About Monument Bank
Monument Bank is a newly formed bank dedicated to offering retail banking products and services to a community that is underserved and deserves far more from their banks. It is authorized with restriction by the Prudential Regulation Authority and regulated by the Financial Conduct Authority.
Monument has signed agreements with a number of important technology providers to facilitate the development of its bespoke technology platform, after the receipt of its banking license with restrictions on October 6, 2020.
Monument Bank Limited participates in the deposit guarantee scheme of the United Kingdom. This deposit guarantee policy covers up to 85,000 GBP per bank per depositor and applies to current accounts, savings accounts, and time deposit accounts held by private persons and businesses. Monument Bank Limited is a member ofFinancial Services Compensation Scheme (FSCS)and makes its contributions into it.
Can I use Monument Bank for international bank transfers?
No. Monument Bank currently uses SWIFT Transfers for international bank transfers.
How long do transfers take with Monument Bank?
A SWIFT payment usually takes 1-4 business days to complete. The amount of time it takes varies depending on the destination, time zones, and banking procedures.
SWIFT transfers do not happen instantly. If your bank and the destination bank do not have a direct relationship, some banks may route your money through an intermediary bank. This can potentially slow down the procedure. Your contributions will be subjected to anti-fraud and anti-money laundering processes before being credited to the beneficiary, which takes time.
Are there transfer limits?
The maximum amount you can send via bank transfer is determined by the following factors:
the country you’re sending to
the country you’re sending from
the payment option you choose
the local bank’s transaction limits
Can I use a Monument Bank debit card when traveling abroad?
As of yet, Monument Bank has made no mention of its Debit Card. One of the most unique aspects of Monument's strategy is that the bank has no plans to provide its customers a bank card or even a current account. Instead, the aim is to use open banking to link to a customer's existing current account, whether it's with a traditional bank or a digital competitor.
Monument Bank Exchange rates and fees
Since Monument Bank uses SWIFT Transfers, there is no such thing as a standard exchange rate and fees. The exchange rates and transfer fees depend on which bank you are using.
Exchange rate
On a SWIFT transfer, you may expect the big banks to charge 3% to 5% in exchange rate costs as a ballpark estimate. Depending on the amount you send, the exchange rate will change. The better the rate, the more money you transfer. It's worth noting that the exchange rate costs are typically significantly greater than the fees for bigger overseas transactions.
Let's imagine your bank imposed a 3% currency rate margin to a SWIFT transfer of £120,000. That means you've been charged £3,600 based on the exchange rate alone. In anyone's books, that's a lot of money. This is why you should never accept the interest rate offered by your bank.
Transfer fees
The largest UK banks can charge a variety of fees for SWIFT transfers. A transfer fee and a receiver fee are the two most common types. For each SWIFT transfer, these fees are usually fixed. The following are the fees levied by the four main banks in the United Kingdom:
If you use a branch, you will be charged £25 if you use Barclays online. They also charge a £6 fee on the recipient.
Lloyds charges £9.50 whether you pay online or in a branch, plus £12.50 to the recipient.
HSBC charges £4 online or £9 at a branch, plus £8 to the recipient.
If you send less than £5,000 Natwest, you'll be charged £15; if you send more than £5,000, you'll be charged 0.3 percent (max £40), and the recipient will be charged £7.50.
If an intermediary bank is utilized in the process of sending your money to its destination, you may be charged correspondent bank fees. Additionally, some banks charge a priority payment fee if you want to expedite your payment. The only way to prevent these costs is to forgo using your bank at all.
How does Monument Bank transfer fees compare to using a money transfer provider?
Monument Bank typically costs more for SWIFT transfers than money transfer specialists which offer lower transfer fees. However, it can help you with a variety of transactions. If you're simply moving funds from one account to another inside the same financial institution, you can do so for free at your bank. It can be completed in person at a bank by withdrawing funds from one account and depositing them into another, or it can be completed online.
Overseas money transfers are also possible through Monument Bank, though you'll likely need a lot more information, such as the account holder's name and address, information about the financial institution to which the money is being sent, and the recipient bank's SWIFT or IBAN (Society for Worldwide Interbank Financial Telecommunications).
You can obtain the greatest money transfer deal by shopping around and researching your options. Take your time and check up the most up-to-date cost information on the internet. In one situation, the cheapest way of money transfer may not be the same in another. Make sure you're not handing over your hard-earned cash to large financial institutions or money transfer companies by doing your homework.
Hence, online money transfer services offer a cheaper and faster alternative to traditional banks. In reality, it is the most cost-effective method of international money transfer, outperforming even Western Union in terms of price and simplicity.
You can send money online instantaneously via a web-based platform or an international money transfer app. There are a variety of ways to send money online, ranging from a simple online money transfer between your Monument Bank account to sending money directly to another person's wallet via an online money transfer app.
Monument Bank pros and cons
The following are the advantages and disadvantages of Monument Bank:
Pros
Cons
Monument Bank Additional Products
Monument Bank currently does not have any other products available on its website. Monument intends to be the only bank to offer a totally digital journey for buy-to-let and property investment financing of up to £2 million to its customers, in addition to savings products.
Monument will be the first and only bank to provide a totally digital experience for buy-to-let and property investment lending of up to £2 million to its customers. It will provide market-leading savings rates in the top quartile, and its business model is built to reward loyalty. As a result, a saver who deposits money for a future fixed term will receive a greater rate than a new customer. A borrower who renews their loan will also be given a lower interest rate.
You can visit the bank at the 2nd Floor, 15 Upper Grosvenor Street, W1K 7PJ, London, United Kingdom, or call +44 02039956704 or email https://www.monument.co/ for additional information.
Summary
During the present COVID-19 epidemic, demand for digital interaction has increased, and the shift to remote working has exposed the prospect of a new digital banking model that supports consumers through technology. Given that it is aimed at "mass affluent" customers, it is likely that a certain level of wealth or assets will be required to use its services.
Monument is the UK's first challenger bank catering to the unmet needs of over 3.5 million mass affluent clientele, including professionals, property investors, and entrepreneurs. It is developing a cutting-edge, one-of-a-kind technological platform that merges best-of-breed SaaS providers into a cloud-based microservices architecture.
Monument provides excellent client experiences by implementing technology solutions that are current, adaptable, simple to integrate, and, if necessary, replaceable. Monument's solution to the massive issues faced by legacy systems of established banks is the construction of its lego-like technological platform. After months of research, Monument came to the conclusion that there was no one market answer for the products and services that Monument introduced in the summer of 2021.
