Hi, I'm Jen! I'm a personal finance expert and money coach aiming to help you take control of your money. I went from being broke to a six-figure net worth and am now on track to be financially independent at age 40. Discover Jen's story
Read this Monese review to learn how to get free cash with the friend referral system. Sign-up offers are a convenient and quick way to make some extra cash. Follow the instructions below for extra cash.
🪧 Should you sign up through my affiliate links, I may receive a commission at no cost to you.
- Monese
- How to Get £30 Free Cash With Monese
- What Is Monese?
- Is Monese Legit?
- Is Monese Safe?
- How Much Does Monese Cost?
- What Are the Spending Limits With a Monese Current Account?
- What Features Does Monese Have?
- What Are the Pros and Cons of Monese?
- Is Monese Worth It?
- Frequently Answered Questions
- Monese Account Summary
How to Get £30 Free Cash With Monese
1. Sign-up
The first step is to sign up to Monese for this friend referral scheme. You will receive a QR code to scan with your phone to get the app. You can also head to the app store and download the app from there.
After installing the app, tap through the sign-up menu and enter code JENN372 in the “invite code” field.
2. Verify Your Account
After signing up, you must verify your account. This is a standard procedure for any bank account. The process is straightforward and should only take a few minutes. Take a picture of your ID (i.e. passport, driver’s license, etc.) and take a selfie.
3. Order Your Card
When selecting a plan, choose “Starter”. All other plans come with a monthly fee. Do not choose them unless you want a paid plan. You need to pay £4.96 for the card delivery. This will set you back a little, but the free £30 cash will more than compensate you.
To order your card, tab the “Card” icon in the bottom menu and select “Order your Card”. Then, wait for your card to arrive. You can use the virtual card if you want to use your account.
4. Make a Card Transaction
Once your card arrives, make a card transaction to get £20. This card transaction can be anything. International bank transfers count as well. Once you have spent over £500 with Monese, you receive another £10 free cash.
What Is Monese?
Monese is a mobile bank that offers accounts in British pounds, euros, and Romanian leu. Monese offers accounts to customers in the European Economic Area and the UK. Users get a Mastercard debit card. It was launched in 2015 by Norris Koppel as the first app-based bank account. You can also find Monese on my free money offers list.
Monese aims to simplify opening a bank account, especially for foreigners who do not have documents to get a traditional account. Monese does not ask for documents other than proof of identity.
Is Monese Legit?
Monese is legit and not a scam. It is a registered company in the UK with the company number 08720992. Monese is also regulated by the Financial Conduct Authority (FCA).
Monese Customer Reviews
On Trustpilot, Monese has an average score of 4.1 out of 5.0. Overall, 76% of users rate Monese as “great” or “excellent”, and 21% rated Monese as “poor” or “bad”. Overall, customers are happy with Monese and the service they receive.
What Is Trustpilot?
Overall, there are over 150 million reviews on Trustpilot. You can generally get a good understanding of the legitimacy and customer-friendliness of a company.
Is Monese Safe?
Monese is an e-money institution and not a bank. Monese accounts are provided by their partner, PrePay Solutions. The company is authorised and regulated by the FCA and the National Bank of Belgium. PrePay Solutions protects your money.
PrePay Solutions places your money into an authorised bank account. This bank account has Financial Services Compensation Scheme (FSCS) protection. The process may sound complicated, but it is known as “safeguarding” in the banking world.
Although the risk of losing money is small, it is not zero as with traditional banks. If you have large amounts of money, Monese would not be the best place to store it.
How Much Does Monese Cost?
There are three plans:
- Free
- Classic Account
- Premium Account
How much you will pay for Monese depends on your plan. I recommend using the free plan unless you want to make frequent international transfers. Below, you can see the key differences between account types:
| Plan | Free | Classic | Premium |
|---|---|---|---|
| Free | Classic | Premium | |
| Monthly fee | £0 | £5.95 | £14.95 |
| International transfers fee | up to 3.0% | from 0.5% | Free |
| Insurance | No | Yes | Yes |
| Bank card fee | £4.95 | Free, pay for replacement | Free |
| Cash withdrawal fee | £1.50 | £500 free/month | £1,500 free/month |
| Cash top-up fee | 3.5% | £400 free/month | £1,000 free/month |
What Are the Spending Limits With a Monese Current Account?
Monese is not a bank. Thus, you are more limited in how much you can spend. The limits for a British Pound account are as follows:
| Type | Maximum Amount |
|---|---|
| Account balance | £40,000 |
| Cash top-up | £250 (per transaction) £500 (per day) £1300 (per month) |
| Direct debit top-up | £3000 per month |
| Card purchase | £4000 (per transaction) £7000 (per day) |
| ATM withdrawal | £300 per day |
| Outgoing faster payment | £40,000 (per day) |
| Outgoing UK direct debit | £40,000 (per day) |
What Features Does Monese Have?
1. Linking Accounts
You can access your Monese account to other accounts from the same dashboard. You can link your PayPal or Avios account to check its balance without opening a separate app.
2. Money Pots
Within your Monese account, you can create separate pots for saving goals. For example, you can create a pot called “Wedding” and add your savings to keep them separate.
You can also set up auto-saving. Monese is one of the best apps that round up change.
3. Friend Referral Scheme
You can earn up to £450 from referring friends to Monese. All you need to do is share your personal friend referral invite code with your friends. This is an easy way to get some extra cash.
4. Multi-currency Account
Monese offers competitive exchange rates for foreign currencies. You can also have accounts in different currencies. This makes Monese very attractive for travellers who frequently transfer money abroad.
5. Monese Credit Builder
You must have a good credit history to buy a house or get a phone contract. Monese can help you improve your credit score for free. Its credit builder is available on all plans.
With the credit builder, you pay £2.50 monthly for 12 months. Monese reports these payments to the credit agencies. After 12 months, you get your money back. After proving your reliability, credit agencies will upgrade your credit score.
6. Insurances
Monese also offers bills and purchase protection insurance. If you have an accident or lose your job and cannot pay your bills, Monese will step in. The level of cover depends on what protection level you choose. The following bills are included:
- Rent and utilities
- Insurance premiums
- School fees
- Streaming services
- Gym or sports club fees
- Instrument lessons
- Seasonal ski tickets
- Groceries
- Nursing care
- Monthly subscriptions
- Regular charity donations
- Hobby fees
- Golf club fees
If an electronic device you buy breaks or gets stolen, purchase protection covers you.
7. Joint Accounts
The standard account is personal. You can also open a joint account to share with your spouse.
8. Monese Customer Service
To contact Monese, you can use the in-app live chat. Another way to contact Monese is by email. The support team usually responds quickly and efficiently resolves issues.
What Are the Pros and Cons of Monese?
Pros
- Free to use on the free plan
- Generous friend referral offer
- Great if you do not have a UK address
Cons
- Not a bank and therefore less protection
- Limited features on the free plan
Is Monese Worth It?
The Monese app is worth using. It’s an easy way to get free cash and cheap international transfers. If you have no use for it, you can close your account after getting the free cash.
Remember that Monese is not a digital bank but a money account. You should not use it for your savings.
Frequently Answered Questions
How Can You Make a Cash Deposit With Monese?
The easiest way to make a cash deposit to your Monese account is by using another card. Tap on “Instant top-up” and follow the instructions.
You can visit over 40,000 UK post offices and PayPoint locations to deposit cash. PayPoint is available at many convenience stores. The money should arrive in your account the next day.
Can I Receive My Salary on Monese?
Yes, you can receive your salary on Monese and use Monese as your main bank account. You do not need proof of address or other documentation to open a Monese account. This makes the app ideal for those new to the UK or lacking a permanent address.
What Happens If Monese Goes Bust?
If Monese goes bust, your money should be safe because Monese does not hold it. Yet, there are no guarantees. I don’t recommend holding large sums of money in your Monese account.
What Is a Good Alternative to Monese?
If you are looking for an alternative to Monese, you may want to look into Payoneer. Like Monese, Payoneer is an electronic money institution. Payoneer is safe to use for people in the UK. You can also look at the best budgeting apps in the UK.
Which Is Better: Monese or Monzo?
Monese and Monzo offer different products. One is a bank, and the other is an e-money institution. With Monzo, you have FSCS protection, which means your money is safer.
Monese, on the other hand, is great if you frequently exchange currencies and need accounts in different currencies. Read more in my Monzo vs Monese comparison.
Monese Account Summary
With the banking app, you can get up to £30 free cash from opening an account. This is a profitable offer because opening an account only takes a few minutes.
Although Monese has safeguarding processes, they are not the same as traditional high-street banks.
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