Is this UK challenger the best international bank account for expats? There are certainly some compelling reasons why it just might be.
First and foremost is the fact that Norris Koppel founded the bank to solve issues faced by all expats. Namely, the fact that it is hard to open a bank account in a new country without proof of address or a credit history in that country. These were the problems that Norris himself faced when he first came to the UK.
In response came Monese, where anyone living within the UK or European Economic Area (EEA) can open a bank account without proof of address or credit history. All you need is an ID document such as a passport.
This has proven popular as it has enabled Monese to accumulate over 2 million customers, pick up international banking awards and receive substantial investment from big names like PayPal. In fact, Monese is considered to be one of the UK’s few tech unicorns.
Gone are the days of trecking down to your nearest branch clutching a bunch of documents. Simply use your smartphone to take a selfie of you with your ID and hey presto! You’ll be up and running with a new bank account. You’ll have a sort code and account number and be able to send and receive money within minutes.
The Monese app supports Google and Apple Pay, there are savings options, duel accounts, multiple currency accounts, low-cost foreign currency exchange, and international transfers.
The only thing you need to wait for it your contactless MasterCard which takes up to 14 business days to arrive internationally, but less in the UK. If you opt for the free plan, this will come with a £4.95 delivery charge, but it comes free otherwise.
There are three plans in all. The differences between them are summarised below, but basically it comes down the more you pay, the more you can do for free.
| Plan | Simple | Classic | Premium |
| Pricing | £0 /month | £5.95 /month | £14.95 /month |
| Contactless debit card | Yes | Yes | Yes |
| Card Delivery fee | FREE £4.95 for delivery | FREE | FREE |
| ATMs & cash top-ups | £200 FREE Cash withdrawals: 2% fee after £200; Cash top-ups (not included in allowance): from 2% fee (minimum fee applies) | £900 FREE Cash withdrawals: 2% fee after £900; Cash top-ups: from 2% fee after allowance (minimum fee may apply) | FREE Fee-free ATM withdrawals and cash top-ups |
| Foreign currency card spending | £2,000 FREE 2% fee after £2,000 | £9,000 FREE 2% fee after £9,000 | FREE Fee-free foreign currency card spending |
| Foreign currency transfers | FREE & INSTANT to other Monese accounts 2% fee when sending to non-Monese accounts, £2 minimum fee | FREE & INSTANT to other Monese accounts from 0.5% fee when sending to non-Monese accounts, £2 minimum fee | FREE & INSTANT to other Monese accounts FREE when sending to non-Monese accounts |
At this stage it is worth mentioning a couple of points.
First of all, you can only hold £40,000 in a Monese account (though this amount varies a little depending on where you reside).
That said, most people won’t want to be keeping £40,000 in a bank account with interest rates as low as they are. You’d be better off investing your money. These days there are plenty of investment platforms open to expats. (If you don’t already have one you can read about some good ones here).
Even though Monese is a UK bank, it is not covered by the Financial Services Compensation Scheme (FSCS). However, it is regulated by the Financial Conduct Authority (FCA), which means it must separately store and protect 100% of customer funds by keeping the funds separate from Monese’s own finances.
In short, you can set up a Monese account in minutes without proof of address or credit history. A choice of three packages, mean most people’s requirements will be covered. As long as you don’t need to keep more than £40,000 in your bank account Monese is definitely worth a look.
So is this UK challenger the best international bank account for expats? It just might be.
You can open a free account here.