Hey fellow Monzo’s, hope you are well and safe… I’m sure this has been answered before… but.
I appreciate there is a £1000 deposit limit for cash, set for 6 months to deter financial fraud. Do monzo have intentions to increase this in the future… £1000 in the scheme of things over a 6 month period (£166 a month) seems very limiting. Thanks, peace out, stay safe
If they do, they are keeping exceptionally quiet about it.
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I very much doubt it.
No wonder some don’t go full Monzo as if you were paying in more than £1,000 over 6 months (which is only £166 per month) you’d have to pay it into one of the legacy banks and transfer it electronically to Monzo. The limits in general are low & restrictive.
My understanding is it keeps work (and in turn costs) down for Monzo. Cash is expensive to handle which is why there’s a fee to deposit in the first place, plus the anti money laundering checks that would need to be done to establish the source of said cash.
This is something I asked for a while ago.
It’s nothing to do with fraud (IMO), Monzo competitors already do higher deposits.
It will be cost VS how many people use it.
If not many people are getting close to the withdrawal limit then there is no need to spend more as a business to accommodate the minority.
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Whilst I agree with this to an extent, Monzos messaging is…
No Barriers to Banking
Everyone deserves access to financial services
Which is not strictly true, even if it is a minority.
If there’s one thing I’ve learnt from the community, it’s that using this same line along with “making money work for everyone” isn’t a golden ticket to getting things that you want.
Monzo are a business first and they will always make decisions based on cost and return
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This is an example of Monzo using flawed statistics though. People don’t use it because you have to pay, and the limits are low.
Possibly 
We don’t have data to say otherwise so it would just be one word against the other.
We can only go off votes on here, which again are flawed because it doesn’t indicate a need and could be a “nice to have” also.
Oh, of course, I appreciate Monzo is a business!
It isn’t used much at the moment because the limit is so low (IMO).
As is known, the people who use cash the most are people who are paid the least in our society, and Monzo is such a great app, it is these kind of people who would be attracted to Monzo, to help them save and get better with money!
I think there is an argument that if they had a higher deposit limit, they would get more customers and thus, it would be used a lot more. Just in my opinion of course…!
True, but those customers are also the ones who don’t make a profit for Monzo. They say they want to make banking work for everyone, but that statement should come with a * if you make us money
(and there is nothing wrong that, businesses exist to make profit despite what some people say)
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My point was the same as above. They don’t need more “customers” at the moment, they need more “profitable customers”.
We can try and slap them round the face with their own ambitions and strap-lines but ambitions are generally things aspired to for the future and they can only be achieved once they become affordable. Of course, ambitions are also subject to change as an organisation or individual matures.
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