Changes to debit card top ups


#71

Don’t understand mine now gives the option of bank transfer, debit card top
up or Android pay and the top up works!


#72

Are you using iOS or android app?


(MikeF) #73

A bank transfer always has to be ‘pushed’ from the sending bank account. There is no way to ‘pull’ it from the receiving account.

If you wanted to ‘pull’ the money across Monzo would need to implement a Direct Debit top up which some have suggested but which isn’t available at the moment.


(Jolin) #74

At the moment. Come mod-January, Open Banking starts, and pulling in funds from another bank account should be technically possible. And in the opening post to this thread, it sounds like that’s something Monzo will look at.


(MikeF) #75

Ah. That’s something I hadn’t picked up on. Thanks.


(Jolin) #76

Partly because I’ve referenced the wrong thread! I was on my phone earlier and didn’t see the title of this thread. It was actually in a different thread about reducing the cost of top ups that the reference to Open Banking and debiting funds from another bank was made:


(Aleksander) #77

To be honest I don’t really care about their endless explanations. The service is simply getting worst with every new update they bring.
The fact is slowly every feature I used to use is being stripped away. Previously I could use Monzo to easily transfer my money from a Polish bank account to a British card - avoiding unnecessary fees. Now that is no longer possible.


#78

I hear you - I was really disappointed that my gf can no longer top up via her debit card, her home country, whilst part of the EU isn’t on the acceptable list.

But on the other hand, did you sign up to monzo going to be a bank or monzo really useful prepaid card? They are different, and for some, the bank just isn’t going to work.

We go via revolut now. Never thought I’d write that and it certainly looks like @Tom has no love for them, but they do appear to be providing more service to non-UK users.


(Kenny Grant) #79

Yes they really need to expand the acceptable list to at least all EU countries.


(Aleksander) #80

I will try revolut when I come back from xmas. I was looking for it as a
useful way to manage my money. I could not care less if it a bank or
prepaid - although I prefer it to be a bank as like that I can set up
direct debits.


(Jamie 🏳️‍🌈) #81

Until Revolut goes bust and you realise stashing your money in ‘providers’ which aren’t proper banks gives you no protection whatsoever.


#82

I would disagree with that. Revolut (just like Monzo in the pre bank days) has to ringfence customer money. In a nutshell that means it’s in an account that’s off limits both to them, and to any creditors, in case of default. Although I believe that FSCS protection is significantly superior to ringfencing, ringfencing should offer sufficient protection against “going bust”.


(Alex Sherwood) #83

It’s not a question of whether you’ll get your money back or not, the issue is how quickly? :slight_smile:


#84

It should, yes. But it doesn’t protect against insider fraud.


#85

Lol. They are in alphabetical order. Doh


(If there's the wrong end of a stick, you'll find me holding it.) #86

The list was subsequently reordered :eyes:


(Allie) #87

How does this comply with Visa and Mastercard honour all cards rules?

Or is that not relevant since this is a cash transaction not a goods/services transaction?


(Alex Sherwood) #88

How does it not comply?


#89

ok, I’ll play…

Isn’t the MasterCard rule ‘if you accept any MasterCard, you have to accept all valid MasterCards’?


#90

No. The rules are regionally varied, there is no one rule for the globe (as addendums or annexes apply), and the rule covering the UK is such that if a retailer takes Mastercard Debit they must take any Mastercard Debit, if they take Mastercard Prepaid Debit they must take any Mastercard Prepaid Debit, if they take Mastercard Credit they must take any Mastercard Credit. However, they can take just debit or credit for example and are not compelled to take both types of Mastercard.