Dated 20th December 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 Ltd is a registered agent of PrePay Technologies Ltd (“PPS”) which is an electronic money institution authorised by the Financial Conduct Authority under the Electronic Money Regulations 2011 (900010) for the issuing of electronic money and payment instruments. Your Monese Card and any e-money issued to you is issued by PPS pursuant to a licence granted by Mastercard International. 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 Personal Account Agreement
Please read this Agreement carefully before using your Monese Personal Account (“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, Plus and Premium that is right for you in the Monese App and can change between your package, according to the conditions detailed below.
STARTER | PLUS | PREMIUM | |||||
---|---|---|---|---|---|---|---|
Monese Account Maximum Balance | £ 40,000 | £ 40,000 | £ 40,000 | ||||
Minimum | Maximum | Minimum | Maximum | Minimum | Maximum | ||
Cash top-up via Post Office | Per transaction | £5 | £500 | £5 | £500 | £5 | £500 |
Cash top-up via PayPoint | Per transaction | n/a | £249 | n/a | £249 | n/a | £249 |
Per day | n/a | £500 | n/a | £500 | n/a | £500 | |
Per week | n/a | £2,500 | n/a | £2,500 | n/a | £2,500 | |
Per month (30 days) | n/a | £5,000 | n/a | £5,000 | n/a | £5,000 | |
Top up via debit card | Daily | £10 | £300 (total of 2 top-ups) | £10 | £300 (total of 2 top-ups) | £10 | £300 (total of 2 top-ups) |
Monthly | £10 | £600 (total of 10 top-ups) | £10 | £600 (total of 10 top-ups) | £10 | £600 (total of 10 top-ups) | |
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 Personal Eurozone Account:
When applying for a Monese Personal Eurozone Account, you can choose your package between Starter, Plus and Premium that is right for you in the Monese App and can change between your package at anytime.
STARTER | PLUS | PREMIUM | |||||
---|---|---|---|---|---|---|---|
Monese Account Maximum Balance | €10,000 | €50,000 (€10,000 in France) | €50,000 (€10,000 in France) | ||||
Minimum | Maximum | Minimum | Maximum | Minimum | Maximum | ||
Incoming SEPA transfer | Per transaction | n/a | €50,000 (€10,000 in France) | n/a | €50,000 (€10,000 in France) | n/a | €50,000 (€10,000 in France) |
Per day | n/a | €50,000 (€10,000 in France) | n/a | €50,000 (€10,000 in France) | n/a | €50,000 (€10,000 in France) | |
Card purchases | Per transaction | €4,000 (€3,000 in France) | €4,000 (€3,000 in France) | €4,000 (€3,000 in France) | |||
Per day | €7,000 | €7,000 | €7,000 | ||||
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 | |||
Per day | €50,000 (€10,000 in France) | €50,000 (€10,000 in France) | €50,000 (€10,000 in France) | ||||
Top up via debit card | Daily | €10 | €300 (total of 2 top-ups) | €10 | €300 (total of 2 top-ups) | €10 | €300 (total of 2 top-ups) |
Monthly | €10 | €600 (total of 10 top-ups) | €10 | €600 (total of 10 top-ups) | €10 | €600 (total of 10 top-ups) | |
Top up via sofort | Daily | €10 | €300 | €10 | €300 | €10 | €300 |
Monthly | €10 | €600 | €10 | €600 | €10 | €600 |
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 |
STARTER | PLUS | PREMIUM | ||
---|---|---|---|---|
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 | |
First physical Monese Card with your Monese UK Account or Monese Eurozone Account | Free (£4.95 / €4.95 delivery fee applies | Free (free standard delivery) | Free (free standard delivery) | |
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 (no currency exchange fee applied) | |
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 | |
Apple/Android pay | 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) | Free | |
Incoming bank transfer | Free | Free | Free | |
EEA Consumer Debit Card top-up | 0.35% of top-up | 0.35% of top-up | Free | |
International Debit Card top-up | 2.5% of top-up | 2.5% of top-up | Free | |
Sofort top-up | Free during introductory period until 1/31/2019; thereafter 1 free transaction per customer lifetime, after that €2 per transaction | Free during introductory period until 1/31/2019; thereafter 2 free transactions per billing month, after that €2 per transaction | Free during introductory period until 1/31/2019; thereafter 10 free transactions per billing month, after that €2 per transaction | |
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 Accounts combined (£1 / €1 per withdrawal from 7th transaction. Subject to currency exchange fees, please see below). | Free (during introductory period, after that 20 free transactions in your monthly fee period from all your Monese Accounts combined. £1 / €1 per withdrawal from 21th transaction. Subject to currency exchange fees, please see below). | |
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 | Free | Free Priority Service | |
Post Office cash load (available for Monese UK Account only) | 2% (minimum £2) | £1 | Free (during introductory period, after that 10 free cash loads in your monthly fee period using any available cash deposit method. £1 per load from 11th transaction). | |
PayPoint cash load (available for Monese UK Account only) | 3.50% (minimum £3) | 2.50% (minimum £1) | Free (during introductory period, after that 10 free cash loads in your monthly fee period using any available cash top-up method. 2.50% (minimum £1) per load from 11th transaction). | |
Other fees | ||||
Additional/lost/family physical Monese card | Free ( £4.95 / €4.95 standard delivery fee applies) | Free ( £4.95 / €4.95 standard delivery fee applies) | 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.