Hey guys bit new to monzo but can anyone tell me how to make cash deposits into my account
You can’t. You’d have to do it elsewhere and then transfer in.
You can pay it into an account elsewhere such as Monese who have deposits via PayPoint and Post Office, and then use that account to top up Monzo by sending a Faster Payment.
Monese cash deposits cost 2% (min. £2) via the Post Office and 3.5% (min. £3) via PayPoint.
That seems quite expensive.
My thoughts exactly. ^^
I am not sure what the alternatives are though if you (like me) have no accounts with high street banks. Does anyone know of cheaper cash deposit options?
Interesting, is that the pro plan? Signing up for that plan for one month would actually be cheaper than the fees for the deposit I need to make!
Edit: it looks like you need a Monese debit card to use the Post Office or PayPoint deposit schemes. This card costs a one-off £4.95 for those on the Starter plan and comes included with the Pro plan.
No, that screenshot is an unpublished invitation only tariff for VIPs, HNW, and those who refer a large number of new customers.
The differences between the free and pay monthly Pro tariff I think relate to paying 0.5% for foreign use instead of 2%, six free ATM withdrawals instead of £1 each, and a free debit card instead of an optional card at a one off charge.
I read someone on here someone opened a post office current account simply for depositing cash and cheques. Then transferred elsewhere. Not a bad solution if bank branches are poor in your area.
We’re working on this. Update to come soon (probably in the next couple of weeks)
Intriguing I look forward to it. I’ll hide my millions in cash under the mattress for now.
that is where I was going wrong, I stuffed them in my mattress rather than put them underneath.
I know things haven’t been finalised but hasn’t @Tom implied previously that Monzo cash deposits may incur a fee? Monese’s fees will be the comparison Monzo sets, if they do, and I expect them to be similar unfortunately.
In the end, I would (if I hadn’t already done so) just open a free bank account in a bank that offers free cash deposits with a card at the Post Office and then transfer it to Monzo. It is the reason I still have a First Direct account.
I don’t know what the exact costs are (I guess it depends on the provider we work with) - unsure whether Monese are passing on the cost or whether they are charging a fee on top of the costs they incur.
I expect that we’ll simply pass on the cost, so it could end up being cheaper than what they charge if they are also levying a fee on top of that.
I think small numbers of large deposits should be free - e.g. one or two per month over £200 each. Most people wouldn’t often have that much cash, but if they did (say after a deposit refund or a big win), they’d need to pay it in for security. Those who constantly pay in small amounts that they could just keep in their wallet are surely the people you would want to discourage (or those who constantly pay in large amounts to avoid tax)? It’s a bit like the opposite of the foreign ATM issue…or indeed the “Thoughts on ATMs” in general…?
I think if all deposits are charged, the service would be used so little, it would hardly be worth launching, but that’s just my hunch…
@simonb a radical idea here…
If people change from say an office job where they are paid their salary by BACS Credit to a retail job in a shop where their wage is paid in cash any costs can really eat into their earnings.
If someone is earning £150 cash a week but paying £3 to pay it in, it hits them hard.
Whereas someone being paid by BACS could reasonably be expected to pay a charge for cash deposits or encouraged to use the cash rather than deposit it.
Perhaps Monzo could have a system where usually there is a fee but if they have a job contract on file confirming cash payment and a wage slip corrolating to a cash deposit they will agree to waive the charge or levy a reduced charge for future regular cash wage deposits.
This is defo something I am intrested in and holding me back from a full switch. I take too much money out on a night out and try and pay it back in next day. If I don’t want to keep a second account some kind of cash pay in system would be excellent. Can’t wait to hear how it will work hopefully its not too expensive to pay in if charges are passed on to those who use it.
It’s definitely on the way then (the link in this tweet is a quote of the above tweet) -
Now that’s good there asking people how they want to do it.