Prepay Technologies ltd

Prepay Technologies ltd Logo
Business Focus
digital banking and payment services

Prepay Technologies ltd is an electronic money institution focused on digital banking and payment services. Prepay Technologies ltd offers virtual Euro IBAN accounts, virtual UK accounts, prepaid debit cards, travel money cards, gift cards, corporate cards to individuals, businesses. Incorporated in the United Kingdom, Prepay Technologies ltd is authorized and regulated by the Financial Conduct Authority. Prepay Technologies delivers its products and services to UK customers via its registered agent Monese Ltd (company number 8720992, FCA reference number 900188). Products and services listed below are offered by Monese Ltd.

Products
Clients
  • individuals
  • businesses
Card Providers
  • MasterCard

Monese Current Account

Currency
EUR, GBP
Payment Cards
physical
virtual
Personal IBAN
available (GB IBAN)
UK Account Number
available
Customer Groups
EEA residents
Pricing Plans
Starter
Plus
Premium
Currency

Monese Current Account is a multi-currency account, allowing the account holder to have funds in EUR, GBP.

Payment Cards

Monese Debit Card (MasterCard) can be ordered together with Monese Current Account.

International Transfers

  • SWIFT Transfers
  • SEPA Credit Transfers

Personal IBAN

  • available for verified customers
  • appears automatically for EUR balances
  • UK sort code and account number available for GBP balances

IBAN Countries

Personal IBANs assigned to Monese Current Account belong to the United Kingdom.

Personal IBAN vs EMI Banking Details
While Monese uses an account holder's personal IBAN for some operations, Monese's own banking details are used for the others.

Personal IBAN Operations

  • sending EUR to a SEPA country
  • receiving EUR from a SEPA country

EMI Banking Details Operations

  • receiving SWIFT transfers
  • sending SWIFT transfers
  • other transfers

Pricing Plans

Monese Current Account is offered with several pricing plans for different customer groups, namely Starter, Plus, Premium.

  • Starter
  • offered to: EEA residents
  • Initial Fee 0.00 EUR
  • Monthly Fee 0.00 EUR
  • Closing Fee 0.00 EUR
  • SEPA Outgoing 0.00 EUR
  • SEPA Incoming 0.00 EUR
  • SWIFT Outgoing 0.00 EUR
  • SWIFT Incoming 0.00 EUR
  • A full current account for no monthly cost
  • Free contactless card
  • Fees apply to some top-ups and transfers
  • Open Account
  • Plus
  • offered to: EEA residents
  • Initial Fee 0.00 EUR
  • Monthly Fee 4.95 EUR
  • Closing Fee 0.00 EUR
  • SEPA Outgoing 0.00 EUR
  • SEPA Incoming 0.00 EUR
  • SWIFT Outgoing 0.00 EUR
  • SWIFT Incoming 0.00 EUR
  • Fixed monthly fee
  • Free contactless card
  • Reduced rates on top-ups and transfers
  • Open Account
  • Premium
  • offered to: EEA residents
  • Initial Fee 0.00 EUR
  • Monthly Fee 14.95 EUR
  • Closing Fee 0.00 EUR
  • SEPA Outgoing 0.00 EUR
  • SEPA Incoming 0.00 EUR
  • SWIFT Outgoing 0.00 EUR
  • SWIFT Incoming 0.00 EUR
  • Unlimited withdrawals
  • Free contactless card
  • No fees on top-ups or transfers
  • Open Account

Opening Monese Current Account

Opening Monese Current Account
1.
Provide your details online
2.
Upload your proof of identity
3.
Pass video authentication
4.
Account is ready to use in a few minutes



Monese Accounts are available to private individuals, residents of the EEA.
Proof of Identity. Depending of the client's country, Monese accepts the following documents: passport, national ID card, driving license, residence card.
Identity Verification. Monese requires to take a video selfie using Monese application.
Monese doesn't require to provide either local proof of address documents or credit score documents. However, a proof of address can be used as an identity verification instead of the video selfie.

See Also

Monese Debit Cards

Monese Debit Card
Card Type
debit
physical
contactless
Currency
single currency
EUR, GBP
Card Provider
MasterCard
Card Type

Monese 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.

Monese cards are issued only as physical (plastic) cards and are delivered to the customer's address.

Currency

Monese Debit Card is a single currency card, it can be issued in EUR, GBP only.

Customer Group

Monese payment cards are available to residents of the European Economic Area (EEA) countries.

Card Loading

Monese cards can be topped up from the cardholder's Monese Current account. Monese accounts can be topped up with a bank transfer. Within the UK Monese accounts can be topped up with cash at the Post Office and PayPoint.

Card Security

3D Secure Payments. 3D Secure makes online shopping safer for both cardholders and retailers, by authenticating that the cardholder is making the transaction at the time of purchase. This enhanced security is by way of an SMS message that’s sent whenever making an online transaction using a Monese card.

Card Issuer

PrePay Technologies Limited

Card Fees and Limits
SimpleClassicPremium
Card Delivery Fee4.95 GBPfreefree
ATM Withdrawal Feeup tp 200 GBP monthly: free
above that: 2.00%
up to 800 GBP monthly: free
above that: 2.00%
free
Foreign Currency Spending Feeup tp 2,000 GBP monthly: free
above that: 2.00%
up to 8,000 GBP monthly: free
above that: 2.00%
free

*) 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.

See Also

Money Transfers

Monese 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 Monese are usually completed within 0-4 days.

prepay-technologies Money Transfers
Speed
0-4 days
Amount Range
n/a
Countries
30+ countries
Currencies
15+ currencies
Sending From
  • Monese accounts
Receiving To
  • bank accounts

Transfer Costs

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)
  • Premium: premium

Exchange Rate
Monese customers can convert money at the interbank rate.

Transfer Speed

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

Sending Countries

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.

Receiving Countries

Monese allows to send money to 32 countries, namely:

AT Austria
AU Australia
BE Belgium
BR Brazil
BG Bulgaria
CY Cyprus
CZ Czech Republic
DK Denmark
EE Estonia
FI Finland
FR France
DE Germany
GR Greece
HU Hungary
IE Ireland
IT Italy
LV Latvia
LT Lithuania
LU Luxembourg
MT Malta
NO Norway
NL Netherlands
MX Mexico
PL Poland
PT Portugal
SK Slovakia
SI Slovenia
ES Spain
SE Sweden
TR Turkey
GB United Kingdom
US United States

Sending Methods

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.

Receiving Methods

Bank accounts
Monese offers sending money to bank accounts only.

Advantages of Monese Transfers

Fast transfers within the UK
Fast SEPA transfers

Disadvantages of Monese Transfers

Have to open a current account with Monese
Available in Europe only
Receiving money to bank accounts only

How Monese Transfers Work

1.
Create account
Install Monese application, then open and verify your account.
2.
Deposit money
Deposit money to your account via bank transfer or cash.
3.
Make transfer
Click 'pay' in the app and add your recipients details.


Alternatives to Monese Transfers

Compare Monese Money Transfers

See Also

Operations with Cryptocurrencies

No

Monese do not conduct operations with cryptocurrencies.

See Also

Mobile Applications

Mobile Application: myOptimum

myOptimum
myOptimum
myOptimum
myOptimum
myOptimum Supported Languages
GBEnglish

Mobile Application: TUI Travel Money

TUI Travel Money
TUI Travel Money
TUI Travel Money
TUI Travel Money
TUI Travel Money Supported Languages
GBEnglish

Mobile Application: Quidity Plus Account

Quidity Plus Account
Quidity Plus Account
Quidity Plus Account Supported Languages
GBEnglish

Company Details

Country of Registration
GBUnited Kingdom
Company Number
04008083
BIC
PRTCGB21
Authorized By
Financial Conduct Authority
Reference Number
900010
Authorization Granted
31 May 2018
Authorized Activities
  • placing cash to a payment account
  • execution of payment transactions on a payment account (not covered by a credit line)
  • issuing payment instruments or acquiring payment transactions
  • money remittance

Prepay Technologies ltd is authorized by the Financial Conduct Authority (reference number 900010) for placing cash to a payment account, execution of payment transactions on a payment account (not covered by a credit line), issuing payment instruments or acquiring payment transactions, money remittance. The authorization was granted on 31 May 2018.

EEA Passport
Yes
Deposit Guarantee
No

Due to EEA passport rules Prepay Technologies ltd, can conduct its activities in any of the 31 EEA member states. Prepay Technologies ltd do not participate in deposit guarantee schemes.

Membership
SWIFT
SEPA

Prepay Technologies ltd is a SWIFT member and a SEPA (SCT) scheme participant.

MasterCard

Prepay Technologies ltd is connected to MasterCard payment card scheme.

See Also

Contacts

3 Sheldon Square 6th Floor, W26HY, London, United Kingdom
+44 02079083813
Website Languages
GBEnglish

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See Also