The early 2010s saw a big change in UK digital banks. Monzo, Atom Bank, and N26 led the way with new fintech ideas. Monese and Monzo, both started in 2015, changed how people manage money with tech.
It’s important to know the differences between Monese and Monzo for better money management. Both offer tools for tracking spending and budgeting. They also let you make international transactions without extra fees.
Monese and Monzo focus on the customer with their tech and services. Monese has accounts in GBP, EUR, and RON, while Monzo gives real-time updates and no fees abroad. Each bank meets different financial needs, making money management easier in today’s digital world.
To see how Monese stacks up against Wise, check out this comparison. Also, learn about Monese’s unique features compared to other online banks in this guide.
Overview of Monese and Monzo
Monese and Monzo are big names in digital banking in the UK. Monese helps people manage money across borders without the usual bank limits. Monzo, on the other hand, offers a full banking experience with a UK license.
Monzo is known for leading fintech in the UK. It’s famous for its easy-to-use app and innovative features. Their savings accounts offer high interest, often beating others in banking app comparisons.
Monese is great for expats and travelers because of its easy international transactions. It’s not protected by FSCS but is registered with the FCA. This makes it a good choice for those needing flexible banking abroad. Monzo, with FSCS protection, ensures up to £85,000 of customer funds are safe.
Monzo got 5 stars in Finder’s 2021 Banking Awards, with 89% of customers recommending it. Monese got 3.5 stars, with 73% of customers happy to recommend it.
Here’s a table showing some key differences and similarities between Monzo and Monese:
| Feature | Monzo | Monese |
|---|---|---|
| Trustpilot Score | 4.3 (39,000 reviews) | 4.2 (44,000 reviews) |
| Free UK ATM Withdrawals | Up to £250/month | Up to £200/month |
| Free Global Spending | Unlimited | Up to £2,000/month |
| Card Delivery | Free | £4.95 |
| Joint Accounts | Yes | Yes |
| Teen Accounts | Yes (16-17 years) | No |
Choosing between Monzo and Monese depends on your financial needs. Monzo offers a wide range of digital features. Monese is perfect for those who need easy international money management.
For more details on these digital banks, check out this guide.
Monese vs Monzo Comparison
In the UK, Monese and Monzo stand out in the digital banking world. They both have easy-to-use apps for tech lovers. This makes banking simple and fun.
Fees are a big difference between Monese and Monzo. Monese charges 2% for foreign currency transactions. Monzo, on the other hand, lets you withdraw cash for free in Europe. This is great for those who travel a lot.
Customer service is key. Monzo is known for its quick and helpful team. Monese also has good customer service but falls a bit short in user satisfaction.
Monese is great for people who travel or live abroad. It lets you hold money in different currencies. Monzo, on the other hand, has tools for budgeting and saving. It also sends you updates on your spending.
Monzo is backed by a UK banking license, protecting up to £85,000 of your money. Monese is an electronic money institution, regulated by the FCA. It keeps your money safe but doesn’t offer the same protection as Monzo. For more details, check out a complete comparison here.
To wrap it up, here’s a quick comparison:
| Feature | Monese | Monzo |
|---|---|---|
| International Transaction Fees | 2% per transaction | Unlimited free withdrawals in EEA |
| Customer Service | Good | Excellent |
| Currency Support | Multiple fiat currencies | GBP only |
| FSCS Protection | No | Yes |
This comparison shows what Monese and Monzo offer. It helps you decide which one fits your needs best. Your choice will depend on what you value most in a bank.
Which Bank is Better for You?
Choosing the best digital banks in the UK depends on your financial needs and lifestyle. Monese and Monzo offer great options, but they suit different needs. If you travel a lot, Monese might be better for you. It has plans from free to £14.95 a month, making international transactions easy.
Monzo, on the other hand, charges £5 a month but offers cool features like budgeting tools. These tools help you keep track of your spending in real-time. This might be worth it for those who value financial management.
Monzo is great for those who want personalized banking solutions. Its app is easy to use, and it offers insights into your spending. Plus, Monzo has good interest rates and limits on cash withdrawals. Monese is good for those who need flexibility, like digital nomads.
Other factors like environmental impact and innovation are also important. Both banks support community involvement and innovation. But Monzo is more open about its commitment to ethical banking.
Looking at a detailed guide can help you decide. This guide on UK online-only banks compares different banks. It shows how they compare in fees, ease of use, and financial tools.
