In July 2019, PrePay Solutions obtained its e-money licence
from National Bank of Belgium and opened its European office in Brussels as part
of Brexit planning.
PPS EU is an electronic money institution
focused on digital banking and payment services.
PPS EU offers virtual Euro IBAN accounts, virtual UK accounts, prepaid debit cards, travel money cards, gift cards, corporate cards to individuals, businesses.
PPS EU delivers its products and services to EU customers via its registered agent Monese Ltd
(company number 8720992, FCA reference number 900188).
Products and services listed below are offered by Monese Ltd.
virtual Euro IBAN accounts
virtual UK accounts
prepaid debit cards
travel money cards
Monese Current Account
UK Account Number
•Starter •Plus •Premium
Monese Debit Card (MasterCard) can be ordered together with Monese Current Account.
Personal IBAN vs EMI Banking Details
While PPS EU uses an account holder's personal IBAN for some operations,
PPS EU's own banking details are used for the others.
Monese Current Account is offered with several pricing plans for different
customer groups, namely Starter, Plus, Premium.
PPS EU cards are debit cards, rather than prepaid cards.
Debit vs Prepaid Cards.
Debit cards do not have a separate balance and are connected to an account or
e-wallet. Such cards are are loaded automatically when the account/e-wallet is being topped up.
Prepaid cards have a separate balance from an account or e-wallet.
These cards have to be loaded manually, usually from the account/e-wallet.
PPS EU cards are issued only as physical (plastic) cards
and are delivered to the customer's address.
Monese Debit Card is a single currency card, it can be issued in EUR, GBP only.
PrePay Technologies Limited
Card Fees and Limits
Card Delivery Fee
ATM Withdrawal Fee
up tp 200 GBP monthly: free above that: 2.00%
up to 800 GBP monthly: free above that: 2.00%
Foreign Currency Spending Fee
up tp 2,000 GBP monthly: free above that: 2.00%
up to 8,000 GBP monthly: free above that: 2.00%
*) EEA stands for the European Economic Area and consists of Austria, Belgium, Bulgaria, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Iceland, Ireland, Italy, Latvia, Liechtenstein, Lithuania, Luxembourg, Malta, Netherlands, Norway, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden, United Kingdom.
PPS EU offers money transfers between more than 30 countries in more than 15 currencies. Money can be sent from Monese accounts and received to bank accounts. Transfers made with PPS EU are usually completed within 0-4 days.
•Transfer Fees International foreign currency transfers fees depend on the chosen pricing plans:
Simple: 2% (£2 or €2 minimum)
Classic: from 0.5% (£2 or €2 minimum)
•Exchange Rate Monese customers can convert money at the interbank rate.
In general Monese processes the transfers within 0-4 days,
delivery time depends on the sending account, currency and receiving country:
UK Payments are processed using Faster Payments Service, normally within 2-4 hours.
International payments from UK accounts are processed within 2-4 business days
depending on the currency and the transfer initiation time (before or after 4pm)
SEPA payments from the Eurozone accounts are processed within 1-2 business days
Monese offers sending money from a sender's Monese account,
which is available for residents of the European Economic Area (EEA),
regardless of his/her citizenship or financial history.
PPS EU allows to send money to 32 countries, namely:
•Monese account Monese offers sending money from a sender's Monese account only.
So, to be able to perform a transfer, a sender should first open an account with Monese and
deposit enough money to this account.
•Bank accounts Monese offers sending money to bank accounts only.
Advantages of PPS EU Transfers
•Fast transfers within the UK •Fast SEPA transfers
Disadvantages of PPS EU Transfers
•Have to open a current account with Monese •Available in Europe only •Receiving money to bank accounts only
How PPS EU Transfers Work
Create account Install Monese application, then open and verify your account.
Deposit money Deposit money to your account via bank transfer or cash.
Make transfer Click 'pay' in the app and add your recipients details.
execution of payment transactions on a payment account (not covered by a credit line)
issuing payment instruments or acquiring payment transactions
PPS EU is authorized by the National Bank of Belgium for issuance of electronic money, refund of electronic money, placing cash to a payment account, withdrawing cash from a payment account, execution of payment transactions on a payment account (not covered by a credit line), issuing payment instruments or acquiring payment transactions. The authorization was granted on 23 July 2019.
Due to EEA passport rules PPS EU, can conduct its activities in any of the 31 EEA member states. PPS EU do not participate in deposit guarantee schemes.
PPS EU is a SWIFT member and a SEPA (SCT, SDD) scheme participant.
PPS EU is connected to MasterCard payment card scheme.