An update on how we're preparing for Brexit

With just under two months to go to the latest key Brexit date of 31 October, we want to share our plans for a more localised service across Europe

By Mathilde on September 5, 2019

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With just under two months to go to the key Brexit date of 31 October 2019, we want to update you on our Brexit preparations and our upcoming plans for a more localised service for our customers across Europe.

This includes the introduction of European account numbers (IBANs) with Monese, and direct debits with your Monese EUR account!

A globally-minded business from the start

Here at Monese, we are building a new kind of financial service – one that gives you the financial freedom to thrive anywhere.

In order to deliver on this ambition, we knew we would need to be set up to serve many customers, in many countries, around the world. Regardless of Brexit.

What does Brexit mean for Monese services?

As you might know, it is still unclear on what terms the United Kingdom will leave the EU. There is a chance that it will happen without a negotiated agreement on the key date of 31 October 2019 (i.e. commonly referred to as a ‘No Deal Brexit’).

At Monese we are fully prepared for any Brexit scenario. Our licencing partner has created a new regulated entity in Belgium. This means that Monese accounts issued to customers based outside of the UK will be transferred to this entity. This ensures Monese can continue to provide the same level of service to you after Brexit.

If you are a UK-based customer and have a Monese UK GBP and/or a EUR account, it will continue to be regulated by the Financial Conduct Authority in the UK.

With under two months to go to this key date, we want to reassure you that there will be no change to how your Monese account and card operates – carry on using your Monese card and account as normal. You do not need to do anything.

What are the benefits of a ‘more localised service’?

This move to an EU entity will allow us to introduce many more localised features and services for you. We’re very excited to share what we’ve got in store at Monese over the coming weeks!

There are two updates coming to you very soon:

  • We will be introducing Monese EU account numbers (IBANs) this Autumn
  • You will soon be able to make direct debit payments with your Monese EUR account

This Autumn, we will issue you with a new account number (IBAN) for your Monese EUR account. Your current IBAN account number will continue as normal and you can continue to receive money, transfers and payments to your current IBAN and your account. One of the benefits of your new IBAN is that you will be able to make direct debit payments with your EUR account.

We will be back in touch with more information soon regarding the introduction of new EU account numbers (IBANs).

These updates are just the start, and many more features and services are coming up in 2019. Watch this space!

Updated Terms & Conditions

We have also updated our Terms & Conditions for all customers, in order to account for regulatory changes to those of you based in the rest of Europe. You do not have to do anything in order to agree to these new Terms and Conditions. If you continue to use your Monese account or card after 30 September 2019, these new Terms and Conditions will apply to you.

We have further information about what Brexit might mean for you here and if you have any questions, please do not hesitate to get in touch with our Customer Support team.

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