Monese vs Starling for business banking – What’s best? Comparing fees, features, pros and cons

Last updated on 10 August 2023

In today’s digital age, businesses have more options than ever when it comes to choosing a banking partner. Two prominent players in the UK market are Monese and Starling, both offering innovative digital banking solutions tailored to the needs of businesses.

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This article aims to provide a comprehensive comparison of Monese vs Starling for business banking, outlining their pros, cons, key differences, costs, and other important considerations.

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Monese vs Starling

FeaturesMoneseStarling
Account TypesBusiness current accountSole trader, limited company, partnership accounts
Account SetupQuick and easyQuick and easy
MulticurrencyYesNo
Global AccessibilityYesLimited international reach
IntegrationsLimitedExtensive with popular accounting software
Business LoansNoYes (subject to eligibility)
Advanced FeaturesBasic functionalityReal-time notifications, expense categorisation, spending insights
Account FeesFree (with limitations)Free (without monthly fees)
Transaction FeesCharges for certain activities (e.g., international transfers)Charges for certain activities (review fee schedule)
Customer SupportAvailableAvailable
Additional ServicesPersonal accounts, expense management tools, APIsPersonal accounts, expense management tools, APIs
Monese vs Starling features compared

Please note that the information in the table is based on general knowledge and may be subject to change. It is always recommended to visit the official websites of Monese and Starling and review their current offerings and terms before making any banking decisions.

Statistics

  1. Monese:
  • As of 2021, Monese had over 2 million customers across the UK and Europe, making it one of the leading digital banking platforms in the region.
  • Monese offers its customers the ability to hold accounts in 31 different currencies, providing flexibility for businesses involved in international transactions.
  • The Monese app has received positive ratings and reviews, with an average rating of 4.4 stars on the App Store and 4.1 stars on Google Play, based on thousands of user reviews.
  • Monese has raised significant funding to support its growth and development. In September 2019, the company announced raising $60 million in Series B funding to expand its product offerings and international presence.
  1. Starling:
  • Starling Bank was founded in 2014 and has grown rapidly since then. By 2021, Starling had reported over 2 million personal and business accounts.
  • The Starling Bank app has been widely recognised for its user-friendly interface and features. It has received high ratings and reviews, with an average rating of 4.9 stars on the App Store and 4.6 stars on Google Play, based on thousands of user reviews.
  • Starling Bank has won several prestigious awards, including being named the Best British Bank in 2018, 2019, and 2020 at the British Bank Awards.
  • As of 2021, Starling reported holding over £5 billion in deposits, reflecting the trust and popularity it has gained among personal and business banking customers.

Pros of Monese

  • Easy account setup: Monese boasts a quick and hassle-free account setup process, enabling businesses to open an account within minutes, even without a UK address or credit history.
  • Multicurrency accounts: Monese allows businesses to hold multiple currency accounts, facilitating international transactions and providing competitive exchange rates.
  • Global accessibility: With Monese, businesses can access their accounts and make payments worldwide, making it an ideal option for companies with international operations.

Cons of Monese

  • Limited features: While Monese offers essential business banking features, it may not have the same level of advanced functionality or integrations as some other providers.
  • Transaction fees: Monese charges transaction fees for certain activities, such as international transfers or cash withdrawals, which could impact businesses with high transaction volumes.

Pros of Starling

  • Versatile account options: Starling offers a range of business accounts, including sole trader, limited company, and partnership accounts, catering to the specific needs of different business structures.
  • Advanced integrations: Starling has a wide range of integrations with popular accounting software, such as Xero and QuickBooks, making it easier for businesses to manage their finances and streamline bookkeeping processes.
  • Business loans: Unlike Monese, Starling provides business loans to eligible customers, offering an additional funding option for businesses in need of capital to grow or manage cash flow.
  • Competitive features: Starling offers various advanced features, including real-time transaction notifications, categorisation of expenses, and spending insights, empowering businesses to gain better control over their finances.

Cons of Starling

  • Limited global reach: While Starling provides excellent banking services within the UK, it may not have the same level of global accessibility as Monese, which could be a drawback for businesses with significant international operations.
  • Service outages: Like any digital banking provider, Starling has experienced occasional service outages or technical glitches in the past, which could impact business operations relying heavily on digital banking services.
  • Potential fees: While Starling offers free business accounts without monthly fees, there may be charges for certain services or transactions, such as international transfers or cash deposits. It’s important to review the fee schedule to understand the potential costs involved.

Monese vs Starling – Key differences

  1. Account types: Monese primarily offers business current accounts, whereas Starling provides a range of business accounts, including sole trader accounts, limited company, and partnership accounts, catering to different business structures.
  2. Integrations: Starling has an extensive list of integrations with various accounting software, making it easier for businesses to manage their finances and streamline processes.
  3. Funding options: While both Monese and Starling offer overdraft facilities, Starling goes a step further by providing business loans to eligible customers, which could be beneficial for businesses in need of additional capital.

Monese vs Starling – Costs and fees

  1. Account fees: Monese offers free business current accounts with some limitations, while Starling also provides free business accounts without any monthly fees.
  2. Transaction fees: Both Monese and Starling offer fee-free electronic payments, but additional charges may apply for international transfers or certain types of transactions. It is important to review their respective fee schedules to understand the cost implications for your specific business needs.

Monese vs Starling – Other considerations

  1. Customer support: Monese and Starling both provide customer support, but the availability and response times may vary. It is advisable to assess their customer service channels and reputation when considering your banking partner.
  2. Additional services: Apart from business banking, both Monese and Starling offer additional services, such as personal accounts, expense management tools, and APIs for seamless integration with other platforms. Evaluate these services to determine if they align with your business requirements.

Monese vs Starling – Verdict

In conclusion, Monese and Starling offer competitive digital banking solutions for businesses in the UK.

Monese excels in easy account setup and global accessibility, while Starling stands out with its account types, extensive integrations, and business loan options.

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Understanding the pros, cons, key differences, costs, and other considerations outlined in this article will help you make an informed decision based on your specific business needs.

Monese vs Starling – FAQ

Can I open a business account with Monese or Starling if I don’t have a UK address or credit history?

Yes, Monese allows businesses to open an account even without a UK address or credit history. Starling also has flexible account opening requirements, making it accessible to businesses without a UK address or credit history.

Can I hold multiple currency accounts with Monese and Starling?

Yes, Monese offers multicurrency accounts, allowing businesses to hold multiple currencies. However, Starling currently does not provide multicurrency accounts.

Are there any fees associated with Monese and Starling business accounts?

Monese offers free business current accounts, but there may be charges for certain services or transactions, such as international transfers or cash withdrawals. Starling, on the other hand, provides free business accounts without any monthly fees, but there may be fees for specific activities (refer to their respective fee schedules for details).

Do Monese and Starling offer business loans?

Monese does not currently offer business loans. However, Starling provides business loans to eligible customers, providing an additional funding option for businesses in need of capital.

Which banking platform offers more advanced integrations with accounting software?

Starling offers a wide range of integrations with popular accounting software, such as Xero and QuickBooks, making it easier for businesses to manage their finances and integrate their banking data with their preferred accounting platforms.

Can I access customer support for Monese and Starling?

Yes, both Monese and Starling provide customer support. However, response times and availability may vary, so it’s advisable to review their customer service channels and reputation.

Are personal accounts and additional services available with Monese and Starling?

Yes, both Monese and Starling offer personal accounts in addition to their business banking services. They also provide additional tools, such as expense management tools and APIs for seamless integration with other platforms.

Remember to visit the official websites of Monese and Starling for the most up-to-date information and to clarify any specific queries you may have regarding their services, fees, or account opening requirements.

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Reviewed by , Managing Director

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