Banking 2.0 or the online revolution #Monese #fintech

By | August 25, 2019

My new collector passion latter seems to be about new challenger bank accounts 🙂

Yes, now is the turn for Monese. My third online bank after #Revolut and #TransferWise. As I already mentioned in a previous post , banking 2.0 is here.

Enrollment is very easy with a video based verification and with a simple upload of ID card.

Same as Revolut and TransferWise it is easy to start with Monese by using their new free entry level account.

I received the card with some extra swag in one week, really impressively fast. It takes my traditional bank longer to replace my expired card 🙂

There is a simple envelope that contains the card, a beautiful white card, several referral codes (one is available above) and two Monese stickers.

As the other challenger banks it looks like the took a lot of care on the design of the card. Again as I already mentioned in the other reviews I cannot understand why the big expensive old banks have ugly as hell plastic cards.

There are several distinct features to the card:

  1. It is a vertical card. That is a very cool and simple idea to differentiate the card.
  2. The edge of the card is shiny 🙂 You cannot see this in the above image and is hard to catch on camera, but the edge of the card has a mirror like finish. This makes the card very easy to spot from a stack of other cards. Very handy little trick, similar with the small cut in the TransferWise card.
  3. All the card identification data is on the back of the card. Yes, this is a social media share friendly card. I can post a picture of the card without a problem 🙂

As expected the card is a chip card with contact-less features, pretty standard in EU.

The following are the features that come with the standard free Monese account, compared with Revolut and TransferWise:

  1. Free EUR and GBP accounts (Revolut and TransferWise support more accounts). Monese offers an GB EUR IBAN and a GB sort code.
  2. Account activity in real-time, overview of your monthly outgoings (standard features for the new banks)
  3. Real-time notifications (standard feature for the new banks)
  4. Top-up using debit card or SEPA transfer.
  5. Support for Apple Pay and Google Pay (same as Revolut). Sadly for me only Apple Pay is active in Romania, Google Pay lags behind with Romanian support.
  6. Has integration with AVIOS account. This is the British Airways rewards points program.
  7. KILLER FEATURE: Integration with the Pay Pall account. OK this is the killer feature that sadly is available only for UK user for now. You can move money to and from Pay Pall with ease.
  8. Recurrent payments. This is an interesting feature that emulates the function of a direct debit.
  9. ATM €200 free monthly, 2% fee after ( the same as Revolut and TransferWise )
  10. Foreign currency card spending €2,000 free, 2% fee after (the same as Revolut and TransferWise)
  11. Foreign currency transfers free & instant to other Monese accounts, 2% fee when sending to non-Monese accounts, €2 minimum fee
  12. You can upgrade to “Classic €4.95/month” or “Premium €14.95/month” with the difference of having higher limits and lower costs for features at points 8,9,10.

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