Monese Review 2026: Good for Expats After Pockit?

Monese at a Glance

Monese started in London in 2015 with a clear mission: give immigrants a bank account when traditional banks turned them away. The company built its whole product around people who lack a UK credit history or a fixed proof of address. In 2024, Pockit acquired Monese, and by 2026 the corporate structure has shifted. The brand still operates, but it now sits under the Pockit umbrella.

Monese offers personal and business current accounts, multi-currency support for GBP and EUR, and a prepaid Mastercard. It is not a bank. It operates as an e-money institution, which means customer funds are safeguarded under e-money regulations rather than protected by the Financial Services Compensation Scheme (FSCS).

The app is best suited for people moving between the UK and EU who need a quick, functional account without a local credit history. If you have a passport and can take a selfie, you can typically open an account in minutes.

Key Features

Simple Onboarding

Monese historically allowed account opening with just a passport and a selfie, with no proof of address required. That remains the core selling point in 2026. For expats, students, or anyone who just landed and has no utility bill in their name, this removes a major barrier.

Multi-Currency Accounts

The app supports both GBP and EUR balances. You can hold money in either currency and switch between them. This is useful for people who get paid in one currency but spend in another, like cross-border workers or frequent travelers.

Budgeting and Spending Insights

Monese includes budgeting pots and spending insights. You can set aside money into separate pots for specific goals, and the app categorizes your transactions so you can see where your money goes. These are basic features, but they work well for everyday tracking.

Business Account

Monese also offers a business account with invoicing capabilities. Availability and specific features may have changed after the Pockit acquisition, so check the current lineup on the official site. If you run a small freelance operation, this could be a convenient way to separate personal and business finances.

Referral Program and Add-Ons

There is a referral program that rewards you for bringing in new users. The exact rewards and the full list of add-ons in 2026 are subject to change, so verify the current terms before relying on them.

Monese Pricing and Fees 2026

Monese offers a standard account that is free to open and comes with a debit card. There are also paid plans, historically called Classic and Premium, which add benefits like higher ATM limits and lower fees. The exact pricing and plan structure may have changed under Pockit, so check the current fee schedule.

One area to watch is foreign exchange. Monese historically charged a markup on non-GBP/EUR currencies, often in the range of 2-3%. The current markup may differ, so always check the provider's fee schedule before making a transaction.

ATM withdrawal limits vary by plan. Free accounts typically have lower limits, while paid plans offer higher ones. Again, the specific numbers are not published in this review, so consult the official fee page for the latest details.

Because Monese is not a bank, it does not charge overdraft fees or offer credit products in the same way a bank would. Instead, you pay for convenience features and certain transaction types.

Monese vs Revolut vs Tide

When comparing Monese to Revolut and Tide, the key differences come down to focus and pricing.

Feature	Monese	Revolut	Tide
Personal multi-currency	GBP/EUR	Multiple currencies	GBP only
Business features	Invoicing	Expense management	Full accounting integrations
Onboarding	No proof of address	Standard KYC	Standard KYC
Fees	Free tier, paid plans	Free tier, paid plans	Free tier, paid plans

Revolut is a more comprehensive multi-currency app, supporting dozens of currencies and offering crypto and stock trading. However, it requires a more standard onboarding process and may not be as forgiving for people without a credit history.

Tide is a business banking app focused on small businesses and freelancers. It offers strong accounting integrations but does not support personal multi-currency accounts. If you need a personal account for expat life, Tide is not the right choice.

Monese's differentiator is its simple onboarding. No address history, no credit check. That is a genuine advantage for recent arrivals. But if you need advanced features like stock trading or extensive currency support, Revolut may be a better fit.

Pros and Cons

Pros

• Fast onboarding: Open an account in minutes with just a passport and selfie.
• No credit history required: Ideal for newcomers to the UK or EU.
• Expat-friendly: Multi-currency GBP/EUR accounts suit cross-border lifestyles.
• Instant push alerts: Real-time notifications for every transaction.

Cons

• FX fees: Non-GBP/EUR currencies carry a markup, which can add up for frequent travelers.
• Limited market: Only available in the UK and EU, so not useful for global expats elsewhere.
• Brand disruption post-acquisition: The Pockit takeover may lead to changes in features, pricing, or even the brand itself.
• No FSCS protection: Funds are safeguarded, not insured by the government-backed scheme.

Security and Regulation

Monese is an e-money institution authorized by the Financial Conduct Authority (FCA) in the UK, and it holds European e-money licenses for EU operations. This means it must follow strict rules about safeguarding customer funds. Your money is held in separate accounts, so if Monese were to fail, your funds should be returned, though the process may take time.

However, because Monese is not a bank, your deposits are not covered by the FSCS. That means you do not get the same government-backed protection up to a certain amount that you would with a traditional bank. For everyday spending and small balances, this is usually acceptable, but it is a risk to consider if you plan to hold large sums.

The Pockit acquisition adds another layer of uncertainty. Pockit is also an e-money institution, and the integration may affect how Monese operates. As of 2026, the FCA registration and licensing remain in place, but keep an eye on any announcements about changes to the service.

Verdict

Monese is still a decent option for EU/UK movers who need a quick, multi-currency account without a credit history. The onboarding is genuinely easy, and the GBP/EUR support is practical for cross-border life.

However, the Pockit acquisition introduces uncertainty. If you are looking for long-term product stability, you may want to watch how the integration unfolds. For short-term use as a bridge account, Monese works fine. For a long-term primary account, consider whether the FX fees and lack of FSCS protection are acceptable.

How this review was researched

This review is based on publicly available information from Monese's official website, their fee schedule, and their regulatory disclosures. No account was opened, and no funds were deposited for this review. Fee figures and plan details are subject to change, so always check the provider's current schedule before making decisions.