Monese Business Bank Account Review US (2023)

Mike Renaldi

The Monese business bank account is a banking product made for keeping personal and company finances separate.

In this review, we’ll take a look at the features of Monese for business, as well as its pros and cons. We’ll also give you a rundown of the Wise Business account and how it can help you get paid and save on currency transfers.

Do you need a business account to make easy domestic and overseas transfers?

Join Wise Business today >>

Can you use Monese for a United States business bank account?

No, Monese does not offer business banking in the United States.¹ ² However, they do offer a suite of personal banking products for individuals based in the UK and Europe and business accounts for UK-registered businesses only.

Monese Business Alternatives for US Businesses

Monese is good, but there are some great options out there for US businesses. Here are five good alternatives:

Wise Business

Want to go even more global? Wise Business is a great alternative to Monese. It offers a business account, low-cost international payments and money transfers, and the ability to manage all your every day business needs.

When comparing Monese and Wise, Wise uses the mid-market rate - the real exchange rate - to convert your money. This means you get more of your money when sending or receiving payments in a different currency.

What’s more, Wise accounts are available in most countries around the world (rather than just the EEA!) and you can open an account to hold 50+ currencies in one place.


Fee TypeWise Business Transparent Fees
Monthly feesNo
Opening balance requirementNo
Opening cost on US accountNo (Price in other locales may vary)
Sending money across currenciesFrom 0.41%
Receive money across currenciesOne-time fee of 31 USD and then free in 10 major currencies (USD, EUR, GBP, CAD, AUD, and more)


Another business account provider worth considering is PayPal. It’s great for managing payments and funds, allowing you to accept payments from customers in more than 200 countries around the world. PayPal also makes it easy to send invoices and track payments, so if you’re looking for a reliable way to manage your finances, this could be a good option.

Meet Wise Business: A great PayPal alternative

Cash App for Business

A Cash App business account is a great choice if you’re looking for an easy and secure way to manage payments. While traditional Cash App accounts work on a peer-to-peer basis, the Cash App business account allows you to accept payments from customers with a QR code or $Cashtag.

You can also benefit from no limits on incoming payments and tools like tax documentation to help manage your money. But here’s the catch - there isn’t an option for overseas payments outside the UK.


Payoneer is the right account if you’re looking for a merchant-type business account. Similarly to Cash App, they allow customers to pay businesses using various methods. The platform is best used for low-cost transfers and freelancers and small businesses that aren’t looking for a POS system.

Their network is huge - you can make payments in 200+ countries and territories, but paying non-Payoneer customers will cost you. Businesses any larger may also find the platform limiting as there aren’t any advanced payment features.

Revolut Business

Revolut is a digital banking platform that offers business accounts. With Revolut, small businesses can both receive and send domestic and international payments. Revolut also provides a competitive mid-market exchange rate for payments.

While the primary bank account is free with Revolut, there are several paid options for increased features and access depending on the size of the business and type of transaction, starting from $39.99 and upwards³. Revolut also features integrations with QuickBooks and Xero, similar to Wise, for additional bookkeeping and financial management.

What is the Monese Business Bank Account?

If you are outside the US, the Monese Business Bank Account is an option designed specifically for small businesses, freelancers, and entrepreneurs who need an efficient way to manage their money.

It comes at a flat fee of £9.95 a month with a range of features including⁴ ⁵:

  • Personal Classic account
  • Transaction categorization
  • Direct Debits set-up to make free payments via the UK Faster Payments network
  • Free incoming international transfers
  • In-app invoice creator
  • Biometric login
  • Multilingual support team
  • International payments in multiple currencies to save money on conversion rates
  • Contactless Mastercard debit card

While you’ll likely start off with a Business Basic account, you can eventually upgrade to a Business Plus account for higher limits.

How to sign up and where it is offered

Signing up with Monese for business is simple - as long as you’re in one of the 31 countries in the European Economic Area (EEA). You can start the process on their website on their business account page or simply download the app on your phone.

If you’re on a browser, click “Sign Up” and you’ll be prompted to let them know the country you’re based in. Afterward, a QR code will show up so you can scan it and download the Monese app.

Once you’re on the app, you’ll have to start by opening a personal account (it’s required for a business account). Follow all the steps and make sure you have your photo ID ready. You’ll also likely have to record a short video of yourself or take a selfie for identification purposes. On the other hand, you won’t be required to have any other documentation or have to do a credit check.

Done? Add your business account through the app menu and follow the steps again. The business account may take a little longer to process in comparison to the personal account. And don’t forget, you can only register for a business account if yours is registered in the UK (but you can live anywhere in the EEA)⁶.

Can you use Monese Business Bank to send money to the United States?

Yes, you can use Monese to send money to the United States⁷. All you need to do is head to the payments section. Start by clicking “New Payment” to create a new payee and input their details. Choose the currency you want to send and how much, and you’ll see all the final numbers and the currency conversion.

No matter what currency you’re sending, your money will be converted using the Monese exchange rate. Any applicable fees will also apply and be visible to you before you submit the transfer. It’ll take up to three working days for the transfer to go through, but this can depend on holidays and the receiving bank’s processing times.

Pay invoices and save
with Wise Business >>

Monese Business Account Limits

Monese’s business account has a few limits. Most importantly, keep in mind that the company limits what types of businesses can open an account. High-risk businesses like those in cryptocurrency trading, gambling, weapons trading…etc. will not be able to create one⁹.

You can also only have one business account per Monese user ID — so if someone else in your organization already has an account, you won’t be able to register for another. The maximum balance of your account when you first open it will be £50,000, but you can apply for a limit of £100,000 after 3 months⁸ ¹⁰.

Finally, there are limits like any other account on cash withdrawal, adding cash, card payments, and more, depending on where you live. These limits may seem restrictive if you’re running a larger business, but they shouldn’t be a problem for most small businesses.

Make international business easy with Wise.

Wise makes it easy for businesses to go global with low fees and all the tools ready to help your business run efficiently.

Make payments or send money at competitive mid-market rate. If you’re a larger business, you can make up to 1000 payments at once with batch payments.

Receive payments at low rates and for free in certain currencies (after paying 31 USD for local account details in GBP, EUR, USD, CAD, AUD, and more you can get incoming payments without any additional fees).

Join Wise Business today >>



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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