Monese Review

Monese Review Summary

Monese makes it easy to send money abroad. The exchange rate is better than traditional banks, and you don't have to have a credit history or proof of address to set up an account. Customers can even transfer funds instantly, without incurring any charges. You can access the Monese Help Center at any time, and its live chat feature connects you to a member of the support team. The company offers a mobile banking app, allowing you to send money to people around the world. In addition to sending money, Monese offers current accounts in more than 30 European countries, as well as a prepaid Mastercard debit card. With these services, you can transfer money quickly and easily between accounts.

Monese review
Monese Features

Monese Year Established

2015

Monese International Clients

Monese accepts international clients.

Monese Age requirement

18 years

Monese Currencies Offered

3 online

Monese Minimum Transfer

none

Monese Transfer Fees

none

Monese Office Locations

Headquarters in US, with subsidiary offices and certified agents literally across the globe.

Monese Employees

299

Monese Turnover

62800000

Monese Regulation

Financial Conduct Authority (FCA)

Monese Fees

Monese transfer fees are none.

Fees with Monese may vary per transfer, depending on method of sending, currencies and amount. Based on World Bank statistics, the fixed fee can be as high as 19 Pounds for 120 Pound transfer to Ethiopia (source).

Additionally to the fixed fees taken by Monese, the World Bank Statistics reveal that an additional markup of between 1 and 4 per cent is incurred.

Monese Client Rating

Monese has a rating of 3.

Number of Monese customers

2200000

Monese Website

apps.apple.com

Monese Supported Languages

Monese Review

Monese review
Pros and Cons of Transferring Money with Monese

Most of the time money transfers with Monese will be smooth. Each money transfer service have their own benefits and isses, so always weigh the pros and cons of sending money with Monese money prior to submitting an application to Monese.

Can you easily afford the Monese fees, are the exchange rate costs reasonable with Monese?

Monese review
Monese Advantages

  • Monese has been in business over 4 years
  • Monese offers PayPal as a payment method
  • Monese offers Neteller as a payment method
  • Monese offers Skrill as a payment method
  • Monese is availble in many international countries.
  • Monese offers email support.
  • Monese offers an Apple iOS mobile application.
  • Monese offers an Android Google Play Store mobile app.

Monese review
Monese Disadvantages

  • Monese does not offer PayPal as a payment method
  • Monese does not offer Neteller as a payment method
  • Monese does not offer Skrill as a payment method
  • Monese does not offer a wide range of money transfer currency options.
  • Monese does not offer a mobile wallet.
  • Monese does not offer Home delivery for money transfers.
  • Monese does not offer Cash pickups for money transfers.
  • Monese does not offer Money orders.
  • Monese does not offer Livechat support.
  • Monese does not offer phone support.

What Is Monese?

Monese is a financial service company, that offers its clients money transfer services.

Monese was founded in 2015 by Norris Koppel and has offices in London, UK.

Monese provides money transfer services to its 2200000 customers who are from all over the world including more than 30 countries.

The London, UK Monese business was founded in 2015 to deliver money orders locally and internationally.

Do Monese Offer Money Transfer?

Money transfer businesses, or other financial corporations use EFT (electronic funds transfer) to send money across distances, large or small. That is to say that it is not actual money being sent, it is rather data that represents the amount being sent that the recipient can withdraw whenever they wish.

Is Monese Trusted And Established?

Monese is among the most recognized and reputable money transfer platforms. It has an exceptional track record and offers reasonable rates.

Monese was established in 2015 in London, UK, and has been in operation for around 7 years Monese have a head office in London, UK.

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How much does it cost to send a Monese Transfer?

Monese money transfer exchange rates are quite minimal compared to banks and other money transfer providers. A minimal percentage is charged on top of the exchange rate as standard practice. Monese only charges none, when compared to other money transfer service providers.

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How much can I send with Monese?

The maximum transfer amount with Monese is up to 50000 EUR (or its currency equivalent) online.

While Monese charges a small percent of transfer fees, the brand offers reasonable exchange rates.

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Monese Money Transfer Terms and Conditions

When transferring money with Monese, it is crucial to keep tabs on the following:

  1. Monese Speediness. Often the need to money transfer may be urgent and time critical.
  2. Monese Reliability and reputation. The safety of money and personal information can be a concern for those wanting to use international money transfer services to send money.
  3. Monese Transaction charges. Transaction charges are important as the majority of customers wish to send money overseas without having to worry about paying excessive charges.
  4. Monese Ease of use, and convenience. Your money transfer platform should be flexible and offer a good range of options and features, making it more convenient for customers to send money overseas.
  5. Monese Customer service. Because one can often run into problems when transferring money. A money transfer platform with excellent customer service could solve a lot of problems. Monese customer service should respond to your queries quickly and work with you to resolve any issues that you have.

Monese review
How Monese Compares To Other Money Transfer Companies

NameMoneseNetellerScotiabank
Usedby220000050000025,000,000
Transfer Time2-4 business days2-6 hourssameday
Min Transfernonenonenone
Max Transfer50000 EURup to 50000 USD/transaction 10000 USD
Payment MethodsGoogle payonline banking account, debit, and credit cardBank transfer, debit card, credit card, apple pay, google pay, Scotiabank Saddletone gift cards
iOS Appyesyesyes
Android Appyesyesyes

Monese review
Monese Risk Warning

Any taxes or charges are payable in the destination country. costs may exist that are not paid through Monese or imposed by Monese. Your Monese money transfer transaction may be cancelled if it is demmed to be connected with prohibited activities including all applicable laws regarding anti money laundering or counter terrorism financing laws. or the transaction is actioned through unauthorised use of your Monese account.

Monese review
Monese Fees & Exchange Rates

Several money transfer platforms like Monese charge money for every money transfer a customer makes through their platforms. Other than that, every time an individual exchanges money from one particular currency to another, the money transfer operator in this case Monese may charge for a currency exchange.

Monese review
Monese Transfer Fees

A transfer fee is the sum of money that a money transfer operator like Monese charges a customer for transferring money to a recipient. The amount charged depends on the operator charging it.

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Monese Exchange Rate Margins

Exchange rate margins are how Monese, banks and other financial corporations make profit off their services instead of charging customers with commission fees.

When a bank or a money transfer service like Monese quotes an exchange rate to a customer, they usually take the interbank rate and add an amount known as a margin rate. Check with Monese to see what their exchange rate margin is.

Monese review
Monese Methods to Transfer Funds

A Monese fund transfer is when someone sends money from their account to another person's account. Money can be transferred using different methods, e.g. online, via the phone, or a mobile app.

The methods to transfer funds are:

  • Manual EFT
  • Automatic EFT
  • Bill payment
  • Correction

Monese enables users to transfer money using bank transfer, via none.

Monese review
Monese Currencies Supported

Money transfer operators that offer more currency options are beneficial because they make for reduced conversion fees. This way customers do not have to pay exorbitant conversion fees when transferring money.

Monese offers every available world currency to its customers. We list the major Monese supported currencies below.

Monese Money Transfer Currencies
NameCurrencies
GBP, EUR, RON
AED, AUD, BGN, BRL, CAD, CHF, CNY, COP, DKK, EUR, GBP, HUF, INR, JPY, MAD, MXN, MYR, NGN, NOK, PLN, RON, RUB, SEK, SGD, TND, TWD, USD, ZAR
USD, AUD, CHF, EUR, HKD, JPY, BBD, BMD, BSD, DKK, GYD, INR, JMD, KYD, MXN, NOK, NZD, SAR, SEK, SGD, TTD, ZAR, GBP
AUD, BGN, CAD, HRK, CZK, DKK, EUR, HKD, HUF, INR, ILS, JPY, JOD, MYR, MAD, NZD, NOK, OMR, PLN, GBP, QAR, RON, SAR, RSD, SGD, ZAR, KRW, SEK, CHF, THB, TRY, AED, USD
EUR, GBP, USD, CAD
AED, AUD, BND, CAD, CHF, CZK, DKK, EUR, FJD, HKD, HUF, IDR, ILS, INR, IRR, JPY, KRW, KWD, LKR, MAD, MXN, MYR, NGN, NZD, OMR, PEN, PGK, PHP, PKR, PLN, SAR, SCR, SDG, SEK, SGD, THB, TOP, TRY, TWD, USD, VND, VUV, WST, XOF, XPF, ZAR
AED, AFN, ALL, AMD, ANG, AOA, ARS, AUD, AWG, AZN, BAM, BBD, BDT, BGN, BHD, BIF, BMD, BND, BOB, BRL, BSD, BTN, BWP, BYN, BYR, BZD, CAD, CDF, CHF, CLP, CNY, COP, CRC, CUC, CUP, CVE, CZK, DJF, DKK, DOP, DZD, EGP, ERN, ETB, EUR, FJD, FKP, GBP, GEL, GGP, GHS, GIP, GMD, GNF, GTQ, GYD, HKD, HNL, HRK, HTG, HUF, IDR, ILS, IMP, INR, IQD, IRR, ISK, JEP, JMD, JOD, JPY, KES, KGS, KHR, KMF, KPW, KRW, KWD, KYD, KZT, LAK, LBP, LKR, LRD, LSL, LYD, MAD, MDL, MGA, MKD, MMK, MNT, MOP, MRO, MUR, MVR, MWK, MXN, MYR, MZN, NAD, NGN, NIO, NOK, NPR, NZD, OMR, PAB, PEN, PGK, PHP, PKR, PLN, PRB, PYG, QAR, RON, RSD, RUB, RWF, SAR, SBD, SCR, SDG, SEK, SGD, SHP, SLL, SOS, SRD, SSP, STD, SYP, SZL, THB, TJS, TMT, TND, TOP, TRY, TTD, TVD, TWD, TZS, UAH, UGX, USD, UYU, UZS, VEF, VND, VUV, WST, XAF, XCD, XOF, XPF, YER, ZAR, ZMW
AUD, CAD, DKK, EUR, HUF, INR, JPY, MUR, MAD, NZD, NOK, PLN, RON, SGD, ZAR, SEK, CHF, THB, AED, USD, HKD, RMB
AED, AUD, CAD, CHF, CZK, DKK, EUR, GBP, HKD, JPY, NOK, NZD, PLN, SEK, SGD, USD, ZAR, AZN, BGN, BHD, BND, CNY*, EGP, FJD, HUF, IDR, ILS, INR, KRW, KWD, LKR, MAD, MGA, MXN, MYR, OMR, PEN, PGK, PHP, PKR, RUB, SAR, SBD, SCR, TOP, THB, TRY, TWD, TZS, VND, VUV, WST, XOF, XPF
AED, EUR, PLN, AUD, GBP, SEK, CAD, HKD, SGD, CHF, HUF, USD, CZK, NOK, ZAR, DKK, NZD
AUD, EUR, BHD, USD, BDT, BGN, CAD, CZK, DKK, HKD, HUF, INR, IDR, ILS, JPY, KES, KWD, MXN, NPR, NZD, NGN, NOK, OMR, PKR, PHP, PLN, QAR, RON, RUB, SAR, SGD, ZAR, LKR, SEK, CHF, TBH, TRY, GBP, UAH
AUD, BHD, BRL, GBP, CAD, CLP, CNY, CZK, DKK, EUR, HKD, HUF, INR, ILS, JPY, JOD, KES, KRW, KWD, MXN, NAD, NZD, NOK, OMR, PLN, QAR, RON, RUB, SAR, SGD, ZAR, SEK, CHF, XPF, TND, TRY, AED, USD

Monese review
Monese Transfer Options

Monese offers the following transfer options:

Monese Money Transfer Options Compared
NameTransfer Options
Bank deposit
Bank deposit
bank deposit, cheque, wire transfer, debit card, credit card
Bank deposit, cash pick-up, VISA & MasterCard, ATMs, mobile wallet deposit (depending on country)
Bank deposit, cash pick-up , door-to-door delivery
Bank deposit
cash
Bank deposit
Bank deposit
Bank deposit, mobile wallet deposit
Bank deposit, debit card, credit card
Bank deposit, cash pick-up, mobile wallet deposit (varies from country)

Single Payments

’Single payments’ is a term used to recognize a one-time money amount from an allowance. For a single payment, the user may use a single credit card (or debit card) and have a single invoice.

Regular Payments

A regular payment is a highly economical and easy way to transfer money with Monese. It is best suited for customers who have to transfer regular smaller amounts (usually three, four, or smaller five-digit amounts).

Monese review
Who Monese Services Are Available To

Monese offers services for sixty different currencies across more than one-seventy countries.

The more global a money transfer operator becomes, the more reliable it is for people across the globe.

Monese Country Restrictions

Monese does not operate in the following countries :

  • Afghanistan
  • Aland Islands
  • American Samoa
  • Angola
  • Anguilla
  • Antarctica
  • Antigua and Barbuda
  • Barbados
  • Belize
  • Benin
  • Bhutan
  • Bonaire (including Sint Eustatius and Saba)
  • Bouvet Island
  • British Indian Ocean Territory
  • Burkina Faso
  • Burundi
  • Cape Verde
  • Central African Republic
  • Chad
  • Cocos (Keeling) Islands
  • Comoros
  • Congo
  • Democratic Republic of
  • Congo
  • Republic of
  • Cook Islands
  • Crimea
  • Cuba
  • Curacao
  • Djibouti
  • Equatorial Guinea
  • Eritrea
  • Faroe Islands
  • Fiji
  • French Guyana
  • French Polynesia
  • French Southern Territories
  • Gabon
  • Gambia
  • Greenland
  • Grenada
  • Guadeloupe
  • Guinea
  • Guinea-Bissau
  • Guyana
  • Haiti
  • Heard Island and Mcdonald Islands
  • Holy See (Vatican City State)
  • Iran
  • Iraq
  • Ivory Coast (Cote d'Ivoire)
  • Japan
  • Kiribati
  • Kosovo
  • Kyrgyzstan
  • Lao People’s Democratic Republic
  • Lebanon
  • Liberia
  • Libya
  • Macao
  • Mali
  • Marshall Islands
  • Martinique
  • Mauritania
  • Mayotte
  • Micronesia
  • Federated States of
  • Montserrat
  • Myanmar
  • Namibia
  • Nauru
  • New Caledonia
  • Niger
  • Niue
  • Norfolk Island
  • North Korea
  • Northern Mariana Islands
  • Palau
  • Palestinian Territory
  • Papua New Guinea
  • Reunion
  • Pitcairn
  • Rwanda
  • Saint Barthelemy
  • Saint Helena
  • Saint Kitts and Nevis
  • Saint Lucia
  • Saint Martin
  • Saint Pierre and Miquelon
  • Saint Vincent and the Grenadines
  • Sao Tome e Principe
  • Seychelles
  • Sierra Leone
  • Sint Maarten
  • Solomon Islands
  • Somalia
  • South Georgia and the South Sandwich Islands
  • Sudan (North and South)
  • Suriname
  • Svalbard and Jan Mayen
  • Syria
  • Tajikistan
  • Timor-Leste
  • Togo
  • Tokelau
  • Tonga
  • Turkey
  • Turkmenistan
  • Turks and Caicos Islands
  • Tuvalu
  • Vanuatu
  • Venezuela
  • Wallis and Futuna
  • Western Sahara
  • Western Samoa
  • Yemen
  • Zimbabwe
  • Crimea
  • Cuba
  • Iran
  • Libya
  • North Korea
  • South Sudan
  • Sudan
  • Syria

Certain countries are restricted because Monese is not allowed to legally operate in those regions or it is not economically viable for Monese to provide money services in these regions.

Monese review
Monese International Money Transfers

An International Transfer is when someone sends money from their account in one country to a bank account in another country.

Setting up your Monese money transfer is quick and simple with the modern Monese online platform.

Transferring money internationally used to be a tedious process 10 years ago but advances in software and the internet have made transferring money allot easier.

These days, you can send a money transfer with ease on the Monese website.

The Monese website includes useful and easy-to-access option for those who wish to track their money and monitor when it can be received, providing a safe and accessible option if you'd like to keep an eye on your transfer.

Monese review
Monese Minimum Money Transfer

Several money transfer companies do not have a minimum money transfer amount. Making it easy for their users to send small amounts of money. Monese has a minimum transfer amount of none.

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Monese Maximum Money Transfer

Money transfer companies often do not have maximum transfer limits. For example, Monese does not have a maximum transfer limit when the user is paying through phone. There is however, a 50000 EUR limit per transaction for online transfers.

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Monese Money Transfer Fees and Charges

These are the fees charged by Monese and other money transfer companies (or other financial corporations) for transferring money. Several companies however, do not charge their users for transferring money. The only charges there are to pay are currency conversion charges.

Monese review
How Long Does It Take to Get a Monese Money Transfer

Monese money transfers do not usually take very long. It normally takes less than 24 hours for a money transfer to complete between two accounts with the same financial corporation. While in the case of money transfers with money transfer services like Monese, it can take a little as a few minutes. If the money is being sent overseas, it can take up to five days for the recipient to receive the money from Monese.

Monese review
Monese PLC Status

If a company has the acronym PLC at the end of its name, it means that the business offers its shares to the public and is traded on a public stock exchange. This alone makes the company more reputable. Monese is not a publically listed company. Monese is a privately owned company.

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Monese Money Orders

The charges for issuing money orders with Monese are none.

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Monese Mobile Top Up

Monese offers mobile top ups.Monese mobile top ups are where a user can add credit to a recipient’s mobile phone number. The recipients number has to be local. These are normally processed within minutes, if not seconds.

Monese COVID-19 Help

Some money transfer companies offer COVID-19 financial assistance. This may be in many forms including payment holidays, reduced interest rates and more options to pay. Check with Monese directly to see what they are able to offer if you are adversely affected by COVID-19.

Who are Monese Money Transfers Best For

There may be many reasons you are looking to action a money transfer with Monese. These reasons can include debt consolidation, medical bills, student debt, collection agency debt, wedding costs, holidays, home repairs and repaying friends and family.

Monese money transfers are best for people looking for looking for a reliable fast money transfer service.

Monese Guide for Fast Money Transfer Approval

For Monese to be able to process your money transfer application as quickly as possible make sure you have everything Monese need. If you and Monese need to go back and forth it may delay the Monese application process. Make sure every piece of information you give Monese is accurate.

Please note that you must have at least a minimum of one active bank account for Monese to process your money transfer.

Monese Application Time

Application time refers to the amount of time you have to wait for your Monese registration to be approved. This should not take long, especially if you have nothing which should come up as red flag on the Monese system.

Monese Approval Time

It is the time it takes for Monese money transfer operator to approve the money transfer being made. Depending on the situation this can take up to five days.

Monese Funding Time

It is the amount of time it takes for the recipient to receive the money transfer. Once your Monese money transfer has been approved the money should be in your account within four working days.

Monese review
Things to Check Before a Monese Money Transfer

Why more features are useful for modern life’s and why new challenger banks are starting to beat traditional banks.

Here are a number of important things to consider before considering Monese money transfer:

  1. Reliability and safety
  2. Making preparations before the transaction
  3. Convenience
  4. Transfer and conversion rates
  5. The quality of the customer service offered

Monese review
Monese Customer Support

Monese support should be there to help customers with their issues which includes answering their queries, guiding them through and difficult processes and issues when transferring money. Monese customer support should troubleshoot any issues with you until you get to a resolution that you are happy with.

When getting a Monese money transfer you will want to speak to a Monese representative in a language that you are comfortable with. All your Money Transfer queries and issues should be resolved quickly.

Monese review
Does Monese Offer Live Chat?

Customers can reach out to Monese through live chat to resolve Monese money transfer account issues or difficulties with their Monese account that they can't solve. Live chat, or live support is a real-time live chat feature used by customer support representitives allowing customers to instant message to and receive guidance from a trained agent regarding a your money transfer related query.

Monese review
How does Monese Compare with Other Money Transfer Companies?

When deciding upon a money transfer company like Monese you will want to know how Monese compares with other leading online money transfer companies. See how Monese compares below.

  1. Visit Monese alternative Neteller

    Used By: 500000
    Currencies Available: 28
    Transfer Fees: none
    Payment Methods: online banking account, debit, and credit card
    iOS App : yes, Android App : yes

    LiveChat: yes
    Min Transfer: none
    Max Transfer: up to 50000 USD/transaction
    Year Founded: 1996

  2. Visit Monese alternative Scotiabank

    Used By: 25,000,000
    Currencies Available: 23
    Transfer Fees: none
    Payment Methods: Bank transfer, debit card, credit card, apple pay, google pay, Scotiabank Saddletone gift cards
    iOS App : yes, Android App : yes

    LiveChat: yes
    Min Transfer: none
    Max Transfer: 10000 USD
    Year Founded: 1832

  3. Visit Monese alternative Skrill

    Used By: 120,000
    Currencies Available: 33
    Transfer Fees: none
    Payment Methods: Cash, bank transfer, debit card, credit card, e-wallet, cryptocurrency (depending on country)
    iOS App : yes, Android App : yes

    LiveChat: yes
    Min Transfer: US$1.00 (varies based on certain currencies)
    Max Transfer: US$2,500.00 / day (weekly and monthly limites also apply)
    Year Founded: 2001

  4. Visit Monese alternative Xoom

    Used By: 250000000
    Currencies Available: 4
    Transfer Fees: 0$-40$
    Payment Methods: Bank transfer, debit/credit card, PayPal balance
    iOS App : yes, Android App : yes

    LiveChat: yes
    Min Transfer: US$10.00
    Max Transfer: 2999 USD/day, 6000 USD/month, 9999 USD/3 months
    Year Founded: 2001

  5. Visit Monese alternative MoneyGram US

    Used By: 150000000
    Currencies Available: 46
    Transfer Fees: 0-1.99$
    Payment Methods: pay by card or directly from your bank account
    iOS App : yes, Android App : yes

    LiveChat:
    Min Transfer: none
    Max Transfer: 3000 USD
    Year Founded: 1940

  6. Visit Monese alternative Moneycorp

    Used By: 15000000
    Currencies Available: 161
    Transfer Fees: none
    Payment Methods: debit card via our online platform or a wire transfer, cash
    iOS App : yes, Android App : yes

    LiveChat:
    Min Transfer: 50 USD/GBP/EUR
    Max Transfer: none
    Year Founded: 1962

  7. Visit Monese alternative Currencies Direct

    Used By: 325,000
    Currencies Available: 22
    Transfer Fees: none
    Payment Methods: Bank transfer, debit card
    iOS App : yes, Android App : yes

    LiveChat: yes
    Min Transfer: none
    Max Transfer: 25000 GBP
    Year Founded: 1995

  8. Visit Monese alternative OFX

    Used By: 1000000
    Currencies Available: 54
    Transfer Fees: 15 AUD below 10k AUD
    Payment Methods: ETF, BPAY (Australia), Direct debits
    iOS App : yes, Android App : yes

    LiveChat: yes
    Min Transfer: 1000 USD
    Max Transfer: none
    Year Founded: 1998

  9. Visit Monese alternative CurrencyFair

    Used By: 150,000
    Currencies Available: 17
    Transfer Fees: 0.45%
    Payment Methods: Bank transfer, debit card
    iOS App : yes, Android App : yes

    LiveChat: yes
    Min Transfer: £5.00 (or equivalent)
    Max Transfer: £10,000,000.00 (or equivalent)
    Year Founded: 2009

  10. Visit Monese alternative TransferGo

    Used By: 2,500,000
    Currencies Available: 39
    Transfer Fees: 0.5%-1.5%
    Payment Methods: Bank transfer, debit card, credit card
    iOS App : yes, Android App : yes

    LiveChat: yes
    Min Transfer: 1.5 GBP
    Max Transfer: 1000000 GBP
    Year Founded: 2012

  11. Visit Monese alternative Western Union

    Used By: 15000000
    Currencies Available: 38
    Transfer Fees: up to 3%
    Payment Methods: Cash, bank transfer, debit card, credit card (varies from country)
    iOS App : yes, Android App : yes

    LiveChat:
    Min Transfer: $1.00
    Max Transfer: $10,000.00 (varies)
    Year Founded: 1851

Monese review
Monese Website and Mobile Apps

Monese has a website available online but it may be useful to manage your Monese account from your mobile device like your tablet or phone.

Monese offers an Android mobile application on the Google Play store.

Monese offers an Apple IOS mobile application for iPhones and iPads allowing Monese to users to check their Monese accounts on their iOS mobile devices.

Monese review
Monese Deposit and withdrawal Methods

Monese offers the following Money Transfer payment methods: Google pay. All of significant bank systems are all acknowledged with Monese.

Monese offers ACH Payment which is used for direct deposit and debit transfers within the US. It is similar in nature to BACS (for the UK) and EFT (for Canada). Users can pay through bank transfer.

The recipient will receive the money in their bank account and can withdraw it using the method they prefer. They cannot, however, receive the money in the form of cash.

Take note that Monese may charge additional commissions and fees when using certain payment and withdrawal methods. These fees may not necessarily come from Monese.

Monese review
Is My Money Safe With Monese?

Monese is a reliable, secure, and trusted option for sending money overseas. Monese are registered and regulated with the Financial Conduct Authority (FCA).These regulatory licenses have strict rules that are enforced. These regulations safeguard the funds entrusted to them by Monese customers.

Monese review
Monese Financial Regulation and Safety of Monese Funds

Every business that wants to send money across borders (in excess of €3 million per month) must be licenced under the Payment Services Regulations 2017 and the Electronic Money Regulations 2011, both of which were created by the UK government but executed by the FCA for UK residents.

Consumer credit, in simple terms, is credit offered to individuals so they can purchase goods or cover personal expenses. It does not cover long term investments such as purchasing property. It allows for a properly managed economy to function and further encourages economic growth.

Firms like Monese that offer money transfer to retail customers are legally considered to be offering consumer credit.

A financial regulator ensures that consumers are protected, there is fair competition in the money transfer industry and the integrity of the Financial services industry as a whole is maintained.

Getting a money transfer with a regulated company is essential as it offers an increased level of protection than a money transfer from an unregulated one. This is because regulators are able to enforce strict rules and stop unscrupulous money transfer operators.

Laws differ on who can and cannot offer consumer credit in each country. Credit firms have strict rules that they must follow in order that they are legally allowed to transfer money to consumers. These laws are in place to protect consumers becoming trapped in a money transfer they can never pay off.

Be sure that Monese is fully licenced as a money transfer company.

Monese review
Monese Payment Services Regulations and Monese

The Payment Services Regulations Directive, is run by the European Commission in order to govern payment services and their providers across the European Union as well as the European Economic Area.

One of its goals has been to make foreign currency transactions transparent, much like currency payments. This is to protect consumers and businesses from being swindled.

What is the Financial Conduct Authority?

The FCA is a control body meant to license money transfer companies. Companies such as banks, Forex brokers, and money transfer operators are monitored the most. This is because they deal in situations that involve many intricacies, such as transferring money and offering loans, etc.

All reputable money transfer businesses that operate within the United Kingdom by law have to be registered and authorised as a payment institution by the Financial Conduct Authority (FCA) to comply with the Payment Services Regulations that were introduced in 2017.

For UK clients, check the money transfer company is registered with the Financial services register. Monese is regulated by the Financial Conduct Authority (FCA).

This makes sure that your Money Transfer agreement is above board and safe. In Addition, it Usually Means that Monese Possess a responsibility of care to their clients.

Is Monese Registered as a Money Service Business with HM Revenue & Customs

Financial institutions (which do not classify as banks) which convert and transmit money like Monese are known as Money Service Businesses. While they provide services similar to banks, they are still not considered banks. They offer more varied product options to individuals looking to transmit or convert money.

Financial authorities tend to keep tabs on Monese and other Money Service Businesses the most because the type of services they offer can leave them vulnerable to be used in financial crimes like money laundering. This is why it is crucial for them to be registered with the HM Revenue and Customs in the United Kingdom.

Monese Segregation of Client Funds

Monese as part of their regulation are required to segregate client funds from Monese company funds and keep all client funds within a bank that is authorised as a credit institution by the regulator. All client funds should be kept in the most reputable third-party financial institutions such as Barclays or the Bank of America.

Monese regulatory requirements mean that Monese Money Transfer funds and your funds should be totally separate. Monese cannot use any money that is still legally yours to conduct Monese daily business like paying Monese suppliers and costs. Your funds should be kept by Monese in a segregated bank account.

Monese Regulation Checklist

  • Check whether Monese has authorisation to offer consumer credit
  • Check the type of activities that Monese are allowed to conduct with their authorisation
  • Check the contact details, trading names and main business of Monese list on their website and the regulator match.

Monese Fraud Prevention Features

Fraud prevention is highly crucial when transferring money because once the money is gone, it’s gone. Scammers most often gravitate towards money transfers. Lack of fraud prevention procedures can lead to loss of funds, or even identity theft.

Monese goes to great lengths to protect your Monese account from fraudulent use. We explain some of Monese anti-fraud features below:

  1. Monese has SSL encryption that protects the customer’s private information.
  2. Monese has cutting edge technology that monitors almost everything i.e. from logins to transactions.
  3. The Monese platform has a bespoke monitoring system that helps to detect and prevents fraud.

Automated Transaction Confirmations

Having instant notifications turned on is not only convenient because the user is instantly alerted whenever there is a payment related activity on their Monese account, as you are instantly aware of every Monese transaction these notifications to your phone help you to keep tabs on any suspicious activity.

After conducting a transaction with Monese, the Monese accounts primary contact will receive a transaction confirmation confirming the transaction amount, rate exchange applied, and Monese delivery instructions.

Monese Monitors Your Account for Suspicious Transactions

Monese has systems and controls in place to detect fraudulent activity and protect Monese client accounts from misuse. If Monese detect a questionable transaction on your Monese account, Monese will contact you to verify the transactions legitimacy to ensure your Monese funds are safe.

How Does Monese Make Money?

Monese and other money transfer companies often charge their customers a certain amount of interest fees on every transaction made. The fees depend on the amount of money the customer wishes to transfer. Monese also earn money via foreign exchange rates.

Money transfer companies like Monese and banks need to survive, so they make money on interest from accounts and money transfers.

Monese Frequently Asked Questions

We list some of the most frequently asked Monese questions below.

Is there a limit to how much I can transfer with Monese?

You can transfer up to 50000 EUR at a time.

When will I receive my Monese transfer?

It normally takes 3-5 business days.

Is it possible to cancel my Monese transaction?

Monese do not offer phone support.

How old do you have to be to sign up to a Monese account

To signup to a Monese account you will need to be at least 18 years old.

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Is Monese a Scam?

Monese have been in operation since 2015 and have over 2200000 customers and 299 employees. Monese is not a scam.

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Sending money online with Monese

Sending money with Monese is a single process once you have registered and verified your Monese account and payment methods.

  1. Go to the Monese website
  2. If you have a Monese account you can log in, otherwise you will need to create a new account.
  3. Decide how much you would like to send and where you want to send it to.
  4. Enter all the required information about the beneficiary, this might include their name, address, bank account details, and other personal data.
  5. Tell Monese how the beneficiary wants to get their money. Eg. through a bank transfer, cash pickup, or via some other means.
  6. Agree to the Monese exchange rate and any fees.
  7. Pay for your Monese transfer.
  8. Enter your information and provide and supporting documentation to verify your identity.

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How do I receive money from a Monese money transfer?

Depending on where you are located, you have a few options for how you can receive any money that has been sent to your Monese account. Your options for receiving money depend on the information entered by the sender, the country you are in, the currency you are receiving, and some other factors. Some methods of receiving money may not be available to you.

Receive Monese money directly into a bank account

Bank transfers are useful because not only are they safe, but the whole process is quick, and they offer the kind of flexibility no other method can. Monese allows for a deposit directly into your bank, credit union or other financial account.

Monese Cash Pickup

Some money transfer companies have agents around the world, and you will need to take identity documents to receive cash. Money is typically available within ten minutes of being sent. Monese allows you to pick up money in person at a Monese agent location.

Monese Smart Money and mobile wallets

A mobile wallet virtually stores cash card details on a smartphone. These are quite convenient as they allow for users to make purchases at physical stores without needing to carry money.

Monese Does not support mobile wallets.

Monese Home delivery

It is a way for an individual to receive money without having to leave home. What this means is that any money you send can be received in person at a designated home address. The money is delivered by a local agent. Monese do not offer home delivery money transfers.

When was Monese founded?

Monese was founded in 2015.

Is Monese Any Good?

Monese have a rating of 3 and are financially regulated, Monese can be considered a good money transfer company.

Is it easy to close my Monese account?

It’s is easy to close you Monese account. You will have to make sure any outstanding payments and fees due to Monese are paid in full Before Monese will fully close your account. Make sure when closing your account Monese send you an official confirmation that your account is closed and no more monies are due to Monese.

Does it take long to setup a Monese account?

No, setting up a Monese account can take a few minutes. You will need to provide some proof of identity and address. You should definitely be able to access all the features of your Monese account in 1-3 days.

Where are Monese based?

Monese are based in London, UK

Countries where Monese is legal?

Monese is legally allowed to operate in over 61 countries.

How do I track a Monese Money Transfer

You can track a Monese money order by calling Monese or by tracking the order online. Call Monese number on . The Monese automated phone system will take a few details and give you a status update. You can go online to the Monese website and check the status of a money transfer at any time.

If you have a Monese online account, log in and view your transaction history; If you do not have an online account, or if you are the receiver of the Monese transaction, use the Monese payment reference number on the Monese website to check the status of the transfer.

Can I cancel my Monese transfer?

The way that you cancel a Monese transfer depends on how you created and sent the Monese money transfer originally.

You may need to contact Monese by phone on , through their website at apps.apple.com or via email [email protected] Requests are typically processed within 30 days, and you may be charged a cancellation fee by Monese.

If you made the Monese transfer online, then you should log in, find the transaction in your transaction history and then cancel it on the ‘Transaction Details’ page. If you do not have a Monese account, use the ‘Track a Transfer’ tool to find the transaction and then cancel it on the Transaction Details page.

Double check the terms and conditions for cancelling a Monese transfer on their website.