Question 1

Can you give me an instant quote?

Accepted Answer

You can easily obtain a free, instant currency transfer quote by following these simple steps:

Contact Us: Give us a call at +44 (0)207 119 1546
Provide Your Details: Share the following information with our team:
The currency you are sending from
The currency you are sending to
The reason for the transfer

Our team will provide you with a competitive quote tailored to your needs, ensuring you get the best possible exchange rate for your transaction.

Question 2

How do I open an account?

Accepted Answer

To open an account with Monetae, simply follow these steps:

Registration: Visit our website and complete the online registration form, or call us at +44 (0)207 119 1546 to register over the phone with a member of our account opening team.
Identity Verification: As part of our compliance process, you’ll need to provide proof of identity and proof of address. Acceptable documents include a valid passport or driver's license for ID, and a recent utility bill or bank statement for your address.
Confirmation: Once your documents are submitted and verified, your account will be activated, and you’ll receive your account details.

Feel free to reach out if you have any further questions or need assistance.

Question 3

Why would I use Monetae’s personal currency transfer service?

Accepted Answer

Our international money transfer service is designed to meet a variety of financial needs, making it easier for you to send money where it matters most.

Here are some common reasons why clients choose our service:

Sending Money to Family or Friends: Whether it's for birthdays, holidays, or just to help out, transferring funds to loved ones has never been easier.
Buying a Property Abroad: If you’re purchasing a home overseas, we can help you navigate the currency exchange process efficiently and cost-effectively.
Selling a Property Abroad: When you sell property in another country, transferring the proceeds back home can be done smoothly with competitive rates.
Paying for Goods or Services: For international purchases, our service ensures you get the best exchange rates, saving you money in the process.
Paying for Medical Fees: If you or a loved one require medical treatment abroad, we facilitate timely and secure payments to healthcare providers.
Paying for Education Fees: For students studying overseas, we make it easy to pay tuition and other fees without the hassle.

In short, no matter your reason, Monetae is here to provide a reliable and efficient service for all your personal currency transfer needs.

Question 4

Why should I use Monetae for my personal currency transfers?

Accepted Answer

Monetae offers a range of compelling benefits that make it an excellent choice for personal currency transfers:

Excellent Exchange Rates: Enjoy competitive rates without hidden fees, ensuring you get the most value for your transfers.

24/7 Transfer Access: Manage your transactions online, or by calling your dedicated Account Manager at any time, giving you complete flexibility.

5-Star Service: Benefit from personalised support and award-winning customer service, with expert market insights to guide you.

Tailored Solutions: We offer customised solutions to meet your unique needs, whether it's a one-off transfer or ongoing payments.

Innovative Technology: Our user-friendly online platform provides real-time market data and intuitive tools, making the transfer process efficient and straightforward.

By choosing Monetae, you're selecting a trusted partner dedicated to delivering exceptional service and value for all your currency transfer needs.

Question 5

How can you offer better exchange rates than my bank?

Accepted Answer

You can get better currency exchange rates with Monetae because of our relationships with numerous of liquidity providers. This extensive network forms a liquidity pool, which enables us to efficiently scan the market and identify the most competitive rates available for our clients.

Every day, we trade millions, this allows us to purchase currency at wholesale prices so unlike traditional banks that rely on set exchange rates, Monetae leverages the flexibility and variety of our liquidity sources to pass on better savings. With this approach, we help clients reduce costs, manage foreign exchange risk, and optimise their international transactions.

Our rates are influenced by a combination of key factors:

Current Exchange Rate: Monetae is partnered with a number of different liquidity providers that compete to offer us the best prices on various currencies. By purchasing currency at the wholesale level, we can secure rates closer to the interbank rate than you would be able to individually. We also add a smaller margin than traditional banks, which means you benefit from savings in two ways.
Transaction Amount: Monetae incurs costs for each payment processed. As a result, smaller transactions may carry proportionately higher costs than larger ones. However, it's important to note that when booking deals online with us, you won't incur any transaction fees.
Lower Overheads: Unlike traditional banks, which have significant operational costs, Monetae operates with lower overheads. This allows us to pass those savings on to you, offering better rates and lower fees without compromising service quality.
Currency Type: Some currencies are easier to send and receive than others due to factors such as availability. When we obtain quotes from our panel of banks, popular currencies like USD tend to be more competitively priced compared to lesser-used currencies, which might have only one or two banks providing quotes.

Regardless of whether you choose to pay by debit card or pre-fund your account through bank transfer, you'll receive the same exchange rate. Additionally, please keep in mind that foreign exchange markets do not operate over the weekend, meaning the exchange rate via Monetae Online will remain unchanged during this period. At all other times, the rate you receive will align with live market rates.

Question 6

Why should I use Monetae instead of my bank?

Accepted Answer

To us, we’re large enough to offer competitive pricing that can rival any major bank, but we’re still small enough to deliver a personal, tailored service that you can’t always get from larger institutions. We value the relationships we build with our clients, ensuring that each one feels truly supported.

In a nutshell, three main reasons why people choose us for international money transfers include:

Value
High-street banks are often the first choice for those looking to make international payments. However, they can impose hefty fees, with some banks charging up to £50 per international transaction. In contrast, we offer competitive exchange rates and lower transfer fees, making us a more cost-effective option for our customers.

Security
At Monetae, we prioritise your security and peace of mind. We safeguard all relevant funds in segregated client accounts, ensuring that your money is kept separate from our business accounts.

Commitment
Our commitment to excellent customer service sets us apart. From top management down, we focus on providing a level of service that keeps our clients returning. Our size allows us to handle significant transfers, yet we maintain a personal touch with each transaction. We’ve built a strong reputation for excellence, and we remain dedicated to treating every customer and transaction with the utmost care, attention, and efficiency.

Question 7

How do I make a personal currency transfer?

Accepted Answer

Making a personal currency transfer with Monetae is simple and efficient, following these three key steps:

1. Register Your Account: Start by opening your account online or by phone. The registration process is quick and easy, taking just a few minutes to complete.

2. Secure Your Rate: Obtain a competitive exchange rate that suits your needs, either through our online platform or by consulting with your dedicated Account Manager, who can provide personalised advice and insights.

3. Initiate Your Transfer: Once you’ve secured your rate, send the funds you wish to exchange to Monetae. Our team will take care of the rest, ensuring a smooth and timely transfer to your chosen recipient.

With Monetae, you can enjoy a seamless experience from start to finish, backed by expert support every step of the way.

Question 8

Does Monetae charge any fees for international money transfers?

Accepted Answer

We pride ourselves on transparent pricing with no hidden fees. You will receive upfront quotes and clear information on the exchange rate applied to your transfer.

Question 9

Can I cancel a payment after it's been sent?

Accepted Answer

If you need to cancel a payment after it has been sent, please call us immediately. Make sure to have your customer number, beneficiary details, and any reference numbers related to the payment on hand.

While Monetae can assist you in retrieving the funds, please be aware that we cannot guarantee a successful cancellation. During the payment process, you will be prompted to confirm that you are ready to proceed with the transaction as it stands.

Question 10

How do I know that you have received my payment?

Accepted Answer

We understand that many of our clients want confirmation that their payment has been successfully received, especially when sending large sums.

Here’s how we ensure that process goes smoothly:

Confirmation of Receipt: Once the funds arrive in your Monetae account, you’ll receive a confirmation email. You can also check your available balance easily online.

Check with the Recipient: After sending funds to your recipient, it’s important to confirm with them that they have received the money. While it’s rare for payments not to reach the intended beneficiary when correct account details are provided, delays can sometimes happen due to the recipient bank’s processes.

Contact Us for Issues: If your recipient hasn’t received the money within the specified time frame, please contact us right away so we can help resolve the issue.

By following these steps, you can ensure that your payments are tracked and confirmed effectively.

Question 11

What payment methods can I use?

Accepted Answer

We offer a variety of payment methods to make it convenient for you to settle your transactions.

Here’s a breakdown of the options available:

Debit Card: You can easily make payments through our online platform using a debit card.
Wire Transfer: A bank wire transfer is another secure option. You can instruct your bank to transfer funds to us.
In-Person Bank Transfers: If you prefer, you can visit your bank in person with our bank details and your payment reference to request a transfer.
Online and Mobile Banking: You can use your online banking, mobile banking app, or telephone banking to make payments if these services are set up.

Important Note: For security reasons, we cannot accept card payments over the telephone.

By choosing the payment method that works best for you, we aim to make your transaction experience as smooth as possible.

Question 12

How do I add funds to my currency account?

Accepted Answer

Adding a new currency to your account is straightforward, especially with the Monetae online platform, which allows you to buy and sell any of 33 currencies with a value of up to £100,000. For sums larger than £100,000 we ask you to contact us by calling our team at +44 (0)207 119 1546.

Here’s how to do it:

Log In: Start by logging into your Monetae account.
Select ‘Exchange Currency’: On your account page, choose the ‘Exchange Currency’ option.
Enter Details: You’ll be prompted to enter the amount you wish to exchange and select the currency you want to convert your funds to. The platform will display the exchange rate you’ll receive, ensuring complete transparency throughout the process.
Choose Payment Method: After selecting the amount to exchange, you can choose to pay for the transaction using either:
Funds on Account: This option is instant.
Debit Card: Please note that payments via debit card may take up to a day for the funds to appear in your account.

With these simple steps, you can efficiently manage your currency exchanges with Monetae, making your transactions as seamless as possible.

Question 13

Will I need any ID to sign up for a personal currency account?

Accepted Answer

As a responsible and regulated provider of international payments and foreign exchange services, Monetae requires prospective clients to agree to our online verification procedures. This process involves providing your name and address.

Accepted Documents

Proof of Identity: You can provide one of the following:
Valid Passport: Must be signed and show all four corners.
Photo Card Driving License: Full driving licenses accepted; provisional licenses are not.
National Identity Card: A valid identity card issued by a government authority.
UK Firearms Certificate: A certificate issued for firearms or shotgun licenses.

Proof of Address: You can provide one of the following:
Utility Bill: Must be recent (less than three months old). Note that mobile phone bills are not accepted.
Photo Card Driving License: Can be used for proof of address or identity, but not both.
Local Authority Tax Bill: Must be valid for the current year.
Bank Statement: Should be recent (less than three months old). Credit card statements are not accepted.
Letter from a Regulated Financial Firm: Must indicate a relationship and be dated within the last three months.
Current Tenancy Agreement: Or a local council rent card.
Inland Revenue Correspondence: Must be recent (less than three months old), excluding tax notifications.

Important Notes
Please ensure that you do not obscure or redact any information on the documents sent to us. This will help us expedite your verification process and avoid any delays in accessing our services.

Question 14

Can I sign up over the phone?

Accepted Answer

We have a dedicated account opening team ready to assist you with setting up your account over the phone, providing a more personalised experience than many online-only money transfer firms. To get started, please give us a call at +44 (0)207 119 1546, and our team will guide you through the process.

Question 15

Can my Solicitor/Accountant/Representative sign up on my behalf?

Accepted Answer

Many of our clients prefer to have their accountant, solicitor, or another trusted advisor manage their instructions, especially for significant transactions like purchasing a property abroad.

Monetae is happy to facilitate such requests. First, we'll register your account either over the phone or online, after which we'll provide you with an authorisation form to complete. This form allows your appointed representative to handle trades and enquiries on your behalf, giving them the authority to manage your foreign exchange needs.

You'll still be able to contact us and speak with your account manager whenever necessary, and you can easily review all activity on your account through our user-friendly online platform.

Question 16

What's the step-by-step money transfer process when sending funds abroad?

Accepted Answer

Open Your Account: Start by opening your Monetae account online or by calling us at  +44 (0)207 119 1546.
Connect with Our Team: You’ll be connected to a member of our account opening team, who will guide you through the process.
Account Confirmation: Once we complete our customer due diligence and set up your account, your personal account manager will reach out to discuss the currency markets and your payment plans.
Transaction Options: If you wish to make a transaction, you can book it immediately. Alternatively, if you prefer to wait for a better rate, your account manager can keep you updated on market movements.
Confirm Your Payment: If you decide to proceed with a payment, verbally confirm it with your account manager. You’ll then receive a confirmation (Contract Note) of the transaction. At this stage, provide the beneficiary's details for the foreign currency payment. If we don't have these on file, you’ll need to fill out a Transfer Instruction Form (TIF).
Instruct Your Bank: Next, instruct your bank to transfer the funds to the Monetae Client Account. Ensure the funds arrive by the agreed payment date and include the CK reference number for prompt processing.
Receive Your Funds: Once your funds have cleared, we’ll send your foreign currency to the specified account on the agreed date. You can also use our online facility for trading currencies and making international payments.

Question 17

Do I need to open up another bank account to send and receive money?

Accepted Answer

You don’t need to open a separate bank account to transfer money with Monetae. Most of our private clients use their existing current accounts to send us funds for their payments.

You can provide us with the funds through various methods, including:

Debit Card: Quick and easy for immediate payments.
Bank Transfer: Directly from your current account, typically the fastest option.

If you have any questions about payment methods or need assistance, don’t hesitate to contact us at +44 (0)207 119 1546. A member of our team will be happy to help.

Question 18

How do I close my account?

Accepted Answer

If you wish to close your account, you can easily do so by following these steps:

Contact Us: Call us at +44 (0)207 119 1546 or email your account manager with your request to close your account.

Important Considerations:

No Costs: Maintaining your account is free of charge. However, accounts will become inactive after two years of no activity. Keeping your account open provides you with easy access to competitive rates and the option to exchange currency when needed.
Communication Preferences: If your reason for closing your account is to stop receiving emails or other communications, you can simply update your preferences. You can call us or email us to adjust these settings. Additionally, every email we send includes an option to unsubscribe or modify your communication preferences.

Feel free to reach out if you have any further questions or need assistance.

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Discover everything you need to know about our personal currency transfer services, from getting started with account setup to exploring our range of products tailored for your individual needs, all while ensuring your safety and peace of mind with every transaction.

Questions? We're here to help.

(+44) 0207 119 1546

Can you give me an instant quote?

How do I open an account?

Why would I use Monetae’s personal currency transfer service?

Why should I use Monetae for my personal currency transfers?

How can you offer better exchange rates than my bank?

Why should I use Monetae instead of my bank?

How do I make a personal currency transfer?

Does Monetae charge any fees for international money transfers?

Can I cancel a payment after it's been sent?

How do I know that you have received my payment?

What payment methods can I use?

How do I add funds to my currency account?

Will I need any ID to sign up for a personal currency account?

Can I sign up over the phone?

Can my Solicitor/Accountant/Representative sign up on my behalf?

What's the step-by-step money transfer process when sending funds abroad?

Do I need to open up another bank account to send and receive money?

How do I close my account?

Have more questions for us?

Questions? We're here to help.

(+44) 0207 119 1546

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