UK Business Fees and Limits

UK Business Fees and Limits

Dated: 01/08/2023

Table of contents


    These fees & limits are applicable from the 1st of August, 2023.

    MONESE BUSINESS ACCOUNT

    Limits

    The limits applicable to the Business Basic and Business Plus accounts are set out in the below table.

    Business Basic
    Monese Business Account Maximum Balance: £100,000
    Cash top-up via Post Office Per transaction: Min £5 - Max £250
    Cash top-up via Post Office Per day: Min n/a - Max £1000
    Cash top-up via Post Office Per week: Min n/a - Max £2500
    Cash top-up via Post Office Per month(30 days): Min n/a - Max £10,000
    Cash top-up via Post Office Per year(365 days): Min n/a - Max £50,000
    Cash top-up via PayPoint Per transaction: Min n/a - Max £250
    Cash top-up via PayPoint Per day: Min n/a - Max £1000
    Cash top-up via PayPoint Per week: Min n/a - Max £2500
    Cash top-up via PayPoint Per month(30 days): Min n/a - Max £10,000
    Cash top-up via PayPoint Per year(365 days): Min n/a - Max £50,000
    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: Min n/a - Max £10,000
    Card Purchases Per Day: Min n/a - Max £10,000
    Card Purchases Per Month: Min n/a - Max £20,000
    Cash Withdrawal via ATM Per Transaction: Min n/a - Max £500
    Cash Withdrawal via ATM Per Week: Min n/a - Max £2,000
    Cash Withdrawal via ATM Per Month: Min n/a - Max £4,000
    Outgoing UK Faster Payment Per Transaction: Min n/a - Max £50,000
    Outgoing UK Faster Payment Per Month:Min n/a - Max £100,000
    Outgoing UK Direct Debit Payment Per Transaction: Max £50,000
    Business Plus
    Monese Business Account Maximum Balance: £250,000
    Cash top-up via Post Office Per transaction: Min £5 - Max £500
    Cash top-up via Post Office Per day: Min n/a - Max £1000
    Cash top-up via Post Office Per week: Min n/a - Max £2500
    Cash top-up via Post Office Per month(30 days): Min n/a - Max £10,000
    Cash top-up via Post Office Per year(365 days): Min n/a - Max £50,000
    Cash top-up via PayPoint Per transaction: Min n/a - Max £250
    Cash top-up via PayPoint Per day: Min n/a - Max £1000
    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 £10,000
    Cash top-up via PayPoint Per year(365 days): Min n/a - Max £50,000
    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: Min n/a - Max £10,000
    Card Purchases Per Day: Min n/a - Max £10,000
    Card Purchases Per Month: Min n/a - Max £20,000
    Cash Withdrawal via ATM Per Transaction: Min n/a - Max £500
    Cash Withdrawal via ATM Per Week: Min n/a - Max £2,000
    Cash Withdrawal via ATM Per Month: Min n/a - Max £4,000
    Outgoing UK Faster Payment Per Transaction: Min n/a - Max £50,000
    Outgoing UK Faster Payment Per Month: Min n/a - Max £100,000
    Outgoing UK Direct Debit Payment Per Transaction: Min n/a - Max £50,000

    Fees

    Your Monese Business Account is subject to the following fees. The fees detailed below relate to the 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 a Business Plus account subject to risk appetite, according to the conditions detailed below.

    Business Basic
    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: n/a
    Purchases with Monese Business Card: Free (subject to currency exchange fee, please see below)
    Incoming bank transfer(local): Free
    Incoming bank transfer(international): Annual subscription fee: £20, Transaction fees: 2% (min £4)
    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. non-pounds 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)
    Business Plus
    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: n/a
    Purchases with Monese Business Card: Free (subject to currency exchange fee, please see below)
    Incoming bank transfer(local): Free
    Incoming bank transfer(international): Annual subscription fee: £20, Transaction fees: 2% (min £4)
    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. non-pounds 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)

    Existing Monese Starter plan customer

    If you are an existing Monese Starter plan customer and would like to open a Monese Business Account, subject to complying with this Agreement, Monese will upgrade you to the Monese Classic plan at no extra charge. As soon as the funds to cover the Monese Business Account fixed monthly fee have been deposited into the Monese Business Account, both the Monese Classic account and Monese Business Account will be Active. This offer will be maintained for as long as the Monese Business Account remains Active and has sufficient Available Balance to pay the fixed monthly fee. Should the Monese Business Account become Inactive at any time, your Monese Classic plan will go back to the Monese Starter plan package, until such time that the Monese Business Account is Active again.

    Existing Monese Classic plan customer

    If you are an existing Monese Classic plan customer and would like to open a Monese Business Account, subject to complying with this Agreement, Monese will waive the Monese Classic plan monthly fee. As soon as the funds to cover the Monese Business Account fixed monthly fee have been deposited into the Monese Business Account, both the Monese Classic account and Monese Business Account will be Active with the Monese Classic plan monthly fee waived. This offer will be maintained for as long as the Monese Business Account remains Active and has sufficient Available Balance to pay the fixed monthly fee. Should the Monese Business Account become Inactive at any time, you will be charged for the Monese Classic plan fixed monthly fee of £4.95 from this account, until such time that the Monese Business Account is Active again.

    Existing Monese Premium plan customer

    If you are an existing Monese Premium plan customer and would like to open a Monese Business Account, subject to complying with this Agreement, Monese will deduct £5.00 from the total cost of the two combined accounts. As soon as the funds to cover the Monese Business Account fixed monthly fee have been deposited into the Monese Business Account, the Monese Business Account will be Active with the Monese Premium plan discounted by £5.00. This offer will be maintained for as long as the Monese Business Account remains Active and has sufficient Available Balance to pay the fixed monthly fee. Should the Monese Business Account become Inactive at any time, you will be charged a fixed monthly fee of £14.95 for the Monese Premium plan account, until such time that the Monese Business Account is Active again.

    New Monese Business Account holders

    If you are a new applicant for a Monese Business Account, you will first be required to open a Monese personal account and select the Monese Classic Account in order to benefit from the Monese Business plan offer. As soon as the funds to cover the Monese Business Account fixed monthly fee have been deposited into the Monese Business Account, both the Monese Classic Account and Monese Business Account will be Active. This offer will be maintained for as long as the Monese Business Account remains Active and has sufficient Available Balance to pay the fixed monthly fee. Should the Monese Business Account become Inactive at any time, you will be charged the Monese Classic plan fixed monthly fee of £5.95 until such time that the Monese Business Account is Active again or you may change your Monese Classic plan to the Monese Starter plan.

    Monthly fee is paid once a month in advance for the upcoming monthly fee period. The monthly fee period is 30 consecutive calendar days, based on 360 day calendar year, which means if you pay your monthly fee on February 2nd then the next monthly fee will be charged on the same day each month. If your next payment date is scheduled for a date that does not occur in a given month, you’ll be charged on the last day of that month instead. If your Monese Business Account has an Available Balance which is less than the agreed monthly fee, no monthly fee will be taken from your account. The agreed monthly fee payments and monthly fee period will recommence when your Available Balance is greater than the agreed monthly fee.

    We will deduct any taxes or charges due from the Available Balance on your Monese Business Account. If there is no Available Balance, or taxes or charges exceed the balance of funds available on your Monese Business Account we will send an invoice to you and will require you to refund us immediately after receiving the invoice. Should you not repay this amount immediately after receiving an invoice from us we reserve the right to take all steps necessary, including legal action, to recover any monies outstanding. If for any reason you don’t have enough balance on your Monese Business Account to cover the monthly fee, we will deduct the next month’s monthly fee the next time you deposit money and no monthly fee will be charged for the period when you had insufficient balance.