Frequently Asked Questions

Monesave

App Features

MONC Token

General

Monesave FAQs

What is Monesave?

Monesave is a fintech app, not a bank. It provides banking and financial services through regulated partners authorised to hold your money, including protection insurance. You benefit from all the protections provided by the US financial banking, including the protection in case of bankruptcy, and banking secrecy.  

 

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, or create your own Savings pots and Groups. 

We charge crypto trading fees to maintain the platform and we do have additional premium features you can subscribe to. Please refer to the app and our fee guidelines 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, required by law to verify your identity in line with regulations.

The Monesave Token (MONC)

What is Monesave Token

Monesave Token is cryptocurrency for the Monesave App.

 

The token is approx 100 Monc <-> 1 USD (+ upfront fees paid to Stripe or payment partners)

Each token is in turn invested in a Portfolio of Exchange Traded Funds (ETFs) in S&P, Emerging Markets and other selected trends by our experts. Such that when users withdraw their token in a few months or years, they get a return.  

Of course you can invest in ETFs directly yourself. And we encourage that! But with Monesave, you have a group of likeminded users who are striving to also invest and grow their savings. Just like you can go to the library alone to study if going with a study buddy helps!

 

We aim to foster a community of users passionate about Budgeting, Savings and Financial responsibility.

Also through the Monesave app, parents can easily assign tasks and chores to their children, specify the rewards in Monesave Tokens (so they can cultivate a savings habit!) for each completed activity.

Children can then track their progress, earn tokens, and redeem them for rewards or savings.

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. 

General FAQ

There is a problem on the App. How do I contact you?

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

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. 

Monesave Wooden Card

Monesave Wooden Card can be ordered on Amazon or Online here. The Monesave Wooden card is a Cold Storage linked to your app. You need to scan the QR code on the App before making any payments over 5000 MONCs (Approx 50 USD). This will also provide additional layer of security. 

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.

Making savings and budgeting fun and social.


Monesave LLC (Registration Number 7607043). Address: 4th Floor, 1007 North Orange Street, Wilmington| DE 19801.

Contact: support (@) monesave.com

© Movesave 2024. All rights reserved.
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