Formed in 2015, Monese is one of the UK’s first mobile-only banking services. Since being founded, the company has built a solid reputation as a reliable payment method. New players can open an account almost instantly, as long as they meet the criteria.
Monese is fully digital and only operates in the UK and European Economic Area (EEA). Over 3,000 new users register with the service every day, while the company also has more than one million users in total.
Officially, according to the Monese terms and conditions will not allow you to use your funds for betting. Although, if you try to deposit small amounts with a Monese card, you will probably be able to proceed. This guide will show you alternative betting payment methods, the pros and cons of using Monese and details about the app.
Best Monese Bookmakers (2022)
Betting with Monese will grant you access to offers such as welcome bonuses, high limits and low fees.
How can I bet on Monese gambling sites?
Signing up for a Monese account, is straightforward and similar to playing with other popular banking methods. Just follow the next simple steps:
- Download the Monese app.
- Tell Monese where you live and create a login code.
- Enter and verify your mobile number.
- Choose whether you want a GBP, EUR or RON account.
- Enter your home address and verify your identity.
- Once your account is verified, order your card (delivery £/€4.95).
To deposit with a bookmaker, after you create your account, go to the website’s payments section and choose MasterCard. Enter your card’s details, plus the amount you wish to deposit and confirm the payment.
Please note that due to the company’s gambling transaction rules, Monese may block your account when you try to deposit.
What are good alternatives for Monese bookmakers?
If you live in the UK, an alternative online payment method is Monzo. Elsewhere, you can use N26 - though you will pay a 3% surcharge on all gambling transactions. Revolut is also a possibility outside of the UK.
TransferWise could be another option, but the service isn’t very accommodating towards gambling transactions.
Skrill bookmakers and Neteller betting sites are better for gamblers. They are reliable and also come with perks such as VIP programs. You can also still use traditional banking services for gambling transactions such as credit/debit cards and bank transfer.
Upsides of betting with Monese
There is a great variety of perks associated with betting with Monese. These are listed below:
✔ Fast sign-up: Signing up for a Monese account is quick and painless. You only need to enter a few details and verify your identity.
✔ Account options: Monese allows you to track which sites you’ve deposited with, as well as create savings pots.
✔ Multilingual customer support: Monese’s customer support team can help you in English, German and French, as well as various other languages.
✔ Excellent transparency on fees: Monese makes it clear how much certain transactions will cost. Therefore, there are no surprises when depositing internationally.
✔ Fund your account through Paysafe: After July 2020, Monese has cooperation with Paysafe and users can buy a Paysafe voucher to fund their account. Also, they can deposit through their Paysafecard if they hold one.
Downsides of betting with Monese
Aside from the company prohibiting gambling transactions, betting with Monese has other downsides. These include:
❌ Not many bookies accept it: Since typically Monese doesn’t allow deposits on betting sites, not many of them accept it. However, quite a lot offshore bookies take Monese deposits.
❌ No banking license: Although the Financial Conduct Authority regulates Monese, it does not have a banking license and therefore, none of the perks associated with a traditional bank.
❌ Limits & fees on ATM withdrawals as well as monthly spending: Free ATM withdrawals are capped at £200 per month. Moreover, you can only spend £2,000 abroad monthly without fees.
❌ Not widely available: Monese is only available to residents in the UK and EEA. If you aren't based in one of these countries, you will have to look elsewhere.
More information for your Monese account
Monese offers three account types: Simple (free), Classic (£5.95 per month) and Premium (£14.95 per month).
Staple features are alike for all accounts, but Classic and Premium offer larger withdrawal and spending limits. You can spend up to £9,000 abroad per month and withdraw £900 monthly for free with Classic, with no limits for Premium.
To open a Monese account, you must be residing in the UK or in the EEA. Your citizenship doesn’t matter.
What about Monese fees?
Monese fees can add up fast. ATM withdrawals and foreign currency card spending, for example, comes with a 2% fee once you surpass their respective monthly limits.
Foreign currency transfers also cost 2% to non-Monese accounts (minimum fee £2). For Classic members, charges for this type of transaction range from 0.5% upwards.
Simple account holders must also pay £/€4.95 for their card's delivery.
Monese app and mobile betting
The Monese app is available on both Google Play and the App Store. You can manage your money 24/7, as well as see a breakdown of your spending habits in different categories.
Through the Monese app, it is also possible to create savings pots and better-distribute your money. Moreover, all of your different currency accounts are visible.
Is it worth betting with Monese
Monese has caught the attention of bettors since 2015. In Europe and the UK, its popularity has grown significantly. Simple sign-up and multilingual customer service are two reasons why.
Still, customers searching for a betting payment option must look elsewhere as Monese typically cannot be used for gambling. That is too much to overlook. Instead, you can rely more on more traditional banking methods, such as debit or credit cards and bank transfers.
Complete list of Monese gambling sites
Monese is a mobile banking app platform. You can use the service to spend, budget and save funds. On top of that it offers a Mastercard that can be used in every ATM.
While Monese does not hold a banking license, it is regulated by the Financial Conduct Authority (FCA).
You cannot bet with Monese, under its official policies. Attempting to do so may result in a temporary or permanent ban of your account.
Download the Monese app and fill in your name, mobile number and home address. Then, verify your identity and address and you’re good to go.
PayPal is a digital wallet, whereas Monese is a mobile bank. Their fees and services also differ slightly. Moreover, PayPal can be used for gambling, while Monese can’t.