Frequently Asked Questions
What is Woli?
Woli is a family banking app and prepaid MasterCard for children 10 to 18 years old. It enables parents to automate pocket money payments, while guiding their kids to become more responsible spenders. Through financial education quizzes and our banking features, we hope to build children’s confidence in managing their finances all the way to adulthood.
How much does Woli cost?
We don’t want you to pay anything until you know you love our product, so Woli has a 30-day free trial for all new users.
Past the trial period, Woli is a subscription service and costs a monthly fee of 3,99€ per child. The fee includes:
- Virtual Woli Card for the child to make online purchases
- Use of the Woli app for Parent and Child
- Real-time notifications of child spending activity
- Full access to Woli educational content (Woli Classroom)
- Up to 20 free card transactions per month. If you make more, you will be charged a very small fee per transaction based on Woli pricing
- Customer support via the Woli app
If the parent wants to order the Woli plastic card, he will be charged with a one-off fee of 6,99€, which includes postage costs throughout the EU.
*Multiple children family and annual payment discounts apply
How do I sign up?
We take handling your money very seriously and need to go through an ID verification process in order to give you access to Woli financial services.
- Before opening your account, we will ask you to verify your phone number, upload a photo of your passport or ID document, and cross-check that with a selfie picture. Once the Parent account is established, you can invite your children or other family admins by sending them a simple SMS code.
- This process takes a few minutes, and once our internal checks are complete, we will inform you that your identity has been verified and your Woli Parent Account is opened!
Is my money safe?
When it comes to money, one must be 100% secure. That is why Woli is an approved E-money Distributor, regulated by European central banks, which monitor our operations in every country we operate. Our card issuer is Payrnet UAB, a company licensed by Mastercard and regulated by the Bank of Lithuania. Any money you deposit into your Woli Account is stored in segregated accounts in major European banks, which can’t be accessed by Woli or any other company.
How do you handle my personal information?
How do I load money to the Parent account?
The Woli Parent Account can be loaded in two ways, which are shown when pressing the “Top up” button of the Parent app homepage:
- Via a Bank transfer
- You can find your unique Parent account IBAN number in the Woli app. Transfer takes 2-3 days and your bank might charge you some fees.
- Via your Debit/Credit Card (Coming soon)
- You can select the amount and insert your card details to charge your card. Transfer happens instantly, and Woli will charge you a small fee which comes from the card processor. You can store your card in the Woli app for convenience in future transfers.
How can I send money to my child?
Once you have loaded your Parent Account, you can send money to your child instantly, in a few ways:
- Regular Allowance: Set up a specific amount to be automatically transferred from the Parent account to the Child account on a weekly or monthly basis.
- Instant Transfers: Send a one-off amount to your Child’s account anytime. Your child is also able to request an instant transfer in a money emergency.
- Tasks: Allows Parent to set up individual euro amounts for specific actions their child completes. Once the task is completed, the Parent will need to approve it before the money is transferred to the Child account.
- Woli Classroom Quizzes: Allows Parent to set up a per-defined amount to be awarded to his child every time he/she completes a financial literacy Class.
Want to learn more?
Visit our Help Center
Or contact our support team 👋