Dated 16th July 2018 – Effective immediately for new users.
Monese Ltd (“Monese”) is a business registered in the United Kingdom with company number 8720992 and head office at 85 Great Portland Street, London, W1W 7LT. Monese is registered with the Financial Conduct Authority (“FCA”) under the Electronic Money Regulations 2011 (FRN 900188) as a small electronic money institution) for the issuing of electronic money and provision of payment services. Your Monese Card and any e-money issued to you is issued by PrePay Technologies Ltd (“PPS”) pursuant to a licence granted by Mastercard International. PPS is authorised by the FCA under the Electronic Money Regulations 2011 (FRN: 900010) for the issuing of electronic money and provision of payment services. Monese has been appointed as an agent of PPS. This Agreement is between us and you, the Monese Account Holder. Mastercard is a registered trademark, and the circles design is a trademark of Mastercard International Incorporated. Your Monese Account and Monese Card may be distributed by a third party on our behalf.
The Monese Account Agreement Please read this Agreement carefully before using your Monese Account or activating your Monese Card or using any of our services. This information forms the Agreement for your Monese Account including any associated Monese Card and payment services that we may provide to you. By confirming that you accept the terms of this Agreement, or by using your Monese Account or activating your Monese Card and/or using our services, you accept this Agreement. If there is anything you do not understand, please don’t hesitate to contact Customer Services using the contact details in paragraph 21 of this Agreement.
Defined Terms A list of all defined terms used in this Agreement can be found at paragraph 22 below.
For Monese UK Account:
Subject to any further risk assessment requirements, on opening a new account, Monese Account Limits are set out in the table below. Please note that it may be necessary for us to set lower Monese 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 Account Limits, if we are able to, we will notify you of the revised Monese Account Limits applicable to your Monese Account.
When applying for a Monese Account, you can choose your package between Starter and Plus that is right for you in the Monese App and can change between your package, according to the conditions detailed below.
|Monese Account Maximum Balance||£ 40,000||£ 40,000||£ 40,000|
|Cash deposit via Post Office||Per transaction||£5||£500||£5||£500||£5||£500|
|Cash deposit via PayPoint||Per transaction||n/a||£249||n/a||£249||n/a||£249|
|Per month (30 days)||n/a||£5,000||n/a||£5,000||n/a||£5,000|
|Top up via debit card||Daily||£10||£1,500||£10||£1,500||£10||£1,500|
|Incoming UK Faster Payment||Per transaction||n/a||£ 40,000||n/a||£ 40,000||n/a||£40,000|
|Per day||n/a||£ 40,000||n/a||£ 40,000||n/a||£40,000|
|Incoming UK BACS payment||Per transaction||n/a||£ 40,000||n/a||£ 40,000||n/a||£40,000|
|Per day||n/a||£ 40,000||n/a||£ 40,000||n/a||£ 40,000|
|Card purchases||Per transaction||£ 4,000||£ 4,000||£ 4,000|
|Per Day||£ 7,000||£ 7,000||£7,000|
|Cash withdrawal via ATM||Per day||£300||£300||£300|
|Outgoing UK Faster Payment||Per day||£ 40,000||£ 40,000||£ 40,000|
|Outgoing UK Direct Debit payment||Per day||£ 40,000||£ 40,000||£ 40,000|
For all customers holding a Monese Eurozone Account:
When applying for a Monese Eurozone Account, you can choose your package between Starter and Plus that is right for you in the Monese App and can change between your package at anytime. Please note indicated limit changes for the Starter Package will apply after the introductory period.
|Monese Account Maximum Balance||€10,000||€50,000||€50,000|
|Incoming SEPA transfer||Per transaction||n/a||€50,000||n/a||€50,000||n/a||€50,000|
|Card purchases||Per transaction||€4,000||€4,000||€4,000|
|Cash withdrawal via ATM||Per day||€350||€350||€350|
|Per month||€1,000 in France only||€1,000 in France||€1,000 in France|
|Outgoing SEPA transfers||Per transaction||€3,000 in France||€3,000 in France||€3,000 in France|
|Top up via debit card||Daily||€10||€1,500||€10||€1,500||€10||€1,500|
|Type of Transaction||Timescale|
|An outgoing transaction from pound sterling to euro or vice versa||If your payment order is received by us by 2pm on a Working Day the payment will be made by the end of the next Working Day|
|Any other outgoing transaction||If your payment order is received by us by 2pm on a Working Day the payment will be made by the end of the fourth Working Day|
|Incoming payment||Funds will be added to your Monese Account the same Working Day we receive the funds|
|Monthly fee||Free||£4.95 / €4.95 for operating any number of Monese Accounts (for example if you hold a Monese Plus UK Account and Monese Plus Eurozone Account as well, you will only pay £4.95 / €4.95 in total) After paying your first monthly fee when joining Monese Plus UK there is no monthly fee payable if your account is empty.||£14.95 / €14.95 for operating any number of Monese Accounts (for example if you hold a Monese Premium UK Account and Monese Premium Eurozone Account as well, you will only pay £14.95 / €14.95 in total) After paying your first monthly fee when joining Monese Premium UK there is no monthly fee payable if your account does not contain funds.|
|Monese Account opening||Free||Free||Free|
|Virtual Monese prepaid card||£4.95 / €4.95 (free instant delivery)||Free (free instant delivery)||Free (free instant delivery)|
|First physical Monese Card with your Monese UK Account or Monese Eurozone Account||£4.95 / €4.95 (free standard delivery)||Free (free standard delivery)||Free (no currency exchange fee applied)|
|Real time transfers between Monese Accounts||Free (subject to 1% currency exchange fee applied on top of wholesale rate)||Free (no currency exchange fee applied)||Free|
|Domestic and global transfers||Free (subject to currency exchange fee, please see below)||Free (subject to currency exchange fee, please see below)||Free|
|Direct Debit (available for Monese UK Account only)||Free||Free||Free|
|Purchases with Monese Card||Free (subject to currency exchange fee, please see below)||Free (subject to currency exchange fee, please see below)|
|Incoming bank transfer||Free||Free||Free|
|Incoming EEA Consumer Debit Card transfer||0.35% of load||0.35% of load||Free|
|Incoming International Debit Card transfer||2.5% of load||2.5% of load||Free|
|ATM withdrawals||£1 / €1 per ATM withdrawal (subject to currency exchange fees, please see below)||6 free transactions in your monthly fee period from your UK and Eurozone account combined (£0.50 / €1 per withdrawal from 7th transaction until the 20th March 2018 at which point additional withdrawals will be charged at £1 / €1. Subject to currency exchange fees, please see below).||Free|
|Cashback cash withdrawal in store (available for Monese UK Account only)||Free||Free||Free|
|Checking your balance and transactions in App||Free||Free||Free|
|E-mail alerts, mobile notifications, in-App and SMS messages||Free (standard operator SMS charges may apply)||Free (standard operator SMS charges may apply)||Free (standard operator SMS charges may apply)|
|Closing your Monese Account||Free||Free||Free|
|Locking and unlocking Monese Card||Free||Free||Free|
|Monese customer service||Free (in-app only service)||Free (priority service)||Free|
|Post Office cash load (available for Monese UK Account only)||2% (minimum £2)||£1||Free|
|PayPoint cash load (available for Monese UK Account only)||3.50% (minimum £3)||2.50% (minimum £1)||Free|
|Additional/lost/family physical Monese card||£4.95 / €4.95 card fee plus £4.95 / €4.95 standard delivery||£4.95 / €4.95 card fee (free standard delivery)||£4.95 / €4.95 card fee (free standard delivery)|
|Credit Builder (available for Monese Plus UK Account only)||Not available||Free||Free|
|Money Management Features||Free||Free||Free|
|Currency exchange on using the Monese Card for ATM withdrawals and purchases in foreign currency (i.e. non-pounds sterling / non-euro)||Mastercard wholesale exchange rate plus 2% of the transaction value (minimum £2 / €2 on ATM withdrawals)||Mastercard wholesale exchange rate plus 0.5% of the transaction value||Mastercard wholesale exchange rate|
|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 2% of transaction value, minimum £2 / €2)||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 / €2)||Your money is converted at the wholesale exchange rate|
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.
We may block or stop your Monese card if: We believe this is necessary for security reasons,
Mastercard is a registered trademark and the circles design is a trademark of Mastercard International Incorporated.