Monese – the mobile digital account provider launched in 2015 – is one of the largest fintech unicorns in the UK. This Monese review will cover the company’s background and the services it offers, with a specific focus on Monese money transfer. We’ll see what clients have had to say about their experience with Monese’s international money transfer and if they’ve had anything to say directly about international transfers with Monese.
View Recommended Alternatives:
Below you can find 3 prominent Monese international currency transfer competitors:
- 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 and Competitive Rates
96% Client Satisfaction
- Min Transfer: £/€ 100
- Currencies Supported: 40
- Offices : UK, EU, Singapore, and Australia.
- Our Rating : 93.4%
- High Quality Bespoke Service
MoneyFact's Best Provider Award
Over 100 Years of FX Experience Across Its Trading Desk
- Min Transfer: £/€/$ 50
- Currencies Supported: 120
- Offices : UK, EU, Australia, USA, HK, UAE, and South America.
- Our Rating : 92.8%
- Business Oriented, Many High Profile Business Customers
Industry Veteran since 1979
Diverse Hedging Options and Excellent Guidance
Our Rating: N/A
Monese International Money Transfers Review Summary
If we take a look at the overall service of Monese, then we can see it is certainly making banking tasks easier and more accessible for its customers. Providing you are based in one of the 20 countries it operates, you can open an account in minutes.
The issue is that we are reviewing specifically the foreign currency transfer offering from Monese. The transparency and simplicity of the pricing structure is great, and if users who have frequent currency transfer requirements opt for the premium plan, they can even benefit from free international money transfers. However, the overall foreign currency transfer service is lacking. It’s more limited in its offering than virtually all of the international money transfer providers we have reviewed – there’s no ability to hedge your exposure with products such as forward contracts or FX swaps. And being app-based, you don’t have a team of dedicated FX experts you can speak with either.
As such we do not recommend Monest in our Top Recommended Money Transfer Providers List. European users who are looking for a digital banking solution with a low-cost international currency card will enjoy Monese, but in terms of bank-to-bank currency transfers, the offering is far too limited. Especially if you compare it with high-value adding UK based currency brokers.