Instant foreign currency accounts for foreign nationals

One less thing to worry about when you relocate. Sign up for your borderless account today

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Expat mobile money accounts

Moving countries can be a daunting task, even for the most experienced of expats. Whether it’s for work or pleasure, there’s plenty to think about when you relocate. There’s your visa application, work permits, tax number, travel, accommodation, registering for healthcare and more.

But perhaps the most important thing to work out is where you’ll keep your money in your new homeland. That’s where our instant foreign currency accounts can help.

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Personal money accounts for migrants and freelancers

As more and more foreign workers adopt a “digital nomad” lifestyle, traditional banks and their minimum deposit thresholds are becoming less and less attractive. Freelance work is flexible and some months may be slower or busier than others.

The Monese difference

Our instant expat mobile money accounts are a fantastic alternative to traditional banks for people on the move. They’re designed to fit flexible lifestyles like freelancers working at different companies, adventure-seekers travelling the world or foreign nationals working remotely.

Foreign currency accounts on the go

You can manage your expat money account on your phone. This means your money is always accessible, no matter where you are in the world or where you’re headed next! Count on the real exchange rate when you spend or withdraw abroad with no hidden fees. When you travel, spend, send and receive money like a true local!

Make both local or international payments without any extra fees or markups. Finally, rest easy knowing that if you ever lose your card while abroad or on a travel adventure, your money and account will stay safe. Quickly lock your card with your app for extra protection and security.

Stay on top of your money

Easily add money to your account in a variety of ways (choose the method best for you). You can also set a weekly or monthly budget to help you keep track of your money and see exactly where your funds are going with real-time notifications.

Meet Ion

“From the moment I got my Monese card, doors opened for me in London. This card and account allow me to make payments in this country, transfer money to my home country and even gave me the chance to work”.

Read Ion’s story

Foreign currency account FAQs

Want more information about our borderless accounts? We answer some of the most common questions right here. You can also check out our other FAQs or get in touch with a member of our friendly Support team if you need any more help.

What is a mobile money account?

A foreign currency account allows you to spend, transfer and withdraw money in more than one currency. You can do so from wherever you are in the world, which is why it’s also known as a borderless account. It’s perfect for expats, nomads, freelancers and foreign nationals. Those who move around regularly or have recently relocated may not be able to open traditional bank accounts, in which case our money account for migrants can be the ideal answer.

How is a Monese foreign currency account different from a regular bank account?

You can use your borderless account in many of the same ways you’d use a traditional bank account. However, there are some key differences you need to know:

We’re not classed as a bank – we’re an electronic money institution
We don’t have physical branches you can visit but there are still plenty of ways you can withdraw or add money, or get in touch
Your foreign currency account won’t have an overdraft available
Your money is protected under the EU Electronic Money Directive 2009/110/EC and the UK’s Electronic Money Regulations 2011 but not by the Financial Services Compensation Scheme
You won’t need to prove your income or credit history to sign up with us

What currencies can I use to open a borderless account?

You can open your account in GBP, EUR or RON. You can also transfer money internationally to a number of locations around the world. We can help you convert into the likes of AUD, INR, CAD and USD.

Who can open a foreign currency account?

Opening an account with a regular bank can be tricky. Often, they ask you to provide proof of address as well as a solid credit history and steady income. But whether you’re a migrant sending money home, a relocating expat or a freelancer who moves around for work, we want to help as many people as we can. To open a foreign currency account with us, you need to be:

Aged 18 or over
Living in the UK or one of the 30 countries in the European Economic Area

What do I need to open a foreign currency account?

To get started, you need to download our app. For that, you’ll need your email address and phone number. You’ll also need your ID document, such as a driving licence or passport. Once you’re set up, you’ll just need to record a quick video selfie within the app. Remember, it’s a no-proof-of-address account, so we won’t require utility bills or any such documents that might be difficult for you to get hold of.

Do I get a card with my borderless account?

Yes. We provide travel cards and debit cards for international students, expats, foreign nationals and anyone else who opens a borderless account. Activating your card is easy – you just need the last four digits of your card number – and you can use it in most places where Mastercard is accepted. That includes shopping online and in-store as well as making ATM withdrawals worldwide.

How much does it cost to use a foreign currency account?

That depends on whether you sign up to our Starter, Essential, Classic or Premium pricing plans.

Starter (£0 per month)

2% fee on card spending in foreign currencies at competitive exchange rates
Free currency transfers to other Monese accounts
2% per Transaction (additional 1% fee on weekends), for international transfers at competitive rates

Classic (£7.95 per month)

Unlimited global fee-free card spend in foreign currencies at competitive exchange rates
Free currency transfers to other Monese accounts
Fee from 0.5% for international transfers at competitive rates

Premium (£14.95 per month)

Unlimited global fee-free card spend in foreign currencies at competitive exchange rates
Free currency transfers to other Monese accounts
Free international transfers at competitive rates

Find out more about our pricing plans.

What are the benefits of foreign currency accounts with Monese?

For migrants, international students, foreign nationals and expats, money accounts are not always easy to open with traditional banks. Here are just some of the reasons why you should choose Monese as your alternative:

We’re inclusive – Open your account and get your debit card without credit checks or a fixed income
We’re easy – Keep track of your money on the go, wherever you are
We’re great value – You can open a foreign currency account for free and send money overseas at the real exchange rate
We’re safe – Protect your identity with a video selfie in the app and log in securely

Find out more about Monese.

What other products does Monese offer?

As well as our foreign currency accounts, you can set up:

A joint account with another Monese user
An instant business account
Pots to help you set money aside

Open an account with Monese today

With an instant expat mobile money account that stays with you no matter where you go, we’ll help make your next relocation less stressful. So what are you waiting for? Join Monese today for free.