Founded in 2016, Monevium Ltd is a payment institution
authorised by the
Financial Conduct Authority (FRN 766038).
Movenium is focused on developing a modern, straightforward, and secure way
to manage money and provides IBAN accounts, physical and virtual prepaid cards
to companies and individuals worldwide.
Note: Monevium Ltd is an Authorised Payment Institution (“API”)
authorised by the FCA and is neither a bank, nor a Electronic Money Institution (“EMI”).
For clarity, an API is an institution authorised to make payments while an EMI
is authorized to issue electronic money, a monetary value stored in digital form.
Products
personal IBAN accounts business IBAN accounts physical cards virtual cards
Services
international money transfers local money transfers
Clients
private individuals freelancers entrepreneurs small and medium sized businesses enterprises financial institutions startups marketplaces affiliate programs
TheBanks.eu has developed a proprietary methodology to assign
ratings to payment institutions based on their operating environment, company background,
business model, market niche, product range, transparency, customer support
and customer sentiment. According to the methodology, Monevium Ltd is assigned the overall
rating 4.29 (excellent) which is explained in details below.
Operating Environment
Very Friendly
(4.81)
Product Range
Average
(3.05)
Market Niche
Very Broad
(4.75)
Company Background
Average
(3.24)
Customer Support
Good
(3.81)
Customer Sentiment
Average
(3.10)
Transparency
High
(3.91)
Overall Rating
Excellent
(4.29)
TheBanks.eu has also identified the following pros and cons of the company:
Pros
Very broad market niche High transparency Good customer support
Cons
n/a
Personal Account
Currency
EUR
Payment Cards
physical virtual
Dedicated IBAN
available (GB IBAN)
UK Account Number
not available
Customer Groups
Worldwide
Pricing Plans
single for all customers
Account Access
web application mobile application
Currency
Personal Account is a single-currency account,
allowing the account holder to have funds in EUR only.
EUR (Euro)
Payment Cards
A payment card can be ordered together with Personal Account.
International Transfers
SWIFT Transfers
SEPA Credit Transfers
Target2 Transfers
IBAN Countries
Dedicated IBANs assigned to Personal Account belong to the United Kingdom.
Customer Groups
Personal Account is offered to Worldwide.
Pricing Plans
Personal Account is offered with a single pricing plan for all customers.
issuance 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) execution of payment transactions on a payment account (using a credit line) issuing payment instruments or acquiring payment transactions money remittance execution of payment transactions via telecoms, IT system or network operator account information services payment initiation services
Monevium Ltd is authorized by the Financial Conduct Authority as a payment institution (reference number 766038) for 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, money remittance; the authorization was granted on 24 May 2018.
Funds Safeguarding
Yes
Deposit Guarantee
No
Monevium Ltd is not a bank, it can't collect
deposits from public or loan out its clients’ money. Hence, it does not have
to participate in deposit guarantee schemes. However, Monevium
is required to
safeguard its customers’ money.
EEA Passport
No
Since January 2021, Monevium Ltd can not conduct its activities in EEA member states.
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