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What is Monese?

Monese provides current accounts. With Monese you get the ability to shop online, receive your salary, make purchases at stores, and withdraw cash from the ATM. Monese provides you with a fully functional UK GBP account number and sort code, a Monese VISA contactless debit card, and access to speedy customer support.

If you're at least 18 years old and live in the European Economic Area (EEA), you can open an account with us, regardless of your citizenship or financial history. Yes, you read that right - all EEA residents are welcome!

Yes! That's what Monese is all about. We welcome all EEA residents, so you don't need to live in the UK to get an account with us.

Just download the Monese app from the App Store (iOS) or Google Play (Android) and it will take you through the sign-up process in as little as 120 seconds! You simply need to be ready to take a photo of your ID document (National ID card, driving license, or passport) and another of yourself (a selfie).

Your Monese ID is a unique reference number which we can use to identify your account. On Android, your Monese ID can be found in the menu upper part and on iOS, your Monese ID can be found in the upper part of the ‘Account’ tab. Please quote your Monese ID when contacting customer support.

To receive your salary simply give your employer your Monese sort code and account number and they can automatically send you your wages. On Android, your sort code and account number can be found in the menu upper part and on iOS, your sort code and account number can be found in the upper part of the ‘Account’ tab. Please notice that if you have a limited account your hold limit is £1,750. Make sure you have enough under your limit to accept transfers or get a full account first.

Right now Monese is only able to offer individual UK accounts, though we are working diligently on being able to offer business accounts in the future.

Monese does not offer direct debits or standings orders currently. We might in the future.

Account

On Android, your sort code and account number can be found in the menu upper part and on iOS, your sort code and account number can be found in the upper part of the ‘Account’ tab.

If you find a message in the app that says your account is limited, it means that we couldn't verify your identity fully and your account has certain limits. But don't worry, you can verify your account any time for free. With a limited account you can:

  • Hold and make card payments and cash withdrawals for up to £1,750 a year
  • Make card transactions and use your card to shop online for up to £700 a day
  • Withdraw cash up to £300 a day
  • Withdraw cash up to £700 a year
  • Not possible to do in-app transactions

You can verify your account in one of two ways.

Option 1: Call us on Skype! Click here and give us a call Monday through Friday 8am to 5pm. When you call make sure to have the ID document ready that you used to sign up for your account.

Option 2: Submit a proof of address. A proof of address shows your address as it is in the application, has been issued within the last months, and is in a pdf or valid image format. Please make sure that all documents submitted show the full document and the text is readable. The following documents may be accepted:

  • Utility bills - mobile bills are not acceptable
  • National ID or Driving license - address must match and we need a picture of the front and back
  • Residence permit - front and back
  • Official government letter

If you find a message in the app that says your account is full, you can:

  • Hold and make card payments and transfers for up to £40,000
  • Withdraw cash up to £300 a day
  • Make in-app transactions

To change your account information tap on 'Settings' and then on the detail you wish to change (mobile, address, email, or passcode). On Android, you can find ‘Settings' in the app’s menu, On iOS, you can find ‘Settings’ under the ‘Account’ tab.

  • Full/Verified accounts: 40,000GBP max storage limit, 300GBP daily cash withdrawal limit.
  • Limited/Unverified accounts: 1,750GBP storage limit, 700GBP daily transaction limit, 700GBP annual withdrawal limit, 300 daily cash withdrawal limit.

All Monese accounts are held in GBP. EUR accounts are in the works and will be available in the future. Please see Deposits section for more information how to receive money in other currencies.

Yes you can! To get an electronic bank statement on Android, tap on ‘Get a statement’ in the app’s menu. On iOS, tap ‘Get a statement’ in the ‘Account’ tab.

If you invite a friend through the application and they deposit funds, you are both eligible for a 5GBP reward. This 5GBP should be allocated within 48 hours after your friend who you invited has deposited funds.

NB! It is not possible to send funds to your friend from your Monese account to claim this reward, the individual invited must make a deposit of their own accord.

If your account is locked, please call +44 (0) 1706 304 001, Monday through Friday 8am to 5pm, so that a customer support specialist can assist you.

If you received a notification that your account is negative, you will need to repay the balance in order to unlock the account. The most common reasons for an account balance going negative are using your card for public transport, or because a request for payment has been delayed. If you have any questions about the negative balance, please reach out to us via the support live chat. You will not be charged any fees or penalties for negative balance.

To close your Monese account please call +44 (0) 1706 304 001 Monday through Friday 8am to 5pm

Deposits

There are three main ways to deposit money into your Monese account:

  1. Cash
  2. UK bank transfers
  3. IBAN transfers

Cash deposits:
To deposit cash simply go to any Paypoint location in the UK (PayPoint) and hand the clerk your Monese VISA debit card and the cash. The clerk will swipe your card, take the cash, and then the funds will be available on your Monese account instantly; ready to use in anyway you need.

UK payments:
To deposit into your Monese account from another UK bank you simply need to enter your Monese account number and sort code.

IBAN transfers:
See the section below

Monese is currently unable to accept cheque deposits.

You can pay into your Monese account from outside the UK using the Monese IBAN details below. Please be aware we currently only accept GBP and EUR currencies. EUR payments will be converted into GBP at the mid-market rate when funds arrive.

PLEASE NOTE: To use this method you must ensure that your Monese ID is included as a reference when the payment is made. It enables us to ensure the money reaches your account.

Mandatory fields

Recipient / Beneficiary: Monese Ltd
IBAN: EE047700771001660150
BIC/SWIFT: LHVBEE22
Comment / Reference to beneficiary / Reference: (Your Monese ID e.g. M12345)
You can find your Monese ID inside your Monese app. For Android under the upper menu, and for iPhone it's under "Account"

Optional fields

Bank Address: Tartu mnt 2, 10145, Tallinn Estonia
Bank Name: AS LHV Pank

  • Full/Verified accounts: 40,000GBP max storage limit, 300GBP daily cash withdrawal limit.
  • Limited accounts: 1,750GBP storage limit, 700GBP daily transaction limit, 700GBP annual withdrawal limit, 300 daily cash withdrawal limit.
  • Monese to Monese: you will receive the money immediately
  • Payments you receive from UK to your account: once we receive the money we put it on your account immediately, also on weekends. Please be aware that if the sender used Faster Payment to make the payment it will take a few hours and with BACS payment 3 business days to reach us.
  • Payments received to our IBAN account: once we receive the money we put it on your account at 8am, 11am and 5pm Monday through Friday. Euro currency payment received from SEPA region normally arrives us the next business day. Payments from other countries or in other currencies may take longer
  • Monese to Monese payments are instant.
  • UK faster payments arrive on your account in a few hours.
  • UK BACS payments take 3 working days.
  • We don't accept CHAPS payments.

Payments

UK payments: below are times when payment is normally received by the other party. The actual delivery time depends on processing times of the receiving bank which we unfortunately can not control.

  • payment before 9.30am on a business day - the same day morning
  • payment between 9.30am and 2pm on a business day - the same day afternoon
  • payment before 4.30pm on a business day - morning of the next business day
  • payment on weekends and banking holidays - next business day

International payments: below are times how long it normally takes for the transfer to arrive. The actual delivery time may sometimes vary as it depends on the processing times of the receiving bank which we unfortunately can not control.

  • payments made on business day before 4pm: EUR, PLN and NOK currencies 2 business days, DKK and SEK 3 business days.
  • payments made on business day after 4pm, weekends and banking holidays: EUR, PLN and NOK currencies 3 business days, DKK and SEK 4 business days.

You can pay contactless for purchases up to £30

It is not possible to pay at the pump with Monese card. Monese does not offer direct debits or standings orders currently. We might in the future.

National Express is currently unable to accept online payments from Monese. To order a bus ticket through National Express you can order over the phone. If you have made a payment to National Express and not received your ticket, please contact their customer support and ask them to send support@monese.com an email in regards to a 'shadow payment'. Once this email is received from National Express we will be able to release the funds back onto your account.

Monese Card

The Monese VISA debit card has the same functionality as any other debit card. With Monese you can shop online, make debit card purchases, make ATM withdrawals anywhere in the world, and much much more.

The PIN code is available inside your app. *On Android*, tap on “Debit card” from the app’s menu and then choose ‘View card pin’. *On iOS*, visit the ‘Card’ tab and tap on ‘View card pin’.

Once you have opened your account you can order the world famous contactless Monese debit card within the 'Card' area of the Monese app. When you order the card you will need to confirm the delivery address you'd like the card to be sent to. In most cases your Monese card will arrive at your address within 3 to 5 business days.

The card can be activated inside your Monese app. You can also find step-by-step instructions for the activation here

Yes you can! To block your card On Android, tap on ‘Debit card’ from the app’s menu and then choose ‘Block card’. On iOS, visit the ‘Card’ tab and tap on ‘Block card’. You can always unblock your card after blocking it.

The reason is that your account is limited/unverified, if your account is limited click here and see how to verify it.

When you go to a website that is using verified by VISA, the site will prompt you to sign up with the program before making the transaction. The site will guide you through the sign up process.

You can refuse to sign up for 4 first transactions on sites that require verified by VISA, after that it is mandatory to sign up with the program.

Please contact our customer support over phone on +44 1706 304001 (UK), in app chat or over email support@monese.com

On the verified by VISA site, that pops up when starting to make the payment, there is a link “Forgot your password?”, you can reset your password by clicking on the link. The site will guide you through the resetting your password.

  • Never share your app password with anyone.
  • Use an email address that only you are using and have access to.
  • Never give your card PIN to anyone else.
  • Never give your full card number, expiry date and CVV number to anyone, as this is your way to authorise online payments.

Pricing

Our current accounts give you everything you need to manage your money - for the simple, predictable price of £4.95 per month. You can receive your salary, send and receive payments globally, deposit cash, shop online or in store globally and review your spending. Find out more about our pricing here.

We are committed to fairer finance for all, we simply deduct £4.95 direct from your Monese account balance once a month. If for any reason you don’t have enough balance on your account to cover the monthly fee - we won’t close your account, or lock any features , we will just deduct £4.95 the next time you deposit money. Find out more about our pricing here.

Security

Monese is registered by the UK Financial Conduct Authority (FCA), with a registration number 900188, and we have built our systems using the latest cloud technologies that help us safeguard your funds and data. We are required to keep our customers’ deposits in segregated and safeguarded accounts in strong European banks, and cannot reinvest any of our customers’ money. That is how we make sure that even in the unlikely event that something should happen to Monese, you will get 100% of your money back.

Your funds are indirectly covered by the Financial Services Compensation Scheme via the banks we partner with in the UK. In addition all Monese customer funds are stored in a ring-fenced, protected account. In the unlikely event Monese folds we cannot touch your funds and all of your money will be refunded to you. So with Monese there is no bankruptcy risk compared to a traditional bank scenario. Your money is always safe.

We do not recommend doing this. You can put yourself at a very high security risk when doing so.

You may end up becoming a victim of fraud. Signing into someone else's device will be treated as gross negligence of your account and you will not be refunded for any loss occurred due to this.

Monese supports iOS and Android devices please make sure you always use your own phone to access your account.

No, you should never allow access to your Monese account or share your passcode with anyone. This will be treated as gross negligence and you will not be refunded any financial loss caused by this.

We do not recommend doing this as any financial loss caused by it will not be refunded. Contact our support team to discuss other options.

No, you can download Monese for free on your own device. Do not allow anyone else to open it for you. You may become a victim of fraud and you may be charged fees by the company which are not from Monese. We will not refund any fees issued by other third parties

If you know of anyone offering this to you please advise us immediately.

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