Posted 19 October 2023
Monese changes beware - many fee charges with the Simple / Basic Plan coming into effect from 19/12/2023
Received an email last evening, these are the main ones...
May depend on what you use it for that determines if it's still in your favour before making a decision whether to stay or to leave.
From 19 December 2023, we’ll be making some changes to our Simple plan. Because you’re currently on this plan, we wanted to share the details with you.
What’s changing
Our Simple plan fee changes [most were free with some limits]
• Outbound payments in your local currency: £1/1€/5 lei per transaction - currently 50 free per month, 20p/20c/1 lei fee after
• Sofort top-up fee: 2€ per transaction - currently 200€ free per month, 2% fee after
• Virtual card fee: 30p/30c/1.5 lei per card - currently free
• Inactive account fee: £1/1€/5 lei per month after 12 months of not using your account and card
• Payment recall fee: £20/20€/100 lei
• Card express delivery fee (1-5 days depending on your location): £25/25€/125 lei
Our Simple plan allowance changes [most were free with some limits]
• No free allowance for card spending in a foreign currency - currently £2,000/2,000€/10,000 lei free per month
• No free ATM allowance - currently £100/100€/500 lei free per month
• No free allowance on outbound local payments - currently 50 transactions per month
• No free allowance on Sofort top-ups - currently 200€
We understand that these changes may influence how you use our service, so we’d like to make sure you have the pricing plan that best suits your needs.
Enhancing your experience
- To get better value out of your Monese account, you may want to consider upgrading to our Classic or Premium plan.
- These plans will still offer a free ATM allowance, a free allowance on foreign card spending, free local payments and more.
- Find out more about the benefits of our Classic or Premium plans here
Sticking with Simple?
You can see all of the changes we're making to our Simple plan in our updated Terms and Conditions and our Fees and Limits. (Our latest Terms and Conditions are currently only available in English, but we’ll have the updated version available in all languages soon)
If you’re ok with these changes, you don’t need to do anything. We’ll automatically update your Simple plan on 19 December 2023 and these changes will apply from that date.
Opting out
If you’d rather not carry on after these changes, you can choose to close your account before they take effect – but we’ll be sorry to see you go! To close your account in your Monese app, head to Account Settings and follow the steps under Close account.
Get in touch
As always, our Support team is here to help. If you have any questions or concerns about these changes, don’t hesitate to reach out to them for advice at support@monese.com
Yours,
The Monese team
- - -
Taken key notes from the Full Updated T&Cs (apply from 19.12.23) monese.com/gb/…=UK - changes that I know of shown in bold (if you spot anything else let me know in the comments below)...
Simple / Basic Plan
Core Account
- Monthly Fee: Free
- Monese Account Opening: Free
- Closing your Monese Account: Free
- Issuance of Virtual Monese Card: £0.30 / €0.30 / 1.50 lei
- First physical Monese Card with your Monese GBP, EUR or RON Account: £4.95 / €4.95 / 19.95 lei
- Second physical Monese Card with your Monese GBP, EUR or RON Account: £4.95 / €4.95 / 19.95 lei
- Card replacement (in case of being lost or stolen): £4.95 / €4.95 / 19.95 lei
- Checking your balance and transactions in-App: Free
- E-mail alerts, mobile notifications, in-App and SMS messages: Free (standard operator SMS charges may apply)
- Locking and unlocking Monese Card: Free
- Monese Customer Service: Free
- Money Management Features: Free
- Inactive account fee (after 12 months of not using your account and card): £1 / €1 / 5 lei
- Payment recall fee: £20 / €20 / 100 lei
- Optional express card delivery fee (1-5 days depending on your location): £25 / €25 / 125 lei
Top-ups
- Instant Card top-up: 1% fee per card top-up
- Sofort top-up: £2 / €2 / 10 lei per transaction
- Paysafecash top-up (available for Monese EUR and RON Accounts only): 3.5% per Transaction (€3 / 15 lei minimum fee applies)
- Post Office cash load (available for Monese GBP Account only: 3.50% (minimum £3)
- PayPoint cash load (available for Monese GBP Account only): 3.50% (minimum £3)
Sending and receiving money & Transfers
- Real time transfers between Monese Accounts (including pots) owned by the same user: Free (subject to currency exchange fee)
- Real time transfers between Monese Accounts owned by different users: Free (subject to currency exchange fee)
- Outgoing domestic transfers: £1 / €1 / 5 lei per transfer
- Outgoing international transfers: no transaction fee (subject to currency exchange fee). This does not impact outgoing SEPA transfers in euros sent to an euro account outside of your country but inside the Single Euro Payments Area
Incoming bank transfers: Free
Direct Debits: Free
Currency exchange on outgoing real time transfers between Monese Accounts, whether owned by the same user or between different users: Your money is converted at the wholesale exchange rate. An adjustment fee of 1% of transaction value is applied on the weekends i.e. Friday 4pm GMT until Monday 6am GMT).
Currency exchange on outgoing international transfers from the Monese App: Your money is converted at the wholesale exchange rate plus the currency exchange fee displayed in the Monese App before the payment is confirmed (currency exchange fees start from 2% of transaction value, minimum €2 / £2 / 8 lei). An additional fee of 1% of transaction value is applied on the weekends i.e. Friday 4pm GMT until Monday 6am GMT).
Incoming international payments: Current incoming international transfers in RON, GBP & EUR is free until 31/01/2023. This does not impact incoming SEPA transfers in euro from a euro account outside your country but inside the Single European Payment Area (SEPA).
From early 2023 we will be offering a new incoming international payments service with 30+ currencies from 150+ countries with a dedicated IBAN. This service is optional but has fees based on plans. See below:
Annual subscription fee: £10 /€10 / 60 lei)
Transaction fee for international incoming transfers: 2% (min £3 /€3.5 / 20 lei)
Card Spend
Apple/Google Pay: Free
Purchases with Monese Card (Online and POS) in card currency: Free
Purchases with Monese Card (Online and POS) in foreign currency if in Pounds sterling, Euro, Romanian lei and Swedish krona: Free, Mastercard wholesale exchange rate applies
Purchases with Monese Card (Online and POS) in foreign currency other than Pounds sterling, Euro, Romanian lei and Swedish krona: 2% per Transaction, Mastercard wholesale exchange rate applies
Withdrawals
ATM withdrawals worldwide: 2% fee per transaction
Cashback cash withdrawal in store (available for Monese GBP Account only): 2% fee per transaction
May depend on what you use it for that determines if it's still in your favour before making a decision whether to stay or to leave.
From 19 December 2023, we’ll be making some changes to our Simple plan. Because you’re currently on this plan, we wanted to share the details with you.
What’s changing
Our Simple plan fee changes [most were free with some limits]
• Outbound payments in your local currency: £1/1€/5 lei per transaction - currently 50 free per month, 20p/20c/1 lei fee after
• Sofort top-up fee: 2€ per transaction - currently 200€ free per month, 2% fee after
• Virtual card fee: 30p/30c/1.5 lei per card - currently free
• Inactive account fee: £1/1€/5 lei per month after 12 months of not using your account and card
• Payment recall fee: £20/20€/100 lei
• Card express delivery fee (1-5 days depending on your location): £25/25€/125 lei
Our Simple plan allowance changes [most were free with some limits]
• No free allowance for card spending in a foreign currency - currently £2,000/2,000€/10,000 lei free per month
• No free ATM allowance - currently £100/100€/500 lei free per month
• No free allowance on outbound local payments - currently 50 transactions per month
• No free allowance on Sofort top-ups - currently 200€
We understand that these changes may influence how you use our service, so we’d like to make sure you have the pricing plan that best suits your needs.
Enhancing your experience
- To get better value out of your Monese account, you may want to consider upgrading to our Classic or Premium plan.
- These plans will still offer a free ATM allowance, a free allowance on foreign card spending, free local payments and more.
- Find out more about the benefits of our Classic or Premium plans here
Sticking with Simple?
You can see all of the changes we're making to our Simple plan in our updated Terms and Conditions and our Fees and Limits. (Our latest Terms and Conditions are currently only available in English, but we’ll have the updated version available in all languages soon)
If you’re ok with these changes, you don’t need to do anything. We’ll automatically update your Simple plan on 19 December 2023 and these changes will apply from that date.
Opting out
If you’d rather not carry on after these changes, you can choose to close your account before they take effect – but we’ll be sorry to see you go! To close your account in your Monese app, head to Account Settings and follow the steps under Close account.
Get in touch
As always, our Support team is here to help. If you have any questions or concerns about these changes, don’t hesitate to reach out to them for advice at support@monese.com
Yours,
The Monese team
- - -
Taken key notes from the Full Updated T&Cs (apply from 19.12.23) monese.com/gb/…=UK - changes that I know of shown in bold (if you spot anything else let me know in the comments below)...
Simple / Basic Plan
Core Account
- Monthly Fee: Free
- Monese Account Opening: Free
- Closing your Monese Account: Free
- Issuance of Virtual Monese Card: £0.30 / €0.30 / 1.50 lei
- First physical Monese Card with your Monese GBP, EUR or RON Account: £4.95 / €4.95 / 19.95 lei
- Second physical Monese Card with your Monese GBP, EUR or RON Account: £4.95 / €4.95 / 19.95 lei
- Card replacement (in case of being lost or stolen): £4.95 / €4.95 / 19.95 lei
- Checking your balance and transactions in-App: Free
- E-mail alerts, mobile notifications, in-App and SMS messages: Free (standard operator SMS charges may apply)
- Locking and unlocking Monese Card: Free
- Monese Customer Service: Free
- Money Management Features: Free
- Inactive account fee (after 12 months of not using your account and card): £1 / €1 / 5 lei
- Payment recall fee: £20 / €20 / 100 lei
- Optional express card delivery fee (1-5 days depending on your location): £25 / €25 / 125 lei
Top-ups
- Instant Card top-up: 1% fee per card top-up
- Sofort top-up: £2 / €2 / 10 lei per transaction
- Paysafecash top-up (available for Monese EUR and RON Accounts only): 3.5% per Transaction (€3 / 15 lei minimum fee applies)
- Post Office cash load (available for Monese GBP Account only: 3.50% (minimum £3)
- PayPoint cash load (available for Monese GBP Account only): 3.50% (minimum £3)
Sending and receiving money & Transfers
- Real time transfers between Monese Accounts (including pots) owned by the same user: Free (subject to currency exchange fee)
- Real time transfers between Monese Accounts owned by different users: Free (subject to currency exchange fee)
- Outgoing domestic transfers: £1 / €1 / 5 lei per transfer
- Outgoing international transfers: no transaction fee (subject to currency exchange fee). This does not impact outgoing SEPA transfers in euros sent to an euro account outside of your country but inside the Single Euro Payments Area
Incoming bank transfers: Free
Direct Debits: Free
Currency exchange on outgoing real time transfers between Monese Accounts, whether owned by the same user or between different users: Your money is converted at the wholesale exchange rate. An adjustment fee of 1% of transaction value is applied on the weekends i.e. Friday 4pm GMT until Monday 6am GMT).
Currency exchange on outgoing international transfers from the Monese App: Your money is converted at the wholesale exchange rate plus the currency exchange fee displayed in the Monese App before the payment is confirmed (currency exchange fees start from 2% of transaction value, minimum €2 / £2 / 8 lei). An additional fee of 1% of transaction value is applied on the weekends i.e. Friday 4pm GMT until Monday 6am GMT).
Incoming international payments: Current incoming international transfers in RON, GBP & EUR is free until 31/01/2023. This does not impact incoming SEPA transfers in euro from a euro account outside your country but inside the Single European Payment Area (SEPA).
From early 2023 we will be offering a new incoming international payments service with 30+ currencies from 150+ countries with a dedicated IBAN. This service is optional but has fees based on plans. See below:
Annual subscription fee: £10 /€10 / 60 lei)
Transaction fee for international incoming transfers: 2% (min £3 /€3.5 / 20 lei)
Card Spend
Apple/Google Pay: Free
Purchases with Monese Card (Online and POS) in card currency: Free
Purchases with Monese Card (Online and POS) in foreign currency if in Pounds sterling, Euro, Romanian lei and Swedish krona: Free, Mastercard wholesale exchange rate applies
Purchases with Monese Card (Online and POS) in foreign currency other than Pounds sterling, Euro, Romanian lei and Swedish krona: 2% per Transaction, Mastercard wholesale exchange rate applies
Withdrawals
ATM withdrawals worldwide: 2% fee per transaction
Cashback cash withdrawal in store (available for Monese GBP Account only): 2% fee per transaction
Community Updates
36 Comments
sorted byWhat's the easiest way to close your account?
i know a large percentage of their customers probably dont use the account anyway but charging for transfers in and out etc... Is just plain mad, i guess they're going broke soon as they'll have a tiny market.
No more vouchers for us ☹️ (edited)
Edit: nevermind it tells you the charge when you want to send it which was free. (edited)
They turned me down