Monese International Money Transfer Review

Monese is one of the largest fintech unicorns in the UK. This review will cover the company’s background, its services, who is suited best to the platform and finally the customers’ experiences of the app.

📝 Monese is not a part of the best money transfer companies for December 2020, based on our editorial rankings  – have a look at better alternatives here.
🏛️ Established2015
🌎 International ClientsFor clients in the EU
💱 Currencies Offered19
💷 Minimum Transfer£2 / €2
📲 Trading viaMobile App
🏢 Offices InLondon
⚖️ Regulation✓ FCA (UK)
🤯 FeesFreemium model with quotas
Promotional CodeN/A
👨‍👩‍👧‍👦 Client Reviews15,290 reviews on Trustpilot for Monese as a whole (not specific to international money transfer services)
⭐ Client Rating4.3/5 TrustScore on Trustpilot for Monese as a whole (not specific to international money transfer services)
Awards2016 European Fintech Awards
Horizon 2020
👍 Advantages

Great Banking Capabilities

Easy to Use

All in One

Extremely fast and quick to set up

Clear pricing

👎 Disadvantages


Not Specific to International Money Transfers

Not Enough Reviews Specific to International Money Transfers

2% Fees on Transfers to Non-Monee Bank Accounts Abroad (!)


View Recommended Alternatives:

Below you can find 3 prominent Monese competitors:

Currencies Direct
  • Min Transfer: £/€/$ 100
  • Currencies Supported: 39
  • Offices : UK, EU, USA, India, South Africa.
  • Our Rating : 97.8%
  • Most Global Offices and Reach

    No Fees from Anywhere

    96% Client Satisfaction
World First
  • Min Transfer: £/€ 1,000
  • Currencies Supported: 121
  • Offices : UK, EU, Australia, HK, Singapore. USA-based clients not accepted
  • Our Rating : 95.4%
  • Easiest Sign Up Process

    Great Online Sellers Offering

    Transparent Exchange Rates
  • Min Transfer: £/€/$ 50
  • Currencies Supported: 120
  • Offices : UK, EU, Australia, USA, HK, UAE, and South America.
  • Our Rating : 92.8%
  • Friendly, Professional Service

    Discounted Rates

    No Transfer FeesDiscounted rates exclusively for our readers - great offer for large transfers

Our Rating: N/A

View Rating Breakdown

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Company Information and Credibility

Company size:  

Monese was created in the UK by an Estonian entrepreneur, Norris Koppel, in 2015. Being Estonian, when Norris first moved to the UK he faced trouble when opening a bank account. In a sense, he created a Dollar bank in which we can safely assume he now has an account with.

 Monese grew exponentially from the very start. In 2016, one year in operation, they had already won the Best Challenger Bank award at the huge European Fintech Awards. With great functionality from the start, it was a matter of being able to cope with all the sign ups — the UK was desperate for an alternative to high street banks.

 Currently, Monese has grown to almost 400 employees, with $81 million in funding and a valuation nearing £1 billion.

Regulated By: 



  • Winner of 2016 European Fintech Awards
  • Winner of Horizon 2020 for research and innovation
  • Recognised as one of the largest UK fintech unicorn at a £1 billion valuation (like TransferWise)


Monese has gone from a fintech startup to a medium sized presence in the UK banking market with a strong tech offering, supreme UI, and attractive fees.

Client Feedback


 15,000+ reviews on Trustpilot alone. Their rating on Trustpilot is 4.3 out of 5, which is reasonably good. It’s not stand-out, because some competitors are closer to perfect scores, but given the large sample of reviews it is still an indicator of a somewhat reliable business.

These reviews are not specific to international money transfers. In fact we haven’t seen any review relating specifically to their international money transfer offering.

  • Easy and fast to sign up
  • Good customer support
  • Easy to use with great functionality
  • All-in-one account

Few complaints relating to

  • Accounts being locked too often, difficult to resolve
  • High banking fees


Monese comes out of the client reviews looking pretty good. They’ve got an extremely large amount of customer reviews, which is helpful to get a representative picture, and that picture is positive. Monese received positive feedback such as being very accessible with accounts being set up in 5 minutes, and have good customer support. There are some negative reviews, and they mostly center around accounts being blocked or being charged high fees.

We can’t learn anything about their international money transfer offering though.

Discover More Companies 

Exchange Rate & Fees

The fees for Monese are clearly laid out, though there are some different tiers to consider. First and foremost, overseas foreign currency card spending is free for the first £2,000, in which it’s 2% thereafter. Foreign currency transfers are free & instant to other Monese accounts, but are 2% when sending to non-Monese accounts (and a minimum £2 fee).

 The above is on the free debit card plan. If you pay £5.95 per month, then the free quota for foreign card spending rises to £9,000 (2% thereafter), whilst the foreign currency transfers drop in price to 0.5% fee when sending to other non-Monese accounts.

The premium plan, which costs £14.95 per month, has free everything with no limits.


Monese succeeds in having extremely clear and transparent pricing. With no spread but a fixed fee (a fee that changes, and disappears, depending on the subscription) is a great way to see what you’ll be charged in the future. Compared to say, Revolut, it’s simple because it doesn’t charge you a lot more because it’s a weekend or an exotic currency.

With that being said 2% foreign currency rate is outrageously high and we would recommend avoiding using Monese for this purpose.

Global Reach & Service


  • Dedicated Dealer: No
  • Offices: London (UK)
  • Ways to approach: Online
  • Translations: None
  • Accepted Clients: Europe Union Member States
  • Currencies Handled: 19
  • Client reviews: 4.3 out of 5 on Trustpilot (15,000+ reviews)


Monese, being a British company, is currently intended for EU citizens. How Brexit will affect this is yet to be seen, but we can safely assume that they will be looking at the option of getting sufficient EU regulation post-Brexit. As far as the service, you’re getting a very good automated mobile application. As great and accessible as this is, there’s no extra service — you’re not getting personalised trades with an account manager.

Additional Functionalities

What you’re getting with Monese right away is a fantastic mobile app. Of course, some people may see this as limiting (being their only medium), but it means they’ve spent a lot of time and money making it incredibly swift to use.

 Because it’s more of a bank than it is an FX specialist, you’re getting fantastic functionality. There’s a budgeting feature that allows you to track and limit what you’re spending, as well as very easy ways to send money. Tracking your spending is visualized impeccably too, to make it easier to understand your previous behaviour.

But, you’re still paying incredibly high currency exchange rates if you opt to use them for international money transfers.

Monese is a great challenger bank that has awesome user experience. This has translated to having some good customer reviews, though they’re not perfect. If we focus on our core area we are testing which is international money transfers, a 2% markup to transfer to a non-Monese account is extremely high and not recommended.