Cheapest way to top up


There is a cost for Monzo when I top up I’m sure. So, as I like Monzo, I’m interested in the cheapest way to top up. Now it doesn’t make any difference to me how I top up, I just wondered if the cost is the same across the board for all methods of topping up.

Bank transfer

Debit card in app
Apple pay



As far as I know the bank transfer is only processed once per day and involves a human, but I’d think fraud risk is lower.

I’d guess that debit card is cheaper than bank transfer, due to there being no manual step. I’d also guess it depends on volume, if manual step is for thousands of topups, it’d be cheaper than for tens

(tom) #3

Bank transfer is by far the cheapest for Monzo.

So if you’d like to help save us some money, please try to top-up by bank transfer roughly once a month :slightly_smiling_face:

We normally suggest you try to estimate your monthly disposable income and put it all on your Monzo in one lump sum (if you have the spare cash). Makes budgeting easier as well.

Topping up by bank transfer / standing order
Automated top-ups

I thought this would be the case, but just thought I’d check. I will do my best to do as little as possible as wages need to be paid for the folks doing it. Thanks @tom!


If bank transfer is the cheapest for Monzo, which is the most costly for Monzo?

Debit card in app


(Mr P T Brookfield) #6

Just topped up 1p to make sure it goes through. Look forward to using this method, if it’s the best for you. :smiley:


I wouldn’t top up too often that way, especially small amounts. As it’s all done manually it will cost Monzo more to process it all.

Bank transfers are sorted on weekdays only, so you won’t get access to your funds usually until the next day unless you transfer them early in the morning.

(Mr P T Brookfield) #8

Of course. I’m only doing it that way to make sure it goes through, then I’ll load hundreds of pounds instead of a penny.

(tom) #9

These all cost roughly the same, actually.

The bank top-up is mostly automated by now, so it doesn’t cost much extra to process more transactions. But I believe there’s a minimum top-up of £10…? I may be wrong about that. Maybe @leah can enlighten us.

Please remember to use your 9-digit card token as your payment reference! This ensures the payment won’t get lost1

(Andy Little) #10

Just out of interest. What roughly are the costs? Is it a fixed cost per topup or a percentage?

(Alex Sherwood) #11

On the off change that Monzo don’t want to share that (it probably falls under ‘commercially sensitive’), we know that Monzo are set up as a merchant with Stripe to receive payments (& I assume that this is how they receive the card top ups too) so here’s their pricing, which is a mixture of a % & a fee per transaction -

European cards: 1.4% + 20p

Non-European cards: 2.9% + 20p

But they do offer volume discounts.

(Jolin) #12

I’ve topped up £4 in the past, and just today (well, over the weekend) topped up £8.55, both by BACS. If I shouldn’t be doing this, happy to stop, just wasn’t aware there was a limit for BACS transfers.

(Mr P T Brookfield) #13

There is no lower limit to bank transfers, but I won’t be taking the piss.

(Paul Canning) #14

Is it confirmed there is a top-up fee?

I did the initial £100 top-up and I’m fairly certain there were no additional charges, although I am going to double check now!

(Alex Sherwood) #15

There is no fee for topping up, Monzo doesn’t charge fees. You can see their charges here.

The one exception to this rule is an investigation fee -

Fee to cover costs of investigating suspicious transactions at customer’s request (we may, at our discretion, waive this fee if genuine fraudulent activity): £30

(Paul Canning) #16

So what are people on about in this thread then? :confused:

(Alex Sherwood) #17

It costs Monzo money when you top up using certain methods, they’re trying to save Monzo money here.

(Paul Canning) #18

Hang on, you can’t say

There is no fee for topping up, Monzo doesn’t charge fees.


It costs Monzo money when you top up using certain methods

Which is it?

Also, the fee table linked shows zero fees for all topping up methods. So why is OP saying he was charged when topping up?

( related to Monzo CEO, Investor in Monzo ) #19

Both are true - its the cheapest way For Monzo to receive your top up , which doesnt cost you anything but it costs Monzo to give you the free facility

  • the OP doesnt say that

(Alex Sherwood) #20

It looks like you might need to slow down & re-read the posts Paul :slight_smile: