Monese is a UK based digital payment company that gives you the ability to have two current accounts – a European IBAN account in Euros and a full UK account, with a sort code, in pounds sterling.
Monese is currently available to anyone living in Ireland or anywhere else within the European Economic Area (EEA).
They have almost 1 million customers and carry out $3 billion of transactions a year.
Monese is one of a growing number of “challenger” banks that only operate
Read more about N26 and Revolut here.
Bunq Travel Card is another app based payment card with low fees.
There are many thousands of people in Ireland who have financial transactions with UK banks or companies. Sometimes having a UK bank account when living in Ireland can make things easier – such as paying UK bills by direct debit or accepting UK salary or pension payments. Monese is an easy way to get
If you are based outside the UK – you will also get an EU IBAN account with Monese that can be used to pay in Euros.
Joint accounts are now also possible with Monese (since Dec 2019)
There are 3 different levels of account with Monese
- SIMPLE account has no monthly fees (A one-off €4.95 card delivery charge.)
- Classic Account ( £4.95 or €4.95 per calendar month) (dependant on whether you choose to run the UK or Euro account as your primary account)
- Premium Account which is £14.95 or €14.95 per month.
|Comparison of Monese Accounts||Simple Account||Classic Account||Premium Account|
|ATM Cash (Anywhere)||First €200 a month is free then 2% fee||First €800 a month is free then 2% fee||Free|
|Apple Pay /|
on Debit Card (Uses Mastercard exchange rate)
|First €2000 a month is free then 2% fee.||First €8000 a month is free then 2% fee||All Free|
|Direct Debits (Uk and Eu)||Free||Free||Free|
|International Transfers (Uses wholesale exchange rate)||2% (min €2)||0.5% (Min €2)||Free|
|Daily Debit Card|
|Maximum card transaction .||€4000||€4000||€4000|
|Joint Accounts ?||Yes||Yes||Yes|
You will need a smartphone to operate a Monese account
If you are viewing this with an Apple phone or Ipad You can get the free Monese App Here.
They have a promo code that gets you €15 credit when you sign up.
Use code PERK2019
Student Discount: If you are a student in Ireland or any European university, you can get the Monese “Classic ” account for FREE for 12 months. (normally £/€4.95 a month) .
If you visit the UK – Monese will accept Sterling cash top ups at any UK Post Office or Paypoint location in the UK . (small fee and max £500 top up per day )
Monese UK accounts: There are also the following limits
top ups via Post Office: £500 per transaction per day Cash top-upsvia PayPoint: £249 per transaction and £500 per day
- Instant Debit card
Top up :£300 daily, £600 weekly, and £600 monthly
- Cash withdrawal via ATMs: £300 per day
- Cash withdrawal via cashback: depends on the store operator and is usually £50 or £100 per transaction
- Card payments are limited to £4000 per transaction and £7000 per day
Monese is not a bank – but it is a registered agent of PrePay Technologies Limited and is authorised by the UK Financial Conduct Authority as an electronic money institution under the Electronic Money Regulations 2011
Read about other digital banks and payment apps available in Ireland on our Comparison of Revolut Vs N26
If you are looking for a payment card available in Ireland that has no fees on foreign spending and no limits on spending – you should also read our review of the Bunq travel card