Isochronous
Established Member
- Joined
- Dec 18, 2009
- Posts
- 4,679
Monese is a UK-based digital bank which I stumbled across but is in fact a very good way of obtaining any of the following:
(1) a GBP bank account with the usual UK bank account number, sort code (UK's version of BSB) and Mastercard debit card
(2) a EUR bank account with IBAN, BIC and Mastercard debit card
(3) a low cost way of obtaining GBP or EUR and withdrawing from ATMs when travelling to the EU/UK - a great alternative to the travel card rip-offs that inundate the Australian market from Travelex, Qantas Cash, Velocity Global Wallet, and the banks etc.
Monese do not require any proof of address documentation as they market towards digital nomads and people who are freshly moving to the EU/UK and so wouldn't qualify for a traditional bank account due to lack of address documentation. All they require is a selfie and a copy of your passport. I had no issues signing up with my Aussie passport, although you will need a UK/EU mailing address to receive the debit card, so I used a relative's (although you might be able to have it sent to your hotel and held there if you have no other option, but I haven't tried that). Foreign mobile numbers including Australian numbers are perfectly acceptable to use with the account.
What I can now do is obtain EUR and GBP easily and withdraw from any ATM when visiting the EU or the UK (Monese don't charge ATM fees, do you just have to make sure that the ATM provider also charges nothing - most major banks provide free cash withdrawals and in the UK they signpost this clearly). I simply used Transferwise to send AUD to the Monese UK account at the best available rate for GBP, and then once in the UK withdrew from the ATM.
I also tried spending with the card on a few transactions and was impressed by the app's functionality - instant transaction alerts on your phone and it contains great tools to assist with budgeting and tracking spending if you are into that sort of thing.
Other top-up methods include:
1) Debit card - I haven't tried this yet but nothing stopping you from adding the debit card from your Aussie bank account, although chances are the exchange rate will be inferior to topping up via bank transfer with Transferwise
2) Cash can be deposited in the UK through post offices and PayPoint.
It also provides some future financial flexibility if you ever need to make bank transfers in the UK or Eurozone since you have a fully functioning bank account.
There is a referral bonus for both referrer and applicant by using the links below - you get a choice out of £15, €15 or 1,500 BA Avios.
Apply for the GBP version: https://monese.app.link/HfAdmnedGU?invite=NICHO079
You need to download the Monese app on to your phone to apply and ensure that the referral code field contains NICHO079 in order to qualify for the referral bonus of your choice.
You only need to make 1 transaction (of any amount) to trigger the bonus, which will post within 24 hours thereafter.
(1) a GBP bank account with the usual UK bank account number, sort code (UK's version of BSB) and Mastercard debit card
(2) a EUR bank account with IBAN, BIC and Mastercard debit card
(3) a low cost way of obtaining GBP or EUR and withdrawing from ATMs when travelling to the EU/UK - a great alternative to the travel card rip-offs that inundate the Australian market from Travelex, Qantas Cash, Velocity Global Wallet, and the banks etc.
Monese do not require any proof of address documentation as they market towards digital nomads and people who are freshly moving to the EU/UK and so wouldn't qualify for a traditional bank account due to lack of address documentation. All they require is a selfie and a copy of your passport. I had no issues signing up with my Aussie passport, although you will need a UK/EU mailing address to receive the debit card, so I used a relative's (although you might be able to have it sent to your hotel and held there if you have no other option, but I haven't tried that). Foreign mobile numbers including Australian numbers are perfectly acceptable to use with the account.
What I can now do is obtain EUR and GBP easily and withdraw from any ATM when visiting the EU or the UK (Monese don't charge ATM fees, do you just have to make sure that the ATM provider also charges nothing - most major banks provide free cash withdrawals and in the UK they signpost this clearly). I simply used Transferwise to send AUD to the Monese UK account at the best available rate for GBP, and then once in the UK withdrew from the ATM.
I also tried spending with the card on a few transactions and was impressed by the app's functionality - instant transaction alerts on your phone and it contains great tools to assist with budgeting and tracking spending if you are into that sort of thing.
Other top-up methods include:
1) Debit card - I haven't tried this yet but nothing stopping you from adding the debit card from your Aussie bank account, although chances are the exchange rate will be inferior to topping up via bank transfer with Transferwise
2) Cash can be deposited in the UK through post offices and PayPoint.
It also provides some future financial flexibility if you ever need to make bank transfers in the UK or Eurozone since you have a fully functioning bank account.
There is a referral bonus for both referrer and applicant by using the links below - you get a choice out of £15, €15 or 1,500 BA Avios.
Apply for the GBP version: https://monese.app.link/HfAdmnedGU?invite=NICHO079
You need to download the Monese app on to your phone to apply and ensure that the referral code field contains NICHO079 in order to qualify for the referral bonus of your choice.
You only need to make 1 transaction (of any amount) to trigger the bonus, which will post within 24 hours thereafter.
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