There are no special qualifications. If you're a small or medium sized business in the UK, a one-person operation or one with multiple partners or employees, Muloot Money is for you, subject to identity and residency checks.
You can see a full list of charges in our Terms and Conditions here.
Transactions fees are charged for converting your money into a foreign currency. We charge 2.75% of the transaction amount when you use your prepaid card to make a transaction in a currency other than sterling. For example: if you were to spend £100 outside of the UK we will charge you a £2.75 transaction fee. For currency exchange fees (daily and historical) please visit the Mastercard website. Our full list of fees can be found here.
All sole traders, limited companies and partnerships are welcome to sign up for a Muloot Money account. See our terms for further details.
Yes. You can make life easier by arranging regular payments via Direct Debit. We’ll even send you a text message if you need more funds to cover your payments.
Funds can be paid into your account by you or a third party via regular transfer, standing order or Faster Payments from any UK bank account. You can also deposit cash at any Barclays high street branch.
Muloot Money is a trading style of Equals Money UK Ltd who are an authorised payment institution (API), operating under the Payment Services Regulations and authorised and regulated by the FCA. The main difference between an API and a bank is that we are not licensed to use customer's money for any purpose such as lending. There are other key differences between a bank and an API, such as different “Conduct of Business” and capital adequacy rules.
Muloot Money is a trading style of Equals Money UK Ltd who are an FCA Authorised Payment Institution. This means that we are not covered by the Financial Services Compensation Scheme, which covers up to £85k. Instead, we have segregated your funds in a safeguarded account with our chosen banking providers (Barclays Bank PLC, National Westminster Bank plc or the Bank of England). This means those funds would be separated from our other assets in the event of our insolvency and used to repay you and other clients. Any money on your card is held in a safeguarded account held by the card issuers (Equals Money International Limited) chosen banking provider (Barclays Bank PLC). Equals Money International Limited is a subsidiary of Equals Group PLC. Registered Office: 3rd Floor, Vintners’ Place, 68 Upper Thames St, London, EC4V 3BJ. Barclays Bank PLC, National Westminster Bank plc and the Bank of England provide us with safeguarding account(s), but do not monitor the funds we place on the safeguarding account or how we operate these accounts. As an FCA Authorised Payment Institution, it is our responsibility to segregate funds.
Muloot Money holds any money in your current account in a safeguarded account with our chosen banking provider. Any money on your card is held in a safeguarded account held by the card issuers (Equals Money International Limited) chosen banking provider.
Yes, you can. As soon as you've opened an account, we'll send you your account number and sort code. Simply share these two numbers with anyone you'd like to pay funds into your account. To receive funds into your account from abroad, please give the sender your IBAN and SWIFT details. You have different IBAN and SWIFT details for each of your currency wallets.
You can check your balance any time, 24 hours a day, 7 days a week, through your online account. We don't send paper statements but you can view your statements online and print these for your records. Your statements can be displayed in a range of formats compatible with most cloud accounting software providers.
The Muloot Money account isn't set up to offer overdrafts at this stage.
You can pay bills from your account by Direct Debit, standing order or same day/next day Faster Payment, either by using your online account or by telephoning the call centre (please see opening times).
Simply give your sort code and account number to the company you wish to pay. You can view your active & cancelled Direct Debits on your online account.
In order to set up a standing order on your account you'll need the sort code and the account number of the organisation you're paying. Sometimes they'll also require you to have a reference number.
You can transfer funds from your account to any other UK bank account via Faster Payments*. Please see the details for this service below.
| Same Day Faster Payments | Received at the beneficiary bank |
| 24/7 | Immediately |
| Next Day Faster Payments | Received at the beneficiary bank |
| Monday to Friday before 16:30** | Next day |
| Saturday/Sunday | Tuesday |
*Some banks only accept BACS payments. These take 3 working days
**If you affect a Next Day Faster Payment after 16:30 Monday to Friday, it will be received at the beneficiary bank the day after next.
To deposit a cash or a cheque into your account, use the bank giro slips provided by Muloot Money and make the deposit at any Barclays Branch.
You can use your IBAN (International Bank Account Number) when making or receiving international payments. It doesn't replace your sort code and account number - it's an additional number that contains extra information to help overseas banks identify your account for payments.
A SWIFT (or SWIFTBIC) code helps overseas banks identify which bank they need to send the money to. For example, if an overseas bank is sending a payment to your Muloot Money account, they'll need our SWIFT code.
You'll find your IBAN number and our SWIFT number displayed in the log-in area of our website. Each currency wallet has its own IBAN and SWIFT number.
To close your account, please get in touch with our team on the Contact page.
You can link up to 5 cards to your account, and you can set user permissions at different levels of security access.
You can withdraw cash using your card and PIN from most cash machines (ATMs) that display the Mastercard Acceptance mark.
You can also get cash over the counter at any high street bank that shows the Mastercard Acceptance mark. You just need to take some photo ID along with your Muloot Money card.
Retailers who offer a cashback service can also provide you with cash.
The Rewards Scheme earns up to 3.5% cash rewards every time you shop with your Muloot Money card at participating retailers across the UK. Your rewards are automatically credited to your account.
You don’t need to do anything to join the scheme – you are automatically entered into it and can use your card to start earning rewards at participating retailers straightaway, or as soon as your account is active.
Your rewards will be credited automatically to your account. You will receive the credit into your account in the first week of the month following 60 days after the date you make the purchase at the participating retailer.
You will be able to see how much you have earned in rewards in your online account. The amount shown on the designated screen will update automatically on each purchase made at participating retailers in the week after the transaction was made.
Confirmation of Payee (CoP) is a messaging service introduced to help prevent fraud and payments being sent to the wrong account, keeping your money safe and secure.
CoP covers all payments made from and to GBP accounts in the UK that have a sort code and account number. CoP focuses on Faster Payments, BACS, CHAPS and standing orders.
CoP is being added to your account in two stages; the first for payments arriving into your account, and the second for payments leaving your account.
At present, CoP will only assist with the first stage.
To support this, the person or business sending you the money must ensure they have the correct account details for you. This includes:
It’s important to let us know as soon as possible if your personal details change at all.
Later in the year we will be adding the functionality that allows you to verify outgoing payments to UK accounts too.
Your data is safely stored to the highest standards in accordance with UK data protection legislation and our Privacy Policy. This system is rigorously checked and we are regulated and monitored by the Financial Conduct Authority (FCA).
For any other queries relating to CoP, please use the Contact Us form or call our customer service team for help.
