Banking is tough when you're an immigrant. This app changes that

Immigrants in most countries have a host of legal impediments that make many activities more difficult, but a new app called Monese (pronounced Muh-neez) is letting immigrants bank with less hassle in the UK.

Unlike many banks that require special fees for immigrants, Monese offers low-cost international banking transactions and the option to withdraw and deposit money in multiple country. The app also claims you can open an account in under 3 minutes. Users must have a form of government-issued ID document to use the app.

Monese launched last year on Google Play, but is now available on iTunes. Monese rather excitedly announced the news via their Twitter last month:

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Monese charges users a £4.95 monthly fee for almost all of its services, though there's still the additional standard fees for currency exchange.

With Brexit the new reality for the UK, the future looks bright for Monese. As the UK begins to cut ties to the European Union, banking will likely get even more difficult for those not born in Britain.

"For Monese, it presents the opportunity to help even more people as our services will be needed more than ever before," Koppel said. "This is also confirmed by the fact that, post-Brexit, our conversion rates have doubled, as people are viewing Monese as a solution to increasingly restrictive mainstream banking across UK and Europe."

In the future, Monese plans to expand to the rest of the European Union, perhaps beyond.

"We have been building Monese with a global mindset from day one," Koppel said.