Cash deposits limit

Hi

The cash deposit limit is £1000 in 180 days. Is this a rolling 180 days or a full 180 days before it resets back to £1000?

Thanks :pray:

I believe it’s rolling, hopefully someone else can clarify. I know the free abroad atm limit is rolling…

It is a rolling limit :blush:

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Good stuff. Is there any appetite for the limit to be increased and also post office partnership?

Paypoint works fine in the Coop and Asda but local newsagents it’s painful as they have then small payment machines. At least supermarkets have it built in to their tills.

We’re still evaluating the limits and how they work for our customers. This is definitely something we’ve kept an eye on.

We’ve explored and continue to explore Post Office but I believe nothing is in the works right now!

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:pensive:

Beth, I’m close to reaching the £1,000 again (after six months), please evaluate this again, I’m willing to pay a monthly fee if I can have unlimited cash deposits.

This would be a gamer changer for me and allow me to go totally full monzo.

Average of £166 per month…
i know Monzo my evaluating the limits but this is silly
even if it was set between £300 - £500 per month it would still be too low for someone to use for money laundering in my opinion and be more useful to most people.

I’m not intending to have a dig here but do you really think ‘most people’ will have deposits at that sort of rate?

I’m largely cashless so this simply doesn’t compute for me, hence the question.

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Hi!

I think the vast majority of people are largely cashless and have no intention to use the deposit feature (and if they do, it may be on one off events such as Christmas).
But for people who get paid cash in hand, but still LOVE Monzo, its a massive disadvantage esp. as the other fintech banks already have unlimited deposits.

Money laundering is a lame excuse to be honest, and as I said, I’m even willing to pay a monthly fee if you can increase the amount. Even £1,000 a month rather than every 6 months would be helpful!

Monzo should be a bank for all.

Completely agree to this, it’s just inconvenient £1000 every 6 months is a joke. My work is cash based i would like to go full monzo but this is no good for me. Starling is better for this.

I used my limit up in a week, six months later… I used my limit up in two weeks!

Please Monzo, come on, increase the limit…

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Can this be increased one-off via chat?

The cheapest way to move large amounts of foreign currency is to withdraw it at an ATM using the Visa exchange rate with no fees, then deposit it.

Does one really need to open a legacy bank account to do this?

It’s probably the best way.

Or one could open as many non legacy accounts as possible.

I’m not sure, but I believe that the limit is there so that small shops don’t suddenly find thousands of pounds in the till, which needs to be counted, secured, and banked.

You could use your cash as full or partial payment towards your next purchase. EG, weekly grocery shop :slight_smile:

Thats fair. Deposit taking ATMs would
be a good start though. The UK does not seem to have many at all.

True, but I am not one to stock thousands of pounds under my mattress.

That’s fair enough, if you’re shifting that amount of cash then it’s obviously not a good idea :laughing:

Are you paid in cash by your employer or is this from your business?

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Surely there has got to be a better way to exchange your money than this?

Even if you had unlimited withdrawals it seems like such a hassle :confused:

Possibly a broker, but Transferwise is more expensive

It all sounds very bizarre and I’m not sure many others are in the same situation as you. If I understand correctly, you get paid large sums of foreign money into a different account so you withdraw it in cash and then put the cash into Monzo?

Why can’t you just get paid directly into your Monzo account? Or do a bank transfer from your other account into Monzo?