Correct. The £1000 limit is put in place by Monzo. It may be reviewed in the future. They felt £1000 covered most people’s use cases.
I would most defiantly be happy to pay £1 to deposit cash at a pay point centre. There’s more paypoint outlets at convienant places than what there is a high street bank that you bank with, some probably more local to you than your legacy bank. So taking in costs for fuel and parking etc, £1 is nothing. My local paypoint outlet is within walking distance from my house whereas my legacy bank is a 13 mile drive
Does your legacy bank also offer post office cash deposits? Most do for free so best to compare this to the paypoint service rather than just in branch
My legacy bank is on the list, yet still to get to the post office I would have to drive, yet a paypoint outlet is within walking distance. So weighing up costs, it would probably be cheaper and quicker to pay to use the paypoint outlet
That would be fine if there was a free option and the £1 really was a ‘convenience fee’. Instead it’s your only way to deposit money without using another bank. Personally, I wouldn’t use the service as I rarely handle cash and to be honest the Post Office is just as convenient if I ever needed this.
Was someone high from licking too many stamps when they did that list i wonder? It seems to have Cashplus twice
I’m sure that list is even current, the current site doesn’t list Cashplus at all.
Edit: I see it’s here actually. The Post Office website being inaccurate is surprising given their usual efficient and helpful service (/s - if needed).
Yeah im sure it will be updated on Monday when they add Starling to the list.
cashplus and cashplus business is what they mean as it used to show
I personally don’t mind paying to deposit cash. I very rarely do it though. As others have said, it would cost me more to get to a bank or post office. Meanwhile there is 15 paypoints within a mile of my house.
If Monzo had legacy like bank fees for bounced direct debits etc, it wouldn’t make sense to charge for what seems like a basic feature but I’m sure I save at least £12 a year from just other features and lack of charges.
I do feel that doing it this way seems more fair but I do see where others are coming from. I hope in future Monzo can reduce the fee or add in a free allowance to make it better for everyone.
I don’t see this as a negative thing because we are better off tomorrow than we are today and it will be helpful to some people. Building a bank isn’t easy or quick but this is still a step in the right direction
I think the PO has several ways. My Barclays card you do Chip & PIN at the PO to deposit, however my HSBC one they swipe it. I think it’s a case of the PO pressing deposit cash or whatever and if one doesn’t work they’ll do it the other way as they certainly don’t seem to know all of the banks they do and don’t support they just try it and see.
Maybe this is why they don’t need to bother with the chip profile thing - it may just be a swipe.
At post office My virgin money account it’s chip and pin for withdrawals and to deposit it’s just chip and press green button depends how cards are set up to deposit though most are instant some still take a little time depends the set up I used to use deposit slips to deposit cash and credits only happened when bank got slip
I don’t like fees that most would not add like transferwise has gone from not charging on some things to charging it like £0.65 or something similar to do a bank transfer from December 1st and to pay in by card £10 will be £10.02 from your current account at monzo by card for UK balance with them
Disappointed by the deposit limits. As others have said the only time I make a deposit is when I have accumulated a high amount of money.
I would have also preferred the post office but purely for selfish reasons.
So… For science I just attempted to use a PayPoint machine with my Monzo card
It doesn’t work yet, Monzo have outsmarted me (figured that there would have been some protections in place to prevent just anybody ‘testing’ it )
Did the Paypoint person know that Monzo money in was a thing?
I don’t think they did they weren’t a particular cheerful or talkative cashier though
(This was a PayPoint in a co-op )
Me: Is this a PayPoint location?
Me: can I make a cash deposit on my card please?
Cashier: how much?
Me: (hands monzo card over) £100
Cashier: (swipes card in machine) sorry this card isn’t accepted
It’s not even in staff testing yet!
Quite a bit of wishful thinking in your part Marcus Although we appreciate the enthusiasm as always
Oh I assumed it was, based on seeing the screenshot that @nickrw shared
That would’ve made it more amazing… if it had worked
I’ll keep my eyes out for the official release
Edit: is staff testing opt in for all monzo employees?
Yes, opt in - nobody is under any obligation to use staff builds if they don’t want to.
But it’s very helpful for testing obviously. And if you’re into tech and applied to work here because you loved the app (as many of us did) then it’s definitely a perk