UK Business Fees and Limits

Fees

Your Monese Business Account is subject to the following fees. The fees detailed below relate to the core bundle of services provided to you that are core services in relation to normal use of your Monese Business Account. Our revenue is generated by the core fees that we charge to you. The other fees are charged to you on an ad hoc basis when certain services are used/required by you on your Monese Business Account. When applying for a Monese Business Account, you will be provided with a Business Basic account which may be upgraded to Business Plus account subject to risk appetite.

Business Basic / Business Plus

Core fees‍

Monthly Fee:£9.95

‍Monese Account Opening:Free

‍First physical Monese Business Account Card:Free (free standard delivery)

‍Real time transfers between Monese Accounts:Free (no currency exchange fee applied)

‍Domestic and global transfers:Free (subject to currency exchange fee, please see below)

‍Direct Debit:Free

‍Apple/Google Pay:Free

‍Purchases with Monese Card:Free (subject to currency exchange fee, please see below)

‍Incoming bank transfer:Free

‍ATM withdrawals:6 free transactions in your monthly fee period, then £1 per withdrawal from 7th transaction. Subject to currency exchange fees, please see below).

‍Cashback cash withdrawal in store:Free

‍Checking your balance and transactions in-App:Free

‍E-mail alerts, mobile notifications, in-App and SMS messages:Free (standard operator SMS charges may apply)

‍Closing your Monese Account:Free

‍Locking and unlocking Monese Card:Free

‍Monese customer service:Free

‍Post Office cash load:£1 each

‍PayPoint cash load:2.50% (minimum £1)

Other fees

‍Additional/lost/family physical Monese card:First card free within 12 months of account opening and £4.95 for each Monese Business card thereafter

‍Money Management Features:Free

‍Currency exchange on using the Monese Business Card for ATM withdrawals and purchases in foreign currency (i.e. nonpounds sterling / non-euro):Mastercard wholesale exchange rate plus 0.5% of the transaction value

‍Currency exchange on outgoing International Payments from the Monese App:Your money is converted at the wholesale exchange rate plus the currency exchange fee displayed in the app before the payment is confirmed (currency exchange fees start from 0.5% of transaction value, minimum £2)

For residents of Ireland please note an additional tax for cash withdrawals is incurred. We debit this amount retrospectively from your account for the preceding year.

Limits

For Monese Business Account:

Subject to any further risk assessment requirements, on opening a new account, Monese Business Account Limits are set out in the table below. Please note that it may be necessary for us to set lower Monese Business Account Limits than those set out below. We can also change limits at our discretion at any time to comply with our regulatory obligations and to reduce the risk of financial crime. In the event that we lower Monese Business Account Limits, if we are able to, we will notify you of the revised Monese Business Account Limits applicable to your Monese Account.

When applying for a Monese Business Account, you will be provided with a Business Basic account which may be upgraded to a Business Plus account subject to risk appetite, according to the conditions detailed below.

Business Basic

Core limits

‍Monese Account Maximum Balance:£50,000

‍Cash top-up via Post Office Per transaction:Min £5 - Max £500

‍Cash top-up via PayPoint Per transaction:Min n/a - Max £249

‍Cash top-up via PayPoint Per day:Min n/a - Max £500

‍Cash top-up via PayPoint Per week:Min n/a - Max £2,500

‍Cash top-up via PayPoint Per month (30 days):Min n/a - Max £5,000

‍Incoming UK Faster Payment Per Transaction:Min n/a - Max £50,000

‍Incoming UK Faster Payment Per Month:Min n/a - Max £100,000

‍Incoming UK BACS payment Per Transaction:Min n/a - Max £50,000

‍Incoming UK CHAPS payment Per Transaction:Min n/a - Max £50,000

‍Card Purchases Per Transaction:Max £4,000

‍Card Purchases Per Day:Max £7,000

‍Cash Withdrawal via ATM Per Transaction:Max £500

‍Cash Withdrawal via ATM Per Week:Max £2,000

‍Cash Withdrawal via ATM Per Month:Max £4,000‍

Outgoing UK Faster Payment Per Transaction:Max £10,000

‍Outgoing UK Faster Payment Per Month:Max £100,000

‍Outgoing UK Direct Debit Payment Per Transaction:Max £10,000

Business Plus

Core limits

‍Monese Account Maximum Balance:£100,000

‍Cash top-up via Post Office Per transaction:Min £5 - Max £500

‍Cash top-up via PayPoint Per transaction:Min n/a - Max £249

‍Cash top-up via PayPoint Per day:Min n/a - Max £500

‍Cash top-up via PayPoint Per week:Min n/a - Max £2,500

‍Cash top-up via PayPoint Per month (30 days):Min n/a - Max £5,000

‍Incoming UK Faster Payment Per Transaction:Min n/a - Max £50,000

‍Incoming UK Faster Payment Per Month:Min n/a - Max £100,000

‍Incoming UK BACS payment Per Transaction:Min n/a - Max £50,000

‍Incoming UK CHAPS payment Per Transaction:Min n/a - Max £50,000

‍Card Purchases Per Transaction:Max £4,000

‍Card Purchases Per Day:Max £7,000

‍Cash Withdrawal via ATM Per Transaction:Max £500

‍Cash Withdrawal via ATM Per Week:Max £2,000

‍Cash Withdrawal via ATM Per Month:Max £4,000

‍Outgoing UK Faster Payment Per Transaction:Max £10,000

‍Outgoing UK Faster Payment Per Month:Max £100,000

‍Outgoing UK Direct Debit Payment Per Transaction:Max £10,000

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