UK newcomer Monese aims to outpace the long-winded process foreign residents endure when opening a bank account in the country.

Users download an Android app and then start the sign-up process, which involves taking a photo of their ID document and a selfie. Both are uploaded to Monese which promises “a fully-functioning UK current account in a matter of minutes”.  Initially, the firm is only targeting those on its invite list.

Trying to open a bank account with one of the traditional high-street banks in the UK can be a tribulation for a foreigner, thanks to restrictions imposed by the banks.

However, not everyone can apply for Monese’s new account. The firm’s website stipulates the service is open only to those at least 18 years of age who already live in the EU. In other words, Monese is interested in attracting non-UK EU residents moving to the country.

The firm does say credit history need not rule out applicants. “We don’t run credit checks, so you can have an account with us whatever your financial history”, says its website. The firm’s algorithim decides on whether or not to accept a user based on their ID document, selfie and other, unspecified, data points.

And, even those users whose identity is unverified through their ID can still open an account but on a restricted basis.

A full account offers a range of services similar to a conventional bank account, including local and international money transfers, a Visa-backed debit card for purchases and cash withdrawals, and a mobile banking app. The debit card is suitable for contactless payments, with no mention of using NFC-enabled smartphones.

Although the basic Monese account is free, users have to pay for international transfers where it charges 0.5 per cent (£1 minimum) of the transaction amount. And the firm reserves the right to introduce charges down the line. Its model will be based on a set of “free essentials and paid extras”.

But in other ways Monese is not like a traditional bank. For instance, it does not pay interest to its account holders. This is because it is not really a bank (it does not hold a UK banking licence). Instead it is licensed at the EU level as a so-called electronic money institution, which limits the range of services it offers.