Bank Accounts and Transfers

In order to receive payments, you need to connect a bank account to your MONEI account.

Setting up your bank account

You will need to provide MONEI details of your bank account in order to receive payments. Depending on where you bank is based, different information is required. 

Bank locations

The country where your currency is based must be where your bank is located. USD bank accounts must be located in the US, for example.

There are a few exceptions:

  • Canadian businesses with USD bank accounts based in Canada can receive transfers in USD
  • EUR bank accounts must be based in a country where MONEI is currently available
  • If the bank accepts transfers via BACS, a GBP bank account can be based in Ireland

Multiple Signers on Bank Accounts

Often, bank accounts from non-profits and other organizations require multiple people to sign for access. Though banks offer increased security to these accounts to protect against changes to the account itself, this won’t affect your ACH transactions. As long as your bank accepts ACH, you will still be able to receive your transfers.

Multiple Bank Accounts for Different Currencies

You can associate multiple bank accounts in different currencies to avoid conversion fees. However, you must indicate one as your default bank account and currency. If you receive charges in a currency that is not supported by any of your associated bank accounts, it will be converted to the currency of your default account.

View Your Bank Account Information 

You can view the routing or transit number of your bank, as well as a redacted version of your account number, by logging into your dashboard. We don’t show the full bank account number or provide that information over email for security reasons.

If you’re not sure of your bank account number, you can re-enter the number into your account settings to confirm it.

Update Your Bank Account Information

You can change your bank account information at any time. Just contact us at support@monei.net by sharing a document that proves your ownership of the new bank account and we will update it in our systems.

We are able to send transfers to your new account as soon as the information is updated. If some transfers are already in progress, those funds will still go to the old account.

Your Initial Transfer

Your first transfer should appear in your account 7 days after you’ve made your first charges with MONEI. (Unless your account has some holding reserve which is applied in some cases depending on your activity)

Various factors can affect the time it takes for your first transfer to go through. First, check to make sure you have entered your bank account information correctly and that the transfer hasn’t failed.

Banks can occasionally take an extra 2-3 days to post funds. Transfers scheduled on weekdays or holidays won’t go through until the next business day.

Keep in mind that charges are processed on CEST time, so the date a charge is processed might differ from your local time zone.

Go into your dashboard to view all your transfers and the anticipated date they will be received in your bank account.

Minimum Volume Thresholds

For the majority of our users, there is no minimum volume threshold necessary before a transfer can be completed. These are the few exceptions:

  • EUR bank accounts have a minimum transfer of 1.00 EUR.
  • GBP bank accounts have a minimum transfer of £1.00.
  • CHF bank accounts have a minimum transfer of 25.00 CHF.
  • NOK, DKK, and SEK bank accounts have a minimum transfer of 20.00kr.
  • MXN bank accounts have a minimum transfer of 10.00 MXN.
  • Automatic Transfers

    Your account will be set to automatically transfer your account balance on a regular schedule by default. 

    All charges are processed on CEST time, which might differ from your local bank’s time zone and affect the day the transfer goes through. With most banks, funds are posted the day they are received, their time. In the case of weekends or holidays, banks might take an extra 2-3 days to post funds. If your transfer doesn’t arrive and it isn’t a weekend or a holiday, it’s most likely the transfer has failed. In that case, the bank will notify us after 5 days and return the funds.

    Transfer Failures

    If for some reason your bank account is not able to receive a transfer, the funds will be returned to us by your bank. Banks usually take 5 business days to inform us about a failed transfer. Once we’re alerted, we will let you know via email and on your dashboard.

    We will re-confirm your bank account and ask you to input the account information again. Once the correct information is established, we will put the transfer through again.

    If your transfer fails despite the account information being valid, you have the option to resume transfers manually. Just click the “Resume Transfers” button on your dashboard.

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