Monese became operational in 2015 as a British company, although its services are available to customers worldwide. In line with the company’s goal to “speed up trade and disrupt the burdens of bureaucracy,” the Monese proprietary mobile app ensures that customers can bank on the go.
One of the top Monese innovative products is the Monese Prepaid Debit Card. Like most prepaid debit cards out there, it can be used to pay for goods and services anywhere in the world.
How does Monese work?
Debit Card – This is where you order and manage your Monese prepaid card. It shows the status of your card and helps to retrieve your pin.
Support – You can get in touch with the customer service or go through the comprehensive FAQ under the Support tab.
My Plan – There are two paid account options, alongside a free account, available to a new user. You can assess the advantages of each offer and subscribe to any from this tab.
Add Eurozone Account – You can easily add a Eurozone account from this tab, and switch between your European and UK accounts at your convenience.
Direct Debits – You can keep track of your active direct debits from this tab. You can also retrieve your shortcode and account number from this page.
How do you use the card?
Monese provides a free prepaid bank card for every free account, alongside the chance to withdraw cash up to six times in a month. Store payments, however, attracts a 0.5% exchange fee.
If you are running a free account, a rechargeable contactless bank card will cost you £4.95. You will also pay £/€15 for every cash withdrawal, depending on your location. The exchange fee for ATM withdrawals is 2%. The highest withdrawal possible on a Monese prepaid bank card in 24 hours is £300.
Recharging your Monese Prepaid Bank Card
Postal deposits into your Monese prepaid bank card attract 2% recharge fees, with a minimum of £2 per transaction and a maximum of £500 per day. Conversely, a 3.5% fee is charged for PayPoint deposits, with a maximum of £249 per transaction and £500 per day.
International Operations with Monese
International money transfer is available on Monese prepaid bank cards. You can choose from eight different currencies and pay eight times lesser than the traditional bank charges.
Each transfer takes between 2 and 4 working days, depending on your currency and time of transaction. The applicable rate is similar to the “interbank rates.”
If you are transferring from a eurozone account to a foreign account, you can use the SEPA transfer and have the money delivered in the next working day or next day. While you can use the card to pay anywhere in the world, the daily maximum withdrawal amount is £300.
Security on Monese
You can only access your Monese bank account and prepaid bank card on only one mobile device. Each access requires a multi-factor authentication process (or 2FA). The banking platform is 100% secure and regulated by the Financial Conduct Authority.
If you are looking for a reputable fin-tech or neobank to use as your prepaid card supplier, then you should consider Monese. Follow the link below to order your Monese prepaid bank card now!