Business account owners: let's get to know you


(Jack Cully) #63

Hey @Stuskl! Thanks for this, it’s all super useful :heart_eyes:

There’s no limit on payments made into your business account :blush:We’re working on what outbound limits will look like for businesses in the future, but please do reach out to me on Monzo Chat if you have any problems here :+1:

We’re hearing this! We’re thinking about this a lot, stay tuned over the next couple of months :blush:

Thanks for your feedback on the other points! Keep it coming :raised_hands:


(Jack Cully) #64

Thanks everyone for all your feedback here! We’re reading every post, and it’s really helping us understand what to work on next :smiley:


(Stephen Early) #65

This is going to be an interesting one! I think the requirements will vary a lot more from business to business than they do from person to person.

Let’s use my business as an example: we’re a small pub company. The turnover reported in our accounts is about £1.7 million per year. That’s excluding VAT, though, so the actual cash that comes in is £2 million.

Our current account doesn’t accumulate money over time, so whatever comes in must go out again. That’s about £5.5k per day (or £7.7k per day if you only include weekdays) — so, well within Monzo’s existing limit of £10k per day on the personal accounts.

However, we don’t pay out at a constant rate. Some days we don’t pay anyone anything at all! Once a month we pay all our staff, once a quarter we pay our VAT, and once a year we pay corporation tax and dividends. Very occasionally we make even larger payments, for example when we buy a new pub.

To deal with these payments, we have a limit of £100k outgoing per day on our current current account.
We find it adequate: usually we’re nowhere near that, but once or twice per year we get close to it. (When we know there’s a very large payment coming up we can plan to make it over more than one day.) I wonder whether this limit (5% of annual receipts) would be appropriate to most businesses, or whether there’s a lot of variation per industry?


(ANDREW TIMOTHY BAYNES ) #66

I want to move my business banking to Monzo
I am on the wait list for full launch
My company is an LTD we are a consultant that turns over 50,000 per year minimum

I have been asked what we want to from a business account:

So easy access to information instantly - like Monzo right now
An easy interface our current bank’s online interface is very clunky
We get charged £5.50 per month for one statement
There is no value added and logging in on line is difficult
All the good stuff of Monzo in a Monzo business account is a dream!
THANKS. Tim.


(Michael) #67

Welcome to the forum Tim

Are you sure you are happy to have your email address shown?


(ANDREW TIMOTHY BAYNES ) #68

Please remove my email address. Good call Hopefully my comments otherwise are of value

Thanks


(Michael) #69

Quickest way would be to edit your own post using the “pencil” icon below and to the right

Otherwise hopefully someone from @Coral-Crew can help you out


(Chris Middleton) #70

Hi Tim, you can edit the post to remove your email address. I gather it’s usual on this forum to then add a comment explaining the purpose of the edit.

Cheers, Chris