United Kingdom
activeFeaturedNeobank
- HQ
- London
- Fee
- Free
Monese
UK EMI via PPS / Edenred. FCA. Safeguarded e-money. Not FSCS. Not a bank.
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6.7Mixed
AlternativesFive questions
At a glance
Is it a bank?
No. Monese is not a bank. Your money sits with PrePay Solutions (Edenred) — Monese Ltd is not a bank.
If it fails?
Not FSCS. Monese’s own safety page: accounts are e-money provided by PPS, safeguarded, not covered by the Financial Services Compensation Scheme.
Salary?
Not listed. An IBAN or sort code is not automatically a salary account.
Open from abroad?
Residency and KYC are gated. An App Store listing is not proof you can onboard.
Monthly fee
Simple / Plus / Premium plans — confirm live
Account number
IBAN is part of the pitch — issuing country not stored.
NeoBankDB Verdict
Licence first · score second
6.7
/10 · Mixed
Monese Ltd is an FCA e-money firm. Customer accounts are provided by PrePay Solutions (Edenred), authorised by the FCA and the National Bank of Belgium. Safeguarding, not FSCS. That sentence is on Monese’s own safety page. Monzo and Starling are PRA banks. Kroo is a PRA bank. This is e-money with a UK and euro sleeve. Use it to get an account number. Keep rent at a bank.
What it is
London, 2015, built for people the high street bounced. PPS has been the issuer for years. Directories never updated the class. This desk will not either — until a PRA bank appears on the footer.
Best for: People who need a UK/EU account without a local credit file and already keep salary at a bank.
Last checked 2026-08-30. Not advice.
What it does well
- +Honest: not FSCS, PPS named
- +Onboarding without a UK credit history was the original job
- +Mastercard + Apple Pay
- +Not pretending to be Monzo
What to watch
- −Not a bank
- −Not FSCS
- −Plan fees for the useful bits
- −Directories still say challenger bank
Who holds the money
The account
- Platforms
- iOS · Android
- Account types
- GBP / EUR e-money
- Partner bank
- PrePay Solutions (Edenred) — FCA + NBB EMI
- Minimum balance
- £0 / €0
- Lowest monthly fee
- Simple / Plus / Premium — confirm live
- Who can open
- UK and EEA where onboarded
- Availability
- United Kingdom and selected EEA
How money actually moves
- Who holds the cash
- E-money / stored-value — not a bank deposit
- How money moves
- IBAN / SEPA · Faster Payments
- Built for
- Personal · Travel
- Settlement
- Local rails instant where live; SWIFT slower
- Freeze risk
- Fintech reviews can pause inbound while they check a transfer
- Card
- Monese lists a physical card and a virtual card on mastercard, plus Apple Pay and Google Pay. Confirm the live product in the app — a card is not a current account.
Licence first
Safety
Not FSCS. Monese’s own safety page: accounts are e-money provided by PPS, safeguarded, not covered by the Financial Services Compensation Scheme.
Who holds the money: PrePay Solutions (Edenred) — Monese Ltd is not a bank
- FCA / NBB (via PPS)EMI. Monese Ltd authorised as e-money. Accounts issued with PrePay Solutions (Edenred), FCA + NBB · United Kingdom / Belgium
Fees
- Monthly
- Simple / Plus / Premium plans — confirm live
- FX markup
- Plan-gated
- ATM
- Plan-gated then 2%
Features
- ✓IBAN
- –Fee-free core
- –Multi-currency
- ✓Apple Pay
- ✓Google Pay
- ✓Virtual card
- ✓Physical card
- –Metal card
- –Crypto
- –Stocks
- –Business
- –Kids
- –Halal
- UK + euro e-money accounts
- Mastercard
- Paid plans
- FCA EMI / PPS
- Not FSCS
Score
- Safety25%
- 5.6
- Fees20%
- 6.4
- Features15%
- 7.4
- App15%
- 7.6
- Global15%
- 7.2
- Support10%
- 6.4
Change log
Full logSafety
Own copy: not FSCS; PPS / Edenred issues the e-money
FCA EMI. Safeguarding. Not Monzo.
Available in
Straight answers
FAQ
01Is Monese a bank?
Monese is not a licensed deposit-taker in the classic sense. Money, if any, sits with PrePay Solutions (Edenred) — Monese Ltd is not a bank.
02How is money protected?
Not FSCS. Monese’s own safety page: accounts are e-money provided by PPS, safeguarded, not covered by the Financial Services Compensation Scheme.
03Where is Monese available?
We list 1 market on NeoBankDB. Residency and onboarding rules still sit with Monese.
04Card and wallets?
Monese lists a physical card and a virtual card on mastercard, plus Apple Pay and Google Pay. Confirm the live product in the app — a card is not a current account.
05Can I open Monese remotely?
Residency and KYC are gated. An App Store listing is not proof you can onboard from your country.
Ratings and reviews
No published user reviews yet. The NeoBankDB score still comes from licence, fees, and the product — not from an empty star average.
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