Every day, we are delighted to answer your questions over email and on social media. We absolutely love it when you get in touch, but we can’t help but think there are people out there with the same burning questions about Monese. Here are your top five most frequently asked questions – answered.
- I don’t have a UK address. Can I still open an account at Monese?
Good news. You can open a Monese account in under 3 minutes if you are an EU resident and can provide proof of an address within an EU country. You do not have to have a UK address.
- How much do your services cost?
Opening an account with Monese is completely free and there are no signup fees or monthly charges. A number of payments each month are also free, so you can take care of your monthly essentials without worrying about any charges at all. Once these free transactions are used up, there is a simple, and fair, flat rate charge per additional transaction that month. We will be posting detailed pricing information on our site before we launch.
- How can I be sure my money is secure?
Monese is regulated by the UK Financial Conduct Authority (FCA) and we have built our systems using the latest cloud technologies that help us safeguard your funds and data. We are required to keep our customers’ deposits in segregated and safeguarded accounts in strong European banks, and cannot reinvest any of our customers’ money. That is how we make sure that as long as your money is with us, it is always safe, and available for you to use whenever you need it.
- Do you pay interest on the account?
No, we don’t. Paying interest would require us to reinvest your deposits, which we do not do. Instead, our focus is on offering the quickest access to all of your most essential banking services, providing a safe place to keep your money and bringing you awesome technical solutions so you can always stay on top of your finances.
- When are you going live?
We will launch our service in the UK this summer, and we will be posting updates about the launch on Twitter and Facebook. If you want to get in on the fun, we suggest you hop on our site at www.monese.com and secure yourself an invite. We will then notify you as soon as your account is ready to be opened.
Update: We have answered more of your questions in Part 2 of this series. Check them out!