Monese Business Account – Online Money Account for UK-Registered Company

Monese is a digital bank designed for UK businesses, allowing them to open an account without needing proof of address or undergoing credit checks. In this overview, we’ll break down the features and costs associated with the Monese business account and discuss its pros and cons.

What is Monese? Monese started in 2015 as the UK’s first fully mobile current account. Unlike traditional banks, it operates exclusively through a mobile app, making it easy for users to manage their accounts and cards on the go.

Monese provides both personal and business accounts, available to residents in the EEA and the UK. However, it’s important to note that to open a business account, your business must be registered in the UK.

How does a Monese business account work? A Monese business account has a monthly fee of £9.95, offering you:

1. Account: A Monese business account, including a Monese Classic personal account. Initially, the business account has a maximum balance limit of £50,000, with an option to increase it to £100,000 after three months.
2. Card: You receive a free contactless business debit card by mail. Monese cards, being Mastercards, are widely accepted.
3. App: Manage both your business and personal Monese accounts through a single mobile app, allowing seamless switching between the two. The app provides instant notifications for balance updates and features a graph to help you track your spending.
4. Payments: Local card payments and domestic money transfers are free. However, international card payments and foreign currency transfers involve currency exchange fees (0.5% of the transaction value, with a minimum charge of £2 for foreign currency transfers). Receiving international payments into your account is free.
5. Cash Withdrawals: The first six ATM cash withdrawals each month are free, whether you’re in the UK or abroad. After that, each withdrawal costs £1.
6. Cash Deposits: Depositing cash at Post Offices incurs a £1 fee per transaction. Deposits at PayPoints have a fee of 2.5%, with a minimum charge of £1.