Monese Review [2025]: Business Account Features, Fees and Customer Support

Founded in 2015, Monese is a UK-based neobank that offers mobile-only banking services, catering for individuals and businesses in the United Kingdom and the European Economic Area (EEA). It was created to provide inclusive financial services, making banking accessible to those without a UK address or good credit history.

While it doesn’t have a full banking licence, Monese operates as an e-money institution regulated by the Financial Conduct Authority (FCA) in the UK, ensuring secure transactions and fund protection through safeguarded accounts.

With backing from investors like PayPal Ventures, HSBC, Kinnevik, Investec, and Augmentum, Monese has expanded its services to 31 countries with over 2 million sign-ups.[1]

Monese offers current accounts for both individuals and businesses. However, this article will focus only on Monese business accounts.

Business Account

Monese business accounts are GBP-only accounts, meaning you can hold in GBP only.

With a Monese business account, you can[3]:

• Send and receive GBP Faster Payments.
• Make international money transfers with competitive rates based on wholesale exchange rates.
• Send money instantly between Monese accounts for free.
• Set up and manage Direct Debits.
• Schedule recurring payments and transfers.
• Create and share invoices to collect payments from your clients.
• Set aside money for future goals with up to 10 savings pots.
• Track transactions and get real-time notifications.
• Deposit cash at over 40,000 PayPoint or Post Office locations across the UK.
• Secure your account with multi-factor authentication and encryption.
• Get a complimentary Monese Classic Personal Account when signing up.

Do note that there are some limitations to keep in mind.[4]

Debit Cards

Every account comes with Mastercard® debit card. Here are the features of Monese business debit cards.[5]

• Make business purchases both in-store and online, and withdraw cash at any ATMs that accept Mastercard®.
• Pay contactless via Apple Pay and Google Pay.
• Lock and unlock your cards via the mobile app.

In addition, there are limitations when using the Monese card as well.

Multi-currency IBAN

Monese offers a multi-currency IBAN add-on for GBP 20 per year[6], allowing you to receive payments from outside the UK. With this feature, you can receive money in 30+ currencies, including AUD, JPY, CNY, EUR, USD, SGD, NZD, and HUF, from over 150 countries.[7]

Monese Business Feature Rating is 5/10

Monese provides essential business banking features like GBP Faster Payments, Direct Debits, cash deposits, and invoicing. However, it lacks accounting software integration, requires a paid add-on for international payments, and only supports GBP balances. Additionally, account access cannot be shared with employees, limiting flexibility for business operations.

While it meets the basic needs of UK businesses, Monese falls behind competitors like Revolut and Wise due to limited features and fewer business-friendly tools.

You can open a Monese business account for free. However, you have to pay GBP 9.95 per month for an account. Below is the pricing for services Monese provides.

Transfers and FX Fees

Other Fees

Monese’s Fee Rating is 5/10

Monese charges a monthly fee of GBP 9.95, but international transactions come at an extra cost. Clients must pay GBP 20 per year to receive transfers in foreign currencies and 2% per incoming overseas bank transfers (min GBP 4), making it expensive for businesses with frequent international payments.

Compared to other digital business accounts, Monese's fee structure is less competitive, with higher international transfer costs and no multi-currency support. These additional charges make it less attractive for businesses seeking affordable global banking options.

Monese provides support in 14 languages, including English, French, Spanish, Italian, Latvian, Polish, German, Portuguese, Romanian, and Turkish. Business account users can contact the team via in-app chat by tapping “Get Help” in the top left corner.

You can also call +44 1706 304001, which is available Monday to Friday, 8 AM – 5 PM GMT.[8]

For non-urgent issues, you can email support@monese.com or browse the FAQs, which are also available in 14 languages, for quick answers.[9]

Monese’s Customer Support Rating is 9/10

Monese offers strong multilingual support in 14 languages, ensuring accessibility for a diverse customer base. The in-app chat, email, and FAQs in multiple languages provide both real-time and self-service support options.

The addition of phone support improves accessibility for urgent issues. However, no weekend or 24/7 support is a drawback, as issues can arise outside of regular working hours.

To open a Monese business account, you must meet the following criteria:

• Be at least 18 years old
• Be the sole director of a UK-registered business.
• Have a valid UK residential address, UK phone number, and email address.
• Ensure your business is not involved in restricted industries such as charities, cryptocurrencies, or gambling.
• Have a compatible iOS or Android device to manage the account via the Monese app.[10]

You can apply for the Monese Business Account using the mobile app. Monese claims that the process is quick and straightforward, and it does not involve checking your credit score. However, we couldn't find any information regarding the expected timeframe for account approval and activation on the Monese website.

The Ease of Opening a Monsese Business Account is 9/10

Opening a Monese Business Account is straightforward and fully app-based, making it easier than many traditional banks. The requirements are clear and minimal, focusing on sole directors of UK-registered businesses.

While approval times are not specified, the account opening process is hassle-free for eligible applicants. If the approval times were more transparent, this would have been a 10/10 instead.

If you run a business in Asia or plan to expand into this region, we recommend Statrys for managing your finances.

Founded in 2019, Statrys is a licensed payment service provider in Hong Kong that offers multi-currency business accounts supporting 11 major currencies. Within a single account, you can hold, receive, and send money in HKD, USD, EUR, GBP, AUD, and SGD.

Statrys provides competitive FX rates based on real-time mid-market exchange rates, helping businesses save on currency conversions and international payments. You can also pay suppliers and employees through local payment systems in 12 currencies for faster and cheaper transactions.

In addition, Statrys offers forward exchange contracts that let you lock in exchange rates for future payments, protecting your budget from market fluctuations. Statrys can also integrate with Xero to simplify your bookkeeping and accounting process.

Moreover, every account comes with a dedicated account manager for personalised support.

You can reach out to Statrys team via multiple channels like the website chatbot, phone, WhatsApp and WeChat. 

Here’s the summary of Statrys’ services