Summary: Although Monese Bank does not allow customers to buy cryptocurrencies directly, it does support transactions made through trading platforms that are approved by the Financial Conduct Authority (FCA). Selecting a digital exchange that accepts deposits in British pounds is essential to avoid incurring extra currency conversion fees. 

After thorough research, we selected eToro as the best option for Monese Bank account holders. It is governed by the FCA and offers a safe, reputable, and legal trading environment with access to a wide range of assets, including more than 3,000 coins, stocks, and ETFs. The platform also permits deposits in GBP using multiple payment channels.

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Can I Buy Bitcoin with Monese Bank?

Certainly, Monese Bank allows customers to transfer British pounds to cryptocurrency platforms based in the UK. Following a successful transfer, Bitcoin, Solana, Tether, and numerous other tokens can be easily acquired or traded. However, it’s important to remember that the bank doesn't offer an integrated feature for direct trading. To ensure a safe investment experience, we advise using an FCA-regulated exchange.

How to Buy Crypto Using Monese Bank

Investors interested in purchasing cryptocurrencies like Ethereum can quickly transfer funds from Monese to an exchange. eToro remains our top pick for this purpose, operating under FCA supervision and offering a wide range of digital currencies, stocks, ETFs, and other investment options. Instant GBP deposits are available via bank transfers, FPS, credit cards, and more.

Start trading over 3000 assets on eToro by following these four steps:

  1. Sign Up: Use your email to create a free eToro account and verify your identity.
  2. Connect Account: Click the "Deposit Funds" button, selecting "GBP" as your deposit currency.
  3. Add Funds: Choose a preferred payment method and transfer funds from your Monese account.
  4. Purchase Crypto: Following the deposit, search for your preferred coin and purchase it to finalise the transaction.
How to Buy Crypto Using Monese Bank.
How to Buy Crypto Using Monese Bank.

Monese Bank's Cryptocurrency Policy

Monese Bank maintains a forward-thinking stance regarding decentralised finance, adhering to all applicable legislation. It supports customers in exploring the potential of secure digital currency platforms. Our suggested exchange, eToro (UK) Ltd., is a suitable option for this purpose as it is regulated by the Financial Conduct Authority (FCA) under Company No. 07973792. Its registered office at One Canada Square, Canary Wharf, London E14 5AB.

Digital Asset Investment Fees

Understanding the fee structure of exchanges is crucial for efficient investment and trading. Potential fees faced when considering virtual currency exploration include:

  • Trading Spreads: These are costs associated with buying and selling assets. For example, eToro requires varying spreads, typically less than 1% for cryptocurrency transactions.
  • Deposit Fees: Depending on the method used, users face potential fees for depositing GBP. Our research indicates bank transfers and Faster Payments are the most efficient.
  • Withdrawal Fees: Prices vary based on the token. Generally, platforms charge 0.0005 BTC when Bitcoin is withdrawn.

Thanks to eToro’s vast coin range and competitive fee structure, it makes for a viable choice for Monese Bank customers requiring the most cost-effective investing experience.

What is Monese Bank?

Monese Bank, established in 2015 by Norris Koppel, was developed in response to the challenges many face in opening traditional bank accounts due to residency restrictions or a lack of local credit history. Recognised as one of the first mobile-only banks in the UK, it provided a simple, fast, and inclusive alternative, allowing people to set up a bank account in a matter of minutes.

The platform offers a range of financial services, including personal and business accounts, international money transfers, and budgeting tools. Its real-time notifications, spending insights, and the ability to hold multiple currency accounts have appealed to a diverse set of customers, especially among expatriate and immigrant communities. With its focus on providing seamless, borderless banking, Monese successfully stands out in an increasingly crowded fintech space.

Monese Bank.
Monese Bank: Home Page.

Final Thoughts

In conclusion, Monese Bank provides its customers with a simple pathway to the digital asset marketplace. By allowing transactions to FCA-approved platforms like eToro, the bank ensures a secure and legitimate investment experience across virtual currencies, stocks, and ETFs. Given the exchange’s competitive fees and support for GBP deposits, it presents a compelling option for UK customers curious about entering the crypto landscape.