When youâre sending or waiting to receive money with us, you can usually expect it to arrive quickly. But sometimes, your transfer might take longer than normal to clear. This is something that comes up occasionally on our community channels, so we want to explain why your transfer may sometimes be delayed and what to do on the rare occasion this happens.
First, please know that our priority is always to protect you, your money and identity, so we follow a strict set of guidelines set out by the Financial Conduct Authority (FCA) and the National Bank of Belgium (NBB). Sometimes this can affect processing times for transfers.
How long will my transfer take?
Different types of transfers may take longer than others to clear. Hereâs how long a transfer should normally take to process:
- Transfers between Monese accounts â instant each way (including on weekends)
- Local payments between your Monese GBP account and another UK account â we support UK Faster Payments, which should be instant each way (including on weekends); BACS payments will take 3 business days to receive, and CHAPS payments will arrive in your account on the same business day if theyâre sent before 2pm
- SEPA payments between your Monese EUR account and another EUR account â next business day each way
- Local RON payments between your Monese RON account and another RON account â up to 1 business day each way
- International payments (from outside the EEA) to and from your Monese account â will depend on the country youâre receiving from or sending to
Bear in mind that when youâre sending or receiving transfers, the timings will also depend on the other bankâs or financial institutionâs processing times (and, in some cases, additional checks on our end or theirs). Many types of transfers donât get processed on weekends and public holidays, so plan for extra time if youâre making transfers on one of these days.
Why is my transfer pending?
When you have an outgoing transfer pending, youâll see it in your transactions list in the app. This could mean that we may have to run a security check before processing the payment. We do this to make sure weâre keeping you and your money safe. Sometimes transfers can take time to settle as local receiving banks and financial institutions run their own checks too, which can also end up causing slight delays.
In the case of a security check from our end, weâll reach out to you via email and may ask you for some details, such as the source of the money or reason for the transfer. Look out for our emails in your inbox â weâll always contact you on the email address registered to your Monese account, and this is the email you should always use when communicating with us to speed things along.
To help us get your transfer on its way, get back to us with the requested information and supporting documents as soon as possible as a reply to that email (donât start a new email or use a different email to get back to us as this will cause delays).
Why hasnât my transfer arrived yet?
If youâre expecting a payment thatâs taking longer than usual to appear in your account â which happens rarely â it could be because:
The payment wasnât made correctly
When youâre sending money from an EEA country, always make sure itâs a SEPA payment, as you currently canât send a SWIFT payment directly to your Monese account. SWIFT is an international payment network and a type of international transfer.
If youâre transferring money from a bank from outside the EEA, youâll need to use different account details. Youâll need to add your Monese ID as a payment reference, otherwise weâll have trouble finding your transfer. If youâve accidentally sent a SWIFT payment directly to your personal account number, wait for the funds to bounce back (this usually happens automatically) and try again using SEPA or your international bank transfer details.
The wrong account details were used
You can find your account details directly in the app, right under the balance. If you believe youâve entered the wrong account details, get in touch with our Support team through your Monese app and weâll try to help you locate your transfer.
We donât support the currency
We can only accept transfers in GBP, EUR and RON. So, if you accidentally send a payment in another currency to your Monese account, itâll automatically bounce back to the senderâs account. Unfortunately, this could take a couple of weeks. We recommend contacting the sending bank and asking them to recall the transfer to help speed this up.
We have to run a security check
From time to time, we might need to run regular checks to make sure we comply with all the regulations. This doesnât mean youâve done anything wrong â we just want to do everything to make sure weâre keeping you and your money safe. When this happens, weâll send you an email with questions and may ask for additional documents. Please get back to us as soon as possible to get the transfer going.
Transfers we donât accept
Please note that we never accept some types of transfers, and these are any transactions related to adult entertainment or cryptocurrencies. Gambling transactions, for example, wonât go through if youâre in a country where it isnât allowed. If you keep trying these sorts of transactions, you run the risk of having your account blocked or closed.
We hope this has helped you better understand some of the rules and regulations we follow, which are in place to protect you and ourselves from financial crime. At Monese, we're always working to stay ahead of criminals and illicit activity to ensure our customers' safety.
If you still have questions, get in touch with our Support team.
