FAQ

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Open Account

How to create an account in MyMonty?

To create an account, please:

  1. Download Application from Apple StoreGoogle Pay or open it via our web app.
  2. Enter your Phone number.
  3. Enter the 6 digits code received by SMS on your Mobile device.
  4. Follow the instructions to verify your identity.

What are the required documents to onboard?

To onboard on our platform, please upload the official documents for the KYC/AML check. You will have the choice of uploading either your:

  • Passport
  • Driving License
  • ID Card

What is KYC

KYC or Know Your Customer in its full form, is the practice carried out by companies to verify the identity of their clients, in compliance with legal requirements and current laws and regulations.

The extensive use of new technologies and the internet makes it necessary to define standards that help fight online fraud. The KYC procedure reacts to a legal and global imperative by financial institutions and companies.


How is the KYC process done at MyMonty?

After submitting the document of verification, a liveness check is done so smile to the cam and snap a selfie.

The final step requires a home address verification. Please upload any utility bill document no older than 3 months from today’s date.


How long will the KYC check take?

Once you go through the KYC check, we will review your application and get back to you. Please note that the verification process might take up to 3 hours of a working day.


Which countries are eligible to open accounts with MyMonty?

We currently provide services within the EEA countries.
The European Economic Area includes Austria, Belgium, Bulgaria, Croatia, Republic of Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, Netherlands, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, and Sweden.


Why do I need to connect my email?

Make your account more secure by entering your email address and clicking/tapping on “Connect email”. An OTP will be communicated to your inputted email address.

Please enter the OTP in the designated field and then subscribe to our newsletter to receive the latest feeds.


What is IBAN?

An IBAN number is a unique code used to identify a specific bank account for the purpose of cross-border payments.

You need to know your beneficiary’s IBAN in order to make sure your transnational payment arrives safely at its destination.


Are my deposits ensured with MyMonty?

Each deposit on your IBAN is FSCS insured for up to €100,000.


How to find your IBAN details

To find your IBAN please click/tap on your “Main account” widget and choose the “Account details” option


What are the current plans available at MyMonty?

We offer a Free Starter account to our customers. It supports all the essential features that will make your experience with MyMonty comfortable.


What are the benefits of choosing the Starter plan?

You can visit our plans page to read more about our plans. The starter plan includes:

  • Dedicated individual Euro IBAN
  • MyMonty virtual debit card
  • MyMonty contactless physical card
  • Enhanced data security & privacy
  • Customer support
  • Global money transfer
  • Global ATM withdrawals

What are the benefits of choosing the Standard plan?

The standard plan includes all features of Starter plus:

  • Free peer to peer transfers
  • Priority customer support
  • 1 free SEPA transfer
  • 25 free POS transactions
  • 1 free account top up per month

 

Our next “Premium” plan is currently under development. You will be the first to know once it is released.


How to use MyMonty on a new device?

If you try to sign in on a new device, a confirmation code should be sent to your current one.

On your current mobile device, confirm that you recognize the requesting device.

If you are not able to access your previous phone for some reason, please reach out to our customer support team, and we will be more than happy to assist you in recovering your account.

Payment Instruments

How can I withdraw cash from my account?

Money can be withdrawn globally at any ATM machine that supports MasterCard.

Important: ATM and FX fees, may apply when withdrawing money.

We recommend always withdrawing in the country’s local currency.

  • Please be aware of applied ATM fees.
  • Please try to withdraw your money “without conversion.” You should always be charged in the local currency. For example, if you are in Poland, withdraw in Zloty (zł).
  • If you choose “with conversion”, the bank can apply their own exchange rate which will result in additional fees.

What are the withdrawals limits?
  • Max Daily Limit ATM – €750
  • Max Daily ATM Withdrawals  – 10
  • Max Daily POS – €3000
  • Max Daily POS Transactions – 20
  • Max Monthly POS – €3,000
  • Max Yearly POS – €36,000

What are the transactional fees?
  • ATM withdrawal / SEPA region – 0,41% + €1.38
  • ATM withdrawal / International per – 2,30% + €2.76
  • ATM balance inquiry / PIN change – €0.81
  • Transaction Decline/ Return fee – €0.16
  • POS Domestic / First 25 POS transactions – free
  • POS Domestic / Transactions; 25 per month – €0.12

What are the transfer limits within MyMonty?

Certain currencies might have limits imposed by our payment’s partners, which we are unable to disclose due to compliance reasons.

Please note that there is no limit on P2P or Card to Card Transfers on the network.

Loading Limits:

  • Max Load per Day – €5000
  • Max Load Tries per Day – 20
  • Max Individual Load Limit – €5000
  • Max Balance on Card – €50,000
  • Monthly Load Limit – €10,000
  • Yearly Load Limit – €120,000

Spending Limits

  • Spending Limits:
  • Max Daily ATM – €750
  • Max Monthly ATM Domestic – €1000
  • Max Daily ATM Withdrawals – 10
  • Max Daily POS – €3000
  • Max Daily POS Transactions – 20
  • Max Monthly POS – €3000
  • Max Yearly POS – €36,000

How can I review my past transactions?

Your balance is automatically updated after each transaction. You can see all past transactions under “Payment History” on the mobile and web app homepage.


How to send the request in-app?

To request money from an existing user in-app, please click/tap the “Request” icon on your home page.

Enter the recipient’s phone number and select them, then enter the amount you want to request along with an optional comment.

Send your request by clicking/tapping on the send button.


How to send the request outside of the app?

If you are requesting money from a non-existing user, please click/tap the “Request” icon on your home page.

Enter the recipient’s phone number and/or click/tap on the Share link or QR code option, then enter the amount you want to request along with an optional comment.

Send your request by clicking/tapping on the send button.


How can someone send me money via QR code?

Simply generate the QR code and let the sender scan it , then the requested money will be directly sent to your account.


Where can I share the payment link?

You can generate a payment link and share it via any messaging application. The sender will click on the payment link and send money to your account.


Will I pay any fee for requesting money?

We may charge a small fee to cover our costs. We will let the sender know if any fee is applicable as well as its value before they complete the transaction.


How do I send money to another MyMonty user?

Please click the “Send” icon on the main page.

Choose the “MyMonty client” option.

Add the recipient’s number and select the relevant contact.

Enter the amount and click on “send”.


How do I send money to someone’s bank account?

Please click the “Send” icon on the main page.

Choose the “Bank Transfer” option.

Choose the “Person” option.

Choose your country and the preferred transaction currency.

Add the recipient’s banking details. (Beneficiary bank account, BIC code, name, and address…)

Enter the amount you wish to send along with an optional reason for the payment then click on send.

Important: charges may apply depending on the outgoing transactional fees.

FX charges may also apply if an exchange of currencies is done.


How do I Invite someone to MyMonty?

If you’ve found out that the user isn’t a MyMonty customer, you can invite them to join.

Please select the “Invite to MyMonty” option and a link will be sent to the inputted client via SMS to download and join MyMonty.


How do I send money to a company account?

Please click the “Send” icon on the main page.

Choose the “Bank Transfer” option.

Choose the “Company” option.

Choose your country and preferred transaction currency.

Add their banking details. (Beneficiary bank account, BIC code, company name, and address…)

Enter the amount you wish to send along with an optional reason for the payment then click on “send”.

Important: charges may apply depending on the outgoing transactional fees.

FX charges may also apply if an exchange of currencies is done.


Why am I asked to verify my payment when sending money?

This is to ensure this payment request is authorized by you the account holder.


How can I add someone to favorites?

After you complete the transaction, click or tap on the “Add to favorite” option and the contact will be saved in your Favorites section.

Adding someone to your favorites will allow you to quickly send them money next time.


How can I add a payment to the recurring payments?

After you complete any transaction, please select the “Create autopay” option, and set your payment preference.

Adding a payment to the autopay list will save you the hassle  of repeating the transaction each time, and automatically debit your account of the specified amount at the designated  date.

Setting up

How can I change my personal details?

You can change your delivery address, password, or email at any time in the app. Just go to “Settings” and select “Profile” to edit your details.


Can I change my name and number after onboarding?

The provided name and phone number during the onboarding process cannot be changed due to security reasons.


How can I deactivate my MyMonty account?

If you wish to deactivate your account, you can simply stop using it and its status will change to dormant after a period of inactivity.


How can I change my profile photo?

If you wish to set or change your profile photo, please click or tap on the settings wheel at the top right of your screen, click or tap on the profile photo, and upload a new one.


Why am I asked to set a passcode during the onboarding?

You need a passcode to secure your account from unauthorized usage.

Emergency

How do I recover my account?

You do not need to worry if you forgot your password, it is not required. To access your account on the app or our website, you will receive a code that you will have to confirm through your phone.

You can recover your account by tapping or clicking on the “Have a problem” option then the “Recover access” option.

Attach a copy of your passport to confirm your identity.

Our team will review your request and revalidate your account access.

Important: All your connected devices will be disconnected after this process for security purposes.


How do I recover my PIN?

You can use the mobile app to unblock your PIN or contact us:

Call our customer support at +44 808 169 9792

Chat with us at support@mymonty.com


How can I unblock my account?

You can use the mobile app to unblock your PIN.

Go to ”Settings”

tap on ”Unblock the account”

and it is ready to use.

Or call our customer support at +44 808 169 9792

Chat with us at support@mymonty.com


What if I lost or damaged my phone?

If you lose or damage your phone, your MyMonty account will still work without your phone. You will be able to continue using all services.

Please download our app to your new phone, enter your phone number and get the verification code or confirm it using the website. Or chat with us to verify your new phone.

Cards

What are the withdrawal limits?
  • Max Daily Limit ATM – €750
  • Max Daily Limits for ATM Withdrawals – 10
  • Max Daily POS – €3000
  • Max Daily POS Transactions – 20
  • Max Monthly POS – €3,000
  • Max Yearly POS – €36,000

What are the transactional fees?
  • ATM withdrawal / SEPA region – 0,41% + €1.38
  • ATM withdrawal / International per – 2,30% + €2.76
  • ATM balance inquiry / PIN change – €0.81
  • Transaction Decline/ Return fee – €0.16
  • POS Domestic / First 25 POS transactions – free
  • POS Domestic / Transactions; 25 per month – €0.12

Are there any delivery fees for my plastic card?

Yes, Delivery fees are charged to cover the delivery cost of your card

Standard Delivery + postage €5.99


How do I reorder the plastic card?

You can easily replace your card if it gets damaged or expired.

  • Open the MyMonty app or webapp
  • Click or tap on the card widget
  • Select the “Reorder card” option

Where will the card be sent?

The replacement card will be posted to the most recent account address registered by you.

PS: Failure to provide the correct address will result in a card replacement fee.

We will call you the day before delivery.


Lost or damaged card

In case you’ve lost or damaged your card, please block your card immediately:

  • Click or tap on the card widget on your home screen
  • Select the “Block card” option

How can I top up my card?

You can top up your MyMonty debit card using:

  • An external credit or debit card*
  • From your bank account using SEPA or Swift transfers

* Please use a European euro currency card.


Are my payment services instantly activated?

Your payment services may not be instantly activated unless we have been provided with the required information, to verify your identity and can comply with all applicable customer due diligence requirements. We shall keep records of such information and documents in accordance with all applicable legal and regulatory requirements.


Are there any exchange fees when using the MyMonty card?

Any transaction on your card in a currency other than the currency in which your card is denominated, will require a currency at the live exchange rate.


Do I get any interest on my account?

The Available Balance on your card and/or account will not earn any interest.


Can I overdraft my account?

Our Payment Services are prepaid and not a credit product. You must therefore ensure that you have a sufficient Available Balance from time to time, in order to pay for your transactions and applicable Fees. If for any reason a transaction is processed, and the transaction amount exceeds the Available Balance, you must repay us the exceeded amount immediately and we shall be entitled to stop any existing or subsequent transactions from proceeding.


Can a minor have an independent MyMonty card?

Only persons over 18 years of age are entitled to onboard and use our payment services.


What is a PIN?

A Personal Identification Number is a number needed when withdrawing money from an ATM or paying at a card terminal.

You will need to request a PIN code once you receive your physical card.


How do I get my PIN?

Please navigate to your virtual card’s details.

Select the “Remind PIN” option.

Follow the steps that appear in the pop up, and you’ll have your PIN ready in no time.


What are Virtual Cards?

Virtual cards are like regular physical cards, but can be used only via the app. Once the card is opened, it is ready to be used after activation.

You can make online payments, withdraw money from contactless ATMs, and pay at any contactless POS using your virtual card.


Where can I order a physical card?

You can order a physical card on our App or Website.

  • Go to the main page of your app or website
  • Choose ”Order plastic card”
  • Click on ”Order”

Follow the instructions and fill the delivery address and your card will be sent.

Please make sure that your delivery address is correct and always updated.

The delivery may take up to 3 weeks depending on your location, the estimated time will be given after requesting an order.

Your card will be delivered by Royal Mail


When does my card expires?

Your Card has an expiry date printed on it (the “Expiry Date”). The Card (and any Secondary Card) and any bank account linked to the Card, will no longer be usable after the Expiry Date, and you must not use it after that time. However, you will still be able to receive and send funds to and from the Account associated with the Card.


What happens if my card has expired before my account balance is exhausted?

If a Card expires before your Available Balance is exhausted, you can contact Customer Services to request a replacement Card. This is only feasible, provided you do so 14 days before the Expiry Date printed on your Card. This is subject to payment of a Fee (when specified). We reserve the right to provide you with a replacement for an expired Card, even if you have not requested one.  In this case, you will not be charged a Card Replacement Fee.


How can I change my PIN?

If you want to change your PIN. You can do it at any ATM machine that provides PIN services and accepts VISA and Mastercard. Please note that the listed countries do not support PIN change: Belgium, Luxembourg, Austria, Germany, Spain, France, and Singapore.


What happens if my card gets stuck in the ATM?

If you card is consumed by the ATM, please terminate it using the app, live chat with us or call our support team to request a replacement card.


Lost & Damaged Card

If your Card is lost, stolen, damaged or you think someone is using your MyMonty card, PIN, and/or Access Codes without your permission:

  1. Contact us as soon as possible and provide your account or card number.
  2. Once your identity has been verified, we will provide you with a replacement card and a corresponding new account, loaded with an amount equivalent to your last available balance.
  3. Once we have been notified of any loss or theft, we will suspend the payment services to limit any further losses.
  4. A replacement card will be delivered to the address registered by yourself for card delivery.

PS: Failure to provide the correct address, will result in a card replacement fee to cover our delivery charge.


What if I find the reported lost card?

If you subsequently find or retrieve a Card that you have reported lost or stolen, you must immediately destroy the found Card by cutting it in half through the magnetic stripe and chip.

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