Anything I won't be able to do when Monzo is a fully-fledged bank?

I’m mainly thinking for things like gifts of cash - it should be fairly easy to get people to do a bank transfer in this day and age. And, if Monzo remains any good (and I have no reason to doubt that it will remain good), my family may be interested in joining too when it becomes a full-blown bank.

I read somewhere here that you could photo the cheque and send via the app. That would be amazing :slight_smile:

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I’m not aware that, that’s going to be possible but it would be great!

AFAIK this is Monzo’s only comment on their plans -

Obviously Monzo will create solutions for handling cheques & cash but their plans haven’t been finalised yet.


Yes, granny gives you £10 for your birthday, next day at work your colleague is short of lunch money so you give him the £10 and scan his debit card via the app to top up £10. Couldn’t be easier!

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I’d encourage exploring the idea of using post offices. Some smaller traditional banks already do this (eg Co-op / smile) and pretty much everywhere has a nearby post office.

I would say PayPoint. We have had a few Post Offices shut in my area (in my town and the adjoining town) and we have no banks left in my or neighbouring towns and three cash machines removed with the two remaining being not big bank machines but independent ones. However despite banks and Post Offices shutting down the PayPoints are in convienience stores and are convienient to get to and open more hours, 08:00-22:00 seven days a week compared to our now closed Post Office which was open five days a week but shut for lunch from 12:30 - 2:00

I’ve never used PayPoint. I need to find out how that works.

You go into a shop with a PayPoint sign (which near me are small McColl’s stores or medium sized East of England Co-operative supermarkets) and hand over your debit card or a payment card (depending where your account is held) and they will swipe it or put it in the card reader and take your deposit and give you a receipt (though depending on the phone signal in that area your phone may bleep with confirmation in an app before the receipt has even finished printing).

I like PayPoint due to it being instant whereas my other account when paid in at a Post Office takes 24-48 hours to show up in my account

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That sounds ok! And you make a good point about the number of PayPoint outlets (26,000) compared with 11,500 post offices. Cheques might remain a problem.

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but they said we could post cheques to Monzo when the current accounts start…until they arrange an alternative method.

Also cheques are dying out…normally it is only a birthday present from an elderly Gran or when you fail to provide your bank account details on your self-assessment form and they fall back to providing your refund by cheque

Barclays are piloting paying in cheques by phone:

It still costs them more in processing so you are encouraged to chose bank transfers over cheques wherever possible. Also, despite the cheque being scanned or photographed rather than manually handled the use cheque clearing days apply. So you get access to your money quicker if you get an FPS or BACS Credit over a cheque

And before you say they let you have your money by 12.00 the next day, yes but there is still a period while the money can be reversed and the cheque not honoured, so technically you can you really guarantee having the money until those few days have passed, so it is almost like the bank are lending you the money on trust for the period until (hopefully) the cheque is fully cleared

I think we probably all get that cheques are dying out, it’s just a slow and painful death and Monzo needs to allow for it- as they plan to do. :slight_smile:

Any update on this? I feel a bit silly for asking, but I would very much like to be able to use my local Post Office branch for depositing cash on Monzo. They’re all nice people in there, many of whom I’ve known years. It was funny that time I had my passport photos taken in there - much more homely feeling than any clinical passport photo booth, and for the exact same price it felt like going back a century, being waited on whilst the nice gentleman takes your photo with his little compact.

I don’t want to use PayPoint, because it looks complicated and clinical, and you feel like you have to buy something whilst you’re in the shop.

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You are lucky to have a Post Office like that near you. We have had two Post Offices shut near us in out town and the adjoining town. The PayPoint service has also proven to be better in the money is hitting your account quicker than when deposited via the Post Office

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I hadn’t actually considered that last point, thanks. One of the reasons I want to move from NatWest is that it takes ages every time I use my debit card to buy anything for it to show up on my online bank statement. Instant (as with Monzo) sounds good.

Do the outlets that have PayPoint get paid for having it in their shop? If they do, I will feel less like I need to buy anything.

As for us in Lancashire: we think the butter pie is the height of sophistication, and most of us have only just got TV and Internet. :wink:

I think the shops that provide PayPoint make a small sum on each transaction but in smaller Post Offices (not GPO) their owners also get a small sum for ever transaction they do. There are apparently a few shops that have both Post Office and PayPoint counters in (incl some McColl’s stores)

I think the Post Office must charge too much because Metro Bank decided to pay for the service for business customers but not personal customers, providing for both was obviously just too costly for Metro

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Right. This puts a new meaning to why Monzo may not want to use the Post Office.

I learnt a few new things today, thanks! :slight_smile:

I think it must depend on what card/bank you are using. I can pay money in at the Post Office counter and by the time I’ve walked to the back of the store to the cash machine the money is there.