How to delete your Monese account

About deleting your Monese account

Monese is a mobile-first banking service offering multi-currency accounts, instant transaction alerts, and integrated money transfers. Unlike traditional high-street banks, Monese operates primarily through its digital interface, collecting a vast array of personal data including biometric identifiers, transaction history, location data, and device information to facilitate its AML and KYC compliance requirements.

Users may decide to close their Monese accounts for several specific reasons, such as switching to a banking provider with more robust savings products, concerns regarding Monese's data sharing practices with third-party service providers, or simply consolidating multiple financial apps. Because Monese acts as an electronic money institution, maintaining an inactive account can still result in exposure to data breaches or unwanted data profiling.

• Streamlining financial footprints.
• Reducing exposure to Monese’s advertising partners.
• Avoiding potential fees for inactive or legacy accounts.
• Moving away from mobile-only banking to traditional platforms.

What happens to your data

When you initiate an account closure with Monese, the company is legally required to move your status to 'closed.' However, they do not instantly delete every trace of your activity. Due to strict financial regulations such as the Money Laundering Regulations 2017 (in the UK) and similar EU directives, Monese must retain records of your financial transactions for several years to satisfy regulatory audits.

Types of data Monese collects and manages:

• Full legal name, residential address, and nationality.
• Passport or ID document scans used for identity verification.
• Historical transaction logs and payment metadata.
• Contact information including email addresses and linked phone numbers.
• Behavioral data linked to your use of the Monese mobile application.

While Monese will stop using your data for direct marketing purposes once the account is closed, the historical data remains in their 'cold' storage archives. You should expect that your identity verification documents remain held for at least five to seven years post-closure depending on your jurisdiction.

Privacy considerations

Using a digital banking app like Monese involves constant data pinging. Monese integrates various third-party SDKs to track app performance and provide customer support, which can lead to increased data footprints across your device. To enhance your privacy, ensure you have opted out of non-essential marketing communications before requesting account deletion.

• Always request a download of your data from Monese via the 'Data Access' request before closure.
• Use the mobile app settings to revoke permission for Monese to access your contacts or location.
• Ensure you have drained all funds from your Monese balance to avoid issues during the closure verification phase.

Frequently Asked Questions

Can I delete my Monese account if I have a negative balance?

No, you must resolve any negative balance or outstanding fees before Monese will permit you to close your account.

Does deleting the Monese app count as closing the account?

No, simply uninstalling the application does not close your financial account; you must use the 'Close account' feature within the app settings to formally terminate your relationship with Monese.

How long does Monese keep my transaction history after I close my account?

Due to legal requirements for financial institutions, Monese typically retains transaction records for up to seven years for anti-money laundering compliance.

Will Monese delete my passport scan immediately?

No, identification documents are subject to retention policies required by financial regulators, meaning they will be held in secure archives even after your account is closed.

Can I reopen a Monese account after deletion?

Generally, Monese allows you to open a new account in the future, but you may be required to go through the entire identity verification (KYC) process again from scratch.

Does Monese notify credit bureaus when I close my account?

While Monese reports activity to credit reference agencies, the act of closing a personal current account does not usually negatively impact your credit score, provided the account was in good standing.