Compare Monese and Suits Me

How do Monese and Suits Me compare?

Monese and Suits Me are two dynamic digital banking platforms offering advanced banking features designed for those unsatisfied with traditional banking methods. Both options cleanly break away from physical locations and routine banking processes, but there remain certain differences.

Monese, established in the UK in 2015, promotes inclusiveness in banking, targeting expats, migrants, and those with 'thin' credit files. It hosts a current account, budgeting tools, instant spending notifications, and global ATM usage across 14 countries worldwide in three different currencies (GBP, EUR, and RON). International money transfers are supported with competitive rates. Monese offers both personal and business accounts, a notable advantage over similar platforms.

Suits Me, on the other hand, is a recent entrant into the digital banking field, launched in 2015 to provide banking services to the underbanked. It creates an efficient bridge between employers and temporary or migrant workers who may struggle to open traditional bank accounts. Suits Me offers cashback rewards up to 12.5% when shopping with certain partner retailers, standing out from many digital banks. However, they support transactions in GBP only, limiting their international versatility compared to Monese.

In terms of user interface, both banks offer modern, user-friendly apps available on Android and iOS. In addition, both platforms provide prepaid debit cards and FSCS insurance coverage for the users' peace of mind, although it is important to note that only Monese provides contactless cards.

Overall, while both Monese and Suits Me offer quality digital banking services, the choice between them often comes down to the individual's specific needs and preferences. If one requires a broader international reach in multiple currencies and needs a business account, Monese may be the bank of choice. Conversely, for users interested in cashback benefits and banking primarily within the UK, Suits Me may be the preferred option.