Monese Ireland review: Fees, exchange rate and features

Gabrielle Figueiredo

As the world becomes more interconnected with a greater reliance on technology, the needs of people change. This is true in many areas including banking. A need has developed for online banking services that are an alternative to the traditional brick and mortar banks.

This review will focus on what there is to know about Monese in Ireland, including who they are, their plans, fees and exchange rates. We’ll also let you know about Wise as another option for making international transfers.

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Is Monese a bank?

In short, no, Monese is not your typical bank. Monese is a mobile financial services app used by millions of people across Europe. It was founded in the UK in 2015 and has since spread to other countries across the continent.

The idea behind Monese was to create a service that would allow people to open accounts instantly with minimal documentation, and be easily accessible via mobile.⁷

Monese fees and plans

Monese has three Instant account plans on offer:

  • Starter
  • Classic
  • Premium

Each plan has different monthly account fees and variations in the fees charged for local and international services. See the subscription fees associated with each plan if you were to pay monthly or annually.⁵

€0 /month€ 5.96 /month€ 14.95 /month
€ 0 /year€ 49.95 /year€ 124.95 /year

Local fees

Here’s a few of of the local fees that when you use a Monese account in Ireland.⁵

Contactless debit cardFree + €4.95 deliveryFreeFree
ATMs€1.50 fee per withdrawal€900 free 2% fee after allowance€2,500 free 2% fee after allowance
Cash top-ups3.5% fee with minimum of €3€400 free 3.5% fee after allowance€1,000 free 3.5% fee after allowance

International fees

These are some of the international transfer, transaction and withdrawal fees that apply to each of the Monese account plans.⁵

ATMs2% fee for withdrawals in foreign currency€900 free 2% fee after allowance€2500 free 2% fee after allowance
Foreign currency card spending2% feeFreeFree
Foreign currency transfersFree between Monese accounts on weekdays 1% fee on weekend 2.5% fee to non-Monese accountsFree between Monese accounts From 0.5% fee to non-Monese accountsFree

Keep in mind this table doesn’t include any fees that would be applied by other banks involved in the transfer or transaction.

Read more: Revolut fees in Ireland

Monese exchange rate

Monese converts currency using the wholesale exchange rate. For transfers between Monese accounts in the starter plan, exchanges on the weekend have an additional fee of 1% of transactional value.

For other international transfers, depending on your plan, additional exchange rate fees may apply:

  • Starter: currency exchange fees start from 2.5% of transaction value (minimum €2 / £2 / 8 lei) + 1% fee on weekend
  • Classic: currency exchange fees start from 0.5% of transaction value (minimum €2 / £2 / 8 lei)
  • Premium: money is converted at the wholesale exchange rate at no adjustment. ⁶

All this can add up, so it’s a good idea to see how much the exchange will cost you before finalising the payment.

If you want to see how the Monese exchange rate compares to another alternative service, you can take a look at the Wise currency convertor calculator. Wise converts your money using the real mid-Market exchange rate, like you see on Google, and doesn’t make money on the exchange rate.


Monese in Ireland

As of early 2022, Monese was available in 31 European countries including Ireland.¹

In Ireland there are three main products available to customers:

  • Instant accounts
  • Joint accounts
  • Pots

Monese Instant account

Depending on where you live your personal Monese Instant account is opened in Euros (EUR), British pounds (GBP) or Romanian leu (RON).²

With the account you’ll have access to a number of services and features including the following:²

  • Access to a contactless debit card that can be used internationally
  • Make SEPA payments
  • Send money internationally in 19 different currencies
  • Access to budgeting tools.

Monese Joint account

The Monese Joint account is the same as the Monese Instant account, but can be accessed by two people and you’ll get two attached debit cards.³

Monese Pots

You can open up to 10 Monese pots within your Monese personal account.⁴ Conceptually, these pots are similar to the savings accounts that traditional banks have.

One interesting feature of the Monese pots is that you can set it up so that your Instant account transactions are automatically rounded up and the difference is sent to your pot automatically.⁴

FAQ: All your questions about Monese in Ireland

How to open a new account with Monese?

To open a Monese account you just need to download the app and follow the prompts. The only things you’ll need to sign up are a phone number, ID document (e.g. passport) and email address.¹ Keep in mind that you should be a resident of the country you are applying for.

What currencies can I send money in with Monese?

At the time of publication, Monese stated that customers could send money in 19 different currencies.²

In comparison, with the Wise Account you can hold and convert more than 40 different currencies and send money to 160+ countries. And as a bonus, you can use Wise debit card in over 150+ countries. Check how it's easy to send money abroad with Wise.

Monese limits for Irish residents

Here are some of the Monese account limits that apply to an Irish Euro account.⁶

Monese limits in Ireland
Maximum Account Balance€50,000
Incoming/Outgoing SEPA Transfer (per transaction)€50,000
Incoming/Outgoing SEPA Transfer (per day)€50,000
Card Purchase (per transaction)€4,000
Card Purchase (per day)€7,000
ATM Cash Withdrawal (per day)€750
ATM Cash Withdrawal (per month)€7,500

Is Monese safe?

While Monese isn’t a traditional bank, it does still have a connection to the financial oversight of the traditional banking system. For EU users, including those in Ireland, Monese is a registered agent of PPS that is authorised and regulated by the Bank of Belgium.⁷

Monese contact in Ireland

Here’s how you can contact Monese from Ireland:

Wise as an alternative

As we mentioned, Wise is another option for international transfers in Ireland, and their equivalent is the Wise multi-currency account.

Like Monese, the set up is pretty quick with minimal documentation and the option to do it through the app. Unlike Monese, Wise doesn’t have different plans and there’s no subscription fees.


With a Wise multi-currency account you can have access to local account details in 9+ of the world's major currencies, store money in 40+ currencies and can send money to 160+ countries. Your money is exchanged using the real exchange rate and there are no hidden fees.

Your account also gives you access to a Wise debit card, that can be used around the globe and automatically converts currency when needed, making everyday spending simple.

To see how easy it can be, set aside a few minutes and sign up for a Wise Account today.

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Sources used:

Here please put all listed sources in the article above in a text link format:

  1. Monese - Opening an account
  2. Monese - Instant account opening
  3. Monese - Open a Monese joint account online
  4. Monese - Open Monese money pots
  5. Monese - Our pricing
  6. Monese - EU Personal Fees and Limits
  7. Monese - About Us
  8. Monese - Get in touch with us

Sources last checked on date: 11 March 2022

This publication is provided for general information purposes only and is not intended to cover every aspect of the topics with which it deals. It is not intended to amount to advice on which you should rely. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content in this publication. The information in this publication does not constitute legal, tax or other professional advice from Wise Payments Limited or its affiliates. Prior results do not guarantee a similar outcome. We make no representations, warranties or guarantees, whether express or implied, that the content in the publication is accurate, complete or up to date.

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