Your Questions Answered

Your Account

Can anyone open an account?

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.

How much does the account cost?

Everything we charge, and everything we don’t charge are clearly listed in the Terms and Conditions here.

Why am I charged a transaction fee for purchasing something on my card outside of the UK?

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 pounds. 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.

Can I apply if I'm a sole trader?

All sole traders, limited companies and partnerships are welcome to sign up for a Muloot Money account. See our terms for further details.

Can I use Direct Debits?

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.

How do I pay and receive money into my account?

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 the Post Office or any Barclays high street branch.

How do you keep my money safe?

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 (Fair Payments Limited) chosen banking provider.

Can I get my funds paid into my account directly?

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.

How can I check my balance? Do you send paper statements?

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.

Do you offer overdrafts?

The Muloot Money account isn't set up to offer overdrafts at this stage.

How do I pay a bill/transfer money?

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).

Direct Debits

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.

Standing Orders

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.

Electronic Bank Transfer

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.

How do I deposit cash or cheques?

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 or at any Post Office (cash deposits only).

What are your call centre opening times?

  • Phone lines are open:
    • Monday to Friday 8.30am - 5pm (closed weekends and bank holidays)
  • Live chat is open:
    • Monday to Friday 8.30am - 5pm
    • Saturdays 9.30am to 1pm (closed Sundays and bank holidays)

Do I have an IBAN and SWIFT code?

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.

Cards

Can I get a card for all my employees?

You can link as many cards to your account as you want, and you can set user permissions at different levels of security access.

How can I take out cash?

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.

Rewards

What is the Muloot Money Rewards Scheme?

The Rewards Scheme gives you 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.

How do I join?

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.

Which retailers are in the Rewards Scheme?

There are over 50 High Street retailers including: Asda, Argos, Marks and Spencer, plus many more.

How and when do I receive my rewards?

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.

How will I know what rewards I have earned?

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

What is Confirmation of Payee?

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.

What payments and account types will CoP apply to?

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.

How will it affect me?

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:

  • Your full name or your registered business name, exactly as it appears in your account.
  • Your sort code and account number.

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.

How is my data kept safe and secure?

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).

Still have queries about CoP?

For any other queries relating to CoP, please use the Contact Us form or call our customer service team for help.