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Monese: 56,000 people on the waiting list can’t be wrong
Monese offers anyone with an address in the European Economic Area (EEA) the opportunity to open a UK bank account. As long as a user is 18 and lives in the EEA, you can apply to open an account, regardless of citizenship or nationality. The EEA has seen a huge number of migrants over the past few years and integrating into the local banking system has proven a challenge. Monese makes opening a bank account (almost) as easy as opening a social media account.
Opening a UK bank account is amazingly easy
The site is building a waiting list, so you’ll need an invite to start the account opening process. Once you have one, everything is automated. The company can verify a user’s identity — just take a picture of your ID card and a picture of yourself and the rest of the signup process is guided.
Once an account is verified by confirming various personal details (the app does not run credit checks and is open to anyone, regardless of creditworthiness) , it operates very much like a regular bank account.
If an account cannot be verified, a user can still use his/her account but on a more limited basis.
- Hold and make card payments and cash withdrawals for up to £1,750 a year
- Make card transactions and use your card to shop online for up to £700 a day
- Withdraw cash up to £300 a day
A user would have to verify his/her identity to exceed the limits mentioned above.
What services come with a Monese account?
Monese users get the benefits of a real financial app with banking services behind it.
- local and international money transfers
- debit card
- mobile app to track personal finances
- one-click sending money to friends
Most basic banking services are free. Users pay for international money transfers and using the app abroad, as well as for ATM withdrawals.
Overall, the app’s been pretty well received by the media (TheNextWeb, Business Insider). Banking apps are becoming de rigueur in the industry. Finding apps that attempt to service the unbanked is an even bigger challenge. Monese seems to be positioned well to acquire new customers who face challenges for the existing banking infrastructure.
Where to download Monese
You can download Monese here
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