Monese
Global fintechNo DGS (EMI)Best for: Newcomer/thin-fileBest for: Multi-currencyBest for: Fast opening
Pros & Cons
Pros
- Opens without local credit history
- multi-currency
- newcomer-friendly
Cons
- Not a bank — no €100k deposit guarantee (funds safeguarded)
Rating breakdown
Foreigner onboarding67
USD handling60
Transfers75
Value & fees30
Licence & deposit protection
No DGS (EMI)No DGS — funds safeguarded (EMI)
This is an electronic money institution (EMI), not a bank. Funds are safeguarded, but NOT covered by the €100,000 deposit guarantee. Convenient, but legally it isn't a bank deposit.
- Licence
- EMI · National Bank of Belgium
- IBAN
- Multi-currency details
- SEPA Instant
- Receive only
- Verification of Payee (VoP)
- Rolling out
Editorial review
Monese runs on an EMI licence: convenient, but your money is safeguarded rather than covered by the €100k deposit guarantee.
It is a global fintech licensed in BE supporting EUR, USD, GBP etc. FX model: Interbank rate + percentage markup, weekend surcharge.
It tends to suit newcomer/thin-file, multi-currency, fast opening.
Fees & terms
- Exchange rate
- Interbank rate + percentage markup, weekend surcharge
- Card cost
- Free / paid tiers
- Limits
- Tiered top-up and ATM limits
- Currencies
- EUR, USD, GBP etc
- Cards
- Global Physical, Global Virtual
- Transfers
- SEPA in/out, SEPA Instant in/out, Local multi-currency in
- Payments
- Apple Pay, Google Pay
- Licence
- EMI — National Bank of Belgium
- IBAN
- Multi-currency details
- Multi-currency account
- EUR+GBP+USD
- SEPA Instant
- Receive only
- Verification of Payee (VoP)
- Rolling out
- FX model
- Interbank rate + percentage markup, weekend surcharge
- Opening requirements
- No local address needed; newcomer/thin-file friendly
- English support
- Yes
- Remote opening
- Yes
- Headquarters
- United Kingdom
Also consider
FAQ
- Is my money protected?
- No. Monese operates under an EMI licence — funds are safeguarded but NOT covered by a €100k Deposit Guarantee Scheme. It is not a bank in the deposit-protection sense.
- What IBAN and transfers?
- Monese issues local receiving details in several currencies. SEPA Instant: receive. Multi-currency: EUR+GBP+USD.
- Can I open remotely, in English?
- Opening is remote. English support is available. Requirements: No local address needed; newcomer/thin-file friendly.
Data provenance & verification
Every fact is checked against an official source and stamped with a date. We re-check fees quarterly and document requirements twice a year. Fields not yet independently verified are labelled honestly.
Updated: Dataset compiled: