Business account owners: let's get to know you

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:

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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:

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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?

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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.

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Welcome to the forum Tim

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

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

Thanks

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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

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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

I’ve just started a limited company, hoping that there is some movement in account release before the end of next month when I start trading.

Quick question, when I joined the waiting list I used the email address attached to my current account, once I have an account will there be an option to change the email address to my work one? I’d prefer any contact from Monzo on my business account to go through my business email and visa verca.

Keep up the good work!

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Business Account trials: oh if only I was on the trial , asked constantly if I could get on but to no avail , I have two accounts at other v sad banks , hopeless customer care at those banks , please MONZO either put me on your trial, or HURRY UPwith the role out of accounts to us business people who are gagging ney choking from the hapless !! Old banks we have to put up with on a daily basis … PLEASE MR TOM B… I beg of you… thank you in advance you you putting me on your trial!!! Tack Merci etc etc

I love Monzo, so having the same great experience for my business account is fantastic. However, I know this has been said before, but I’ll add to it:

QuickBooks integration is a must for me to continue using Monzo’s Business Account

Hi,

I am a trial user and just want to say I am looking forward to integrations with external software like Xero or FreeAgent.

I’d really like the ability to see when scheduled payments ie direct debits are due to come out. Clicking on a direct debit doesn’t give this information and I can’t see a way to tell when this payment is due to go out.

Are there plans to have integrations with TransferWise within Monzo Business banking? I know there was some integrations for personal accounts.

Hi there,

Recently started using the monzo business account and was wondering if the address details are linked between the personal and business account. I updated my address in my personal account and it seems to have updated in the business settings too.

Would be ideal if the the address details synced with companies house so the address on file is what the registered business address is.

+1 for transferwise
+1 xero integration

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Do you have Summary in the business account beta?

Yes, but I can’t see a way to tell when scheduled payments are due to be drawn from the account.

There are two ways on the personal current account:

  1. In Summary, go to Committed Spend then tap a category. You should then see a list of forthcoming direct debit payments for the current month under their expected date.

  2. Alternatively, go to Payments then the Scheduled tab. Scroll down to Subscriptions and Direct Debits - they should be listed there with an expected next payment date under each one.

You’ll need to have had a Direct Debit payment come out already, and have set up the frequency on the first transaction, I think though before this will work.

Are you seeing any of that on the Business Account?

Ah I don’t have any on my Personal so I am unfamiliar with how they should work.

I haven’t had a DB come out of the business account yet, I was anticipating being able to tell when it was due to come out before it had come out for the first time.

I can see two under “Scheduled Payments” I just have no insight into when they are configured to come out. I had assumed when the Direct Debit was agreed that a date is usually set and that this would show in Monzo. I shall have to wait for it to come out first.

Ah, I think that’ll be it - I don’t think the direct debit system provides details of expected dates, so Monzo needs to learn it / be told it.

You should see outgoing direct debits the working day before greyed out in the feed, though. :+1:

A little bug. The account fee is being seen as Monzo Plus. Pressing it creates a full screen JSON RSOD (red screen of death).

image

Further to that:

  • How’s the trial going?
  • What feedback have you been gathering from the 100 accounts (I’ve not been asked for any)
  • What new features or changes have you got planned?
  • Do you plan on rolling out any more accounts soon?
  • Is a Desktop version planned? Or integrations with Xero for example? Or another way of doing batch payments in an easier form?
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Hey @tomsr :wave:

Thanks for bringing this to our attention! The Monzo Plus & Business Account Subscription services are built from the same building blocks, so I think this is why :thinking: I’ve let our engineers know and they’ll work on fixing this hopefully by the end of this week, or the beginning of next :pray:

On your other questions, I posted this update yesterday which I think answers most of your questions!

I don’t think I mention anything about your last two questions there, so:

  • We’re hoping to bring some more people on within the next month or two, but this will be pretty limited until we’ve ironed out a bunch of things in the background (there’s a huge amount of infrastructure work we need to do to get this right for a big rollout yet)
  • Desktop version is something we’ll do later. We don’t have a specific timeframe for this, so we won’t see it in the next couple of months, but it’s definitely something we want to do once we’ve built all the basics.
  • Xero, and batched payments, are also something we really want to do! Xero could come fairly soon (we’re still working on it), and batch payments are hopefully in the pipeline, but we need to do a lot more thinking about how we get this right :blush:

Hope this answers your questions!

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