterling, as it’s still fee-free between your accounts during the week. But that’s it