Current account limits insufficient for extraordinary purchases

My suggestion would be to add this information to a page that everyone sees. Taking into account that we wouldn’t want to clutter up the main view in the app, and that putting this information on a Settings page would make it harder to find, I’d still go with my earlier suggestion of displaying this information on the payment confirmation page, as below.

…and it would probably be worth adding a link to the Limits page.

Regarding whether or not they should ask, I guess it’s a cultural thing. I can see the benefit, but it does make me slightly uneasy. I don’t have a solution to propose for that one!

4 Likes

Glad to see this. Will also be sending $large_amount for a house purchase soon. My Birmingham Midshire Building Society account is linked with Monzo so my only choice is to empty it into Monzo and then pay the deposit to my solicitor. Fingers crossed it goes smoothly, I’ll be sure to send them £1 first!

3 Likes

AFAIK, they are essentially legally obligated to ask what the transfer is for, for any payment over a certain size (£10k?). Similar if you receive a large payment: they have to ask about origin and intent. ISTR there is also a reporting obligation on them, though I don’t know off the top of my head if it’s universal or only transfers they deem suspicious…

I had a somewhat more bemusing experience with limits recently (mainly the arbitrary cash withdrawal cap and 24h delay for raising it). On top of getting the same copy & paste request question list as @sde1000 (most of which make no sense for a cash withdrawal to start with) and being unable to raise the limit until the next day, I was still able to withdraw that amount of cash simply by transferring to another account and withdrawing the remainder over the limit from there, making the fraud-prevention aspect rather moot. End result (£x removed from Monzo account, £x in cash in hand) identical, but with unnecessary dancing about via FPS.

Incidentally, I was in a similar position with First Direct a year ago, but they were able to raise the cash withdrawal limit within the hour via phonecall.

Hey @edzieba,

I’m really sorry this wasn’t as smooth as we would have liked :confused:

There is no fixed delay to being able to raise the limits - we just ask that you try to give us 24 hours notice so we can sort everything out on our end. Of course, if there is an emergency then we’ll do our best to get it sorted as quickly as possible :+1:

Thanks for the feedback, I’ll pass it on so we can work on improving this :pray:

Recently did this and I agree the process is far too slow. It took over 24 hours to get the amount adjusted and I had to keep chasing for updates.

This needs to get down to a much shorter time scale really.

2 Likes

I’d be interested to know how long this would take at a legacy bank :face_with_monocle: I would imagine it’s not far off the same. I know people who have asked their legacy bank and the bank has declined.

For big buys, credit card is the only way to go.

1 Like

People need to think. Who said I am spending more money on credit card that I can afford?

I guess you get the added insurances from credit cards when over £100 spends but everyone’s different and it’s risky game if you’re not best at your money skills and self control (in general not directed at anyone!)

I’d prob be my own worst nightmare if I took out much credit !

Big words! No self-control, no credit card. It is not for everybody.

1 Like

You’d put a £30,000 deposit for a house on a credit card?

1 Like

Never. You?

Yeah course I would coz

:eyes:

7 Likes

This threads put bloody Shirley Bassey, Hey big spender stuck in my head !

Help !!

4 Likes

If you have enough credit limit and the merchant accepts it, why not? You get Section 75 protections as a bonus.

I dont think I’ve ever seen a conveyancer accept credit cards, but here’s hoping!

1 Like

I think what’s interesting is First Direct, Barclays, Halifax etc have much higher limits

1 Like

I suppose they have more money to throw around and are willing to take bigger risks that’s all.

2 Likes

What risks do they have to take on?