Monese launches premium product

By Ryan Weeks on 21st August 2018

Challenger Banks

The new service continues a trend in digital banking.

Monese launches premium product

Mobile banking app Monese continues to expand its product set.

Just a few days after launching its free-for-a-year student accounts, the banking challenger has launched a premium service.

Monese already offers ‘free’ and ‘plus’ plans to its half a million customers. The premium plan targets international customers who move large amounts of money between countries.

Premium users get both a UK current account and a Euro IBAN account, a contactless debit card which supports Google Pay, unlimited ATM cash withdrawals internationally, free currency exchange and instant cash top-ups in over 40,000 locations. The ‘unmetered’ premium service costs £14.95 or €14.95 a month.

The existing 'plus' account, which costs £4.95 or €4.95 a month, gives users 6 ATM withdrawals a month, and includes small charges for foreign currency exchange, instant top-ups and cash top-ups.

Monese says its new premium product will suit those who transfer more than £3,000 a month internationally, international travellers who withdraw £200 or more at least 4 times a month, and families on holiday spending money on such things as car hire and restaurant bills.

Norris Koppel, CEO and founder at Monese, said in a statement: "Following the huge success of our Free and Plus plans it is incredibly exciting to now offer the new Premium plan. Users with higher levels of financial activity need absolute clarity up front without the worry of being hit with fees at the point of usage and the Premium plan does just that."

Freemium models are increasingly prevalent in digital banking. Revolut launched its premium service in March 2017 and is currently steaming towards the launch of new metal cards. German app-bank N26 launched its premium service in June.

 

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