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Monesave FAQs

What is Monesave?

Monesave is a fintech app, not a bank. Banks used to be community based but in such an increasingly social age, users are left more and more isolated when it comes to savings and budgeting.

Monesave is changing all that. We are community of users passionate about ginancial responsibility. 

  • Budget and plan
  • Put money aside for emergencies
  • Trade Crypto
  • and do much more together online (publicly or anonymously!)

Join the revolution!  Join Monesave today.

 

How do I join Monesave?

You can download the app for free and get onboarding in less than 5 minutes.

We collaborate with top-tier partners in the industry to ensure compliance and facilitate onboarding processes tailored to your specific location. The documentary requirements are set by our Industry partners. For more information on this, please refer to our Terms and Conditions.   

 

How much does it cost to join Monesave?

It is free to download the Monesave app, join groups, and create your own Savings pots & Groups. 

We have premium features and services you can subscribe to and pay for. Please refer to the app and our fee guidelines here for these.

App Features

How do I join a Monesave group?

As a Monesaver, you create a Public Group or Private Group directly from the App. 

Group creators also select the Group Challenge which applies to all group participants.

You may also search for a group from the App following these 3 steps:

  1. Tap on Group
  2. Search Group
  3. Join

If you have an invite code from a fellow monesaver, you can go to the Notification sections on the App to join the Monesave Group.

Why is it so hard to save money?

Putting Money aside for emergencies is hard for everyone. Some of the reason include: 

  • Some of us feel our income is insufficient to save, any amount saved feels small and insignificant
  • Some term deposit accounts and Banks impose high minimum balance in order to open savings accounts
  • It’s hard to plan for the distant future when you’re living “paycheck-to-paycheck”
  • Saving some gentle pressure

Monesave helps by rewarding our users and providing an online community and group where we all encourage each other.

Does Monesave run Credit Check?

Monesave is a fintech app. We do not check your credit, and do not report anything back to credit bureaus.

We are, however, partnered with licensed entities who are required by law to verify your identity when you submit your KYC documents. Please refer to our privacy policy and terms and conditions for more information.

General FAQs

What exactly is the Bitcoin Network? 

Bitcoin is a decentralized digital currency that operates on a blockchain network—a decentralized ledger recording all Bitcoin transactions. Transactions conducted with Bitcoin are permanently recorded on the blockchain, ensuring immutability. This feature guarantees transparency and prevents tampering. Due to its decentralized nature, Bitcoin enables swift, global, and cost-effective value transfers, along with heightened privacy and security measures. 

However, this security comes with a caveat: if Bitcoin is sent to an incorrect address or a different blockchain network (e.g., Ethereum), the funds become irretrievable, as transactions cannot be reversed. So, when transferring assets between wallets, it’s imperative to ensure compatibility with the respective blockchain. For instance, Bitcoin assets can only be sent within the Bitcoin chain, not to addresses on alternative chains like Ethereum or BNB. 

For assistance with transactions or any uncertainties, please contact our customer support at support@monesave.com. It’s crucial to understand that any erroneous transactions will result in permanent loss of funds, and the Monesave team will not be able to recoup those losses. 

What constitutes the Ethereum Network? 

Ethereum (ETH) functions as a blockchain platform utilized for decentralized applications (dapps) and smart contracts. Similar to the Bitcoin network, it operates as a decentralized, public ledger recording all transactions occurring on the network. However, unlike Bitcoin, which primarily serves as a digital currency, Ethereum was specifically designed to facilitate the creation of decentralized applications (dApps) atop its blockchain. Notably, Ethereum has gained significant traction as a platform for decentralized finance (DeFi) applications. 

When transferring assets from one wallet to another, it’s crucial to ensure compatibility with the corresponding blockchain. For instance, if you possess an Ethereum wallet, you can only transfer assets within the Ethereum chain, not onto the BNB or Bitcoin networks. 

For guidance on processing such transactions, feel free to reach out to our customer support at support@monesave.com, and we’ll provide assistance. It’s essential to understand that any incorrectly executed transactions will lead to complete and irreversible loss of funds, as the Monesave team does not have the ability to reverse them. 

 

What is BNB chain? 

The Binance Chain, developed by Binance, is a decentralized blockchain platform renowned for its high transaction speeds and low costs. For Monesavers, this translates to the ability to swiftly and affordably send BUSD (a stablecoin pegged to the USD) and other supported tokens to various wallets worldwide. 

However, it’s imperative to exercise caution when transferring assets between wallets. Assets must be sent within the same chain; for example, if you possess a BNB wallet, assets can only be sent within the BNB chain, not to Ethereum or Bitcoin networks. 

If you encounter difficulties with these transactions, don’t hesitate to contact our customer support at support@monesave.com for assistance. It’s essential to bear in mind that any erroneously executed transactions will result in irreversible loss of funds, as the Monesave team cannot undo them. 

Security

There is a problem on the app. How do I report it?

I have encountered a problem or bug on the app. How do I report it?  

 Most problems can be simply resolved by ensuring that your app is updated to the latest available version. Alternatively, restarting the app may also help resolve the issue.   

 For further assistance, please contact using the help button on the app or contact us at support@monesave.com 

Is Monesave secure and how do we keep your data safe?    

 The common saying goes: “When a service is free, you or your data becomes the price.”

Unlike other app who on sell data, Monesave is a provider agnostic platform with no sales quota to a provider or Bank! Rest assured, we do not sell your data. Instead, we safeguard it diligently. All of our data is encrypted and securely stored, ensuring that only you and we have access to it. 

How is my Monesave Account Secured?

Securing your Monesave account is our top priority, as a result we have implemented strong security measures to authenticate and secure the access points to both your account(s) and funds. 

 

2-Factor Authentication (2FA)

The first main security measure that we provide is 2-Factor Authentication. In addition to End to End Encryption of messaging. 2FA enables a second layer of authentication for logging into your account. This means that even if someone stole your login information (through a phishing attack or you not personally using best security practices) they would still need access to another one of your devices in order to authenticate the login. The best thing you can do to protect your login credentials is to implement best security practices overall. 

 

Best Practices

Phishing attacks are one of the most common ways that login credential (for any platform) are stolen. This often happens through an email that is pretending to be a trusted company. The email then prompt you to click a link to a login page. However, the form you are filling out is not to the site you think it is, but a clone of the site you trust – designed to capture your information as you enter it. While there are other sneaky methods that attackers use, this is the most common way.

 

The best practice is to be careful and aware when logging into any website to ensure it is trusted. 

Another best practice is to implement a password management system. Instead of using the same password for multiple sites or using over simplified passwords, a password manager will both generate a unique and complex password, and store the password for you (so you don’t have to rely on memory). Complex and unique passwords help improve security by eliminating any easy-to-guess passwords. 

While storing your passwords inside a single management software may seem like you are increasing the risk of having all your passwords compromised, it actually provides the ideal solution for password management.

Without a password manager, most people will write their passwords somewhere far less secure than a software specifically created for that purpose – which has built in safety measures to secure your account. 

 

 

Customer Service

We are here for you. Our goal is to provide an unparalleled customer experience.

Therefore, we have built a strong and passionate Customer Support Team that is available to answer any questions or concerns regarding security measures. Remember you can always contact us directly on the app and we would never send you an email or text message link to click on.

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