Monese opens premium account for dual UK/EU citizens

Source: Monese

Today Monese, the globally-connected banking service for mobile people, launches free Premium current accounts for those holding dual UK/EU citizenship.

The offer provides Monese’s top-of-range Premium current accounts for free, which normally carry a monthly fee of £14.95, for the lifetime of the account, to help dual citizens and their finances stay connected to Europe. The promotion will be available until 31st March 2019.

‘Monese Premium’ gives users a dual currency current account, UK and European IBAN, that is portable across 20 European countries and available in 11 languages, as well as a range of Premium banking services entirely for free:
• A free UK current account
• A free European IBAN account
• Free contactless Mastercard debit cards for both accounts that can be used globally
• Free unlimited global ATM withdrawals
• No foreign exchange fees on ATM withdrawals or debit card spend abroad
• No foreign exchange or other fees on transfers to bank accounts worldwide, or to other Monese accounts
• Free ability to add funds quickly via bank transfer, debit card or cash top-up at nearly 40,000 Post Office and PayPoint locations across the UK
• Google Pay and (coming soon) Apple Pay
• Fast-track customer support
• App and customer service in 11 languages, from real humans
• The feature-rich Monese app
• Ability to open an account in 2 minutes with one form of ID and a video selfie
• No need for proof of local address or credit score check

Monese’s free Premium plan supports those who have completed the process of gaining dual citizenship. This process can be time-consuming, expensive and often stressful. The UK naturalisation fees for adults is in excess of £1,000 and is one of the most expensive fees compared to US, Canada or Germany.

Monese has seen a threefold increase in the demand for its dual UK and Eurozone accounts in 2018 vs 2017. According to figures from the Home Office, almost 30,000 EU nationals applied to become British citizens between June 2016 and June 2017, double the previous year. 13,000 UK citizens applied for an EU passport in the last 12 months, up 300% from the previous year, and 700% from two years ago. And according to the Irish Department of Foreign Affairs, the Irish passport applications from Northern Ireland have reached 82,300 in 2017 (up from 53,700 in 2015) and 180,000 applications since the Brexit referendum.[

Norris Koppel, CEO and Founder at Monese, says: “We are very proud to be the first current account provider to offer a premium banking service specifically for those with dual citizenship, completely free of charge. Individuals who have undergone the costly, lengthy, and often stressful, process of obtaining a dual citizenship will benefit from having a simpler way to manage their finances that’s completely free.”

“Many people will continue to travel the world, study abroad or work in another country, whatever happens on or after the key Brexit date. We know this from the threefold increase in those demanding a dual UK and European account this year. More than ever before, people need their finances to stay connected. We believe that banking should be there for them every step of the way. Our portable, dual-currency UK and European personal accounts make sure that people and their finances stay connected to Europe.”
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