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

There are a handful of 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 go to the “transfers” tab in your account settings and update your information.

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. 

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 UTC 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 your account balance on a regular schedule by default. 

-All charges are processed on UTC 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.

-For users in certain industries in Australia or the United States, we won’t enable the standard 2 day rolling schedule until we monitor your business activity for a short period. This is to protect our users and ourselves from potential fraudulent activity. It doesn’t mean that we think your account is fraudulent; it just means that we are taking a more cautious position to protect all of our users.

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 usual take 5 business days to inform us about a failed transfer. Once we’re alerted, we will let you know via email and in 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 you 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.

Alternative Transfer Schedules

You can change your transfer payout schedule in your account settings. This allows you to transfer funds to your account on a weekly or monthly basis, rather than MONEI’s default setting. Go to the Transfers (link) area of your account settings and find the “Change schedule” option; this is also where you can confirm which transfer schedule has been selected for your account.

If you choose to transfer funds on a weekly basis, it is possible to choose the day of the week that the transfers will arrive in the bank account.

If you choose to transfer funds on a monthly basis, it is possible to choose the day of the month that the transfer will arrive in the bank account; however, if you choose the 31st of the month, the transfer will go through on the last day of shorter months.

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