Banking app Monese launches “first” cross-border joint account in Europe
Banking app Monese has launched a joint account service in the UK which it says is the “first cross-border joint account” to land in Europe.
The shared account number means two UK Monese customers can both get paid into one joint account directly, as well as set up direct debits to pay bills, access Apple or Google Pay and set up monthly spending budgets informed by analytic data.
Customers have to be European Economic Area (EEA) nationals and already have a Monese personal account wired up to PayPal to be eligible for the new joint account.
“[Joint accounts] are a crucial financial tool for many, and should easily fit around our modern ways of living and working,” says Monese CEO Norris Koppel.
“With traditional banks, opening a joint account can be a hassle for customers, who often have to endure lengthy processes and unnecessary red tape,” Koppel adds.
Monese says its version of a joint account is “free” and “instant” transfers between EUR or GBP currencies as well as globally, and there are no monthly fees to open one.
There is a £200 per month cap on fee-free ATM withdrawals, and a £2,000 per month cap on fee-free global spending. The contactless debit Mastercard which comes with the account does cost £4.95 to get delivered.
Working on a referral basis which emulates Monzo’s referral success, Monese customers can get “up to £20” in referral bonuses for recommending the banking service to friends, family and colleagues.