Brexit is here, but we’ve got you covered
We’re fully prepared for this scenario, and there won’t be any changes to how your Monese account works
By Melissa on January 30, 2020
Today, the United Kingdom officially leaves the European Union. A period of transition will follow, where both sides will be working out their future relationship. But no matter the outcome, we’re here to remind you that we’re fully prepared. To deliver on our ambition to give you the financial freedom to thrive anywhere, we knew we’d need to be set up to serve many customers in many countries around the world — regardless of Brexit.
So whatever happens, you’ll continue to receive the same smart and connected service:
- You can continue to use your Monese account and cards.
- You can continue to send and receive money.
- You can continue to send money abroad at great rates.
- You can keep using all the Monese app features you know and love.
How is it going to affect me?
It’s important to know that there will be no change to how your Monese account and card operate. You can carry on using them as usual, and don’t need to do anything. How is Monese prepared?
We worked with our licencing partner to create a new regulated entity in Belgium. This was set up last year, and it’s meant to let us provide you with the same level of service following Brexit.
If you live in the UK and have a Monese account, it will continue to be regulated by the Financial Conduct Authority (FCA) in the UK. If you have a EUR account, you’ll keep your account number (IBAN) that starts with ‘GB’, which will continue to work just as before.
If you live in France and have a Monese EUR account, it will still have an account number (IBAN) that starts with ‘GB’ for the time being. But we’re working on delivering a much better solution here, which we'll be able to update you on soon.
If you live anywhere else in the European Economic Area, your Monese account is now regulated by the National Bank of Belgium (NBB). You should’ve already received a new account number (IBAN) for your Monese EUR account. It starts with ‘BE’, and you can use it to set up direct debits in euros! Your old account number (IBAN) still works as well.
You can always find all your account details on your Monese app: on your home screen, just select the account you want to look at and then tap on ‘Account details’.
What happens next?
The transition period is set to last through to 31 December 2020. During this time, the UK will negotiate its trade relationship with the EU, and many other countries around the world. We’ll be following these events very closely, as we work with our partners and regulators to adapt to any changes that may come our way next year.
We’ll continue to update you regularly on this, but in the meantime, rest assured that you can keep using your Monese account as you always have been. You can find more details in our Terms and Conditions. If you have any other questions about Brexit and how it will affect your Monese account, feel free to reach out to our Support team on firstname.lastname@example.org.