The current spending limits on the Monzo current account are more than sufficient for everyday banking.
However, they likely to be insufficient for those one-off larger payments customers occasionally need to make, such as when they’re buying a car, paying the deposit on a home purchase, paying off a loan, etc.
I understand there currently isn’t a Monzo feature that enables the customer to make such one-off payments, and I’m concerned this means customers will find they can’t fully switch their current account banking relationship to Monzo.
I needed to make a large payment this week, and was told the maximum per day was £10,000. The team were unable to increase this - at least with the short notice I gave them.
It would be helpful to know if there is a process to follow for large payments, and what kind of notice is required. If such a process does exist, I think it would also be useful to publicise it within the app - possibly on the Make Payment screen, so customers aren’t caught short, and know what to do.
Interesting topic and I would also like to know, I guess the limits could be increased after speaking with coops? I remember when I wanted to withdraw a large amount from HSBC I had to go through all sorts of things to get the money out - including sending a screenshot of the advert for the car I was buying at the time haha!
I’d be interested to see what difference a big one off purchase makes to the pulse graph? I think my pulse graph for this month is a little panic-y due to xmas and car spending at the end of last year!
I can confirm that I did this and that the car is fast
The process is essentially reaching out to customer support and letting them know you need an increase. We’ll arrange for a specialist to get in touch and ask a few questions!
I tried this when I was buying my fast car and was told that you couldn’t increase the limits, but could pay over several days - however I went to lloyds and they said I could only pay an admittedly larger, still limited amount on a daily basis
Is the support team aware of this process? I reached out to them to ask. After several messages to and from them, they informed me seven hours later that it wasn’t possible. See below.
I think it would be worth making clearer to both customers and the support team.
customers occasionally need to make, such as when they’re buying a car, paying the deposit on a home purchase, paying off a loan, etc.
I think my pulse graph for this month is a little panic-y due to xmas and car spending at the end of last year!
- however I went to lloyds and they said I could only pay an admittedly larger, still limited amount on a daily basis
