Daily cash machine withdrawal limit


#1

Is there a daily cash machine withdrawal limit? If there isn’t then I suppose the card can be used to circumvent your bank’s limit. If there is then it at least allows you to top up your limit.

If there is another crash coming in the next few years as is predicted, this may be useful to know as the cash machine limits are used to suppress bank runs


(Adam Hockley) #2

Section 17 has all the limits: http://getmondo.co.uk/terms


#3

Thanks Adam
tldr: it’s £250


(Adam Hockley) #4

No Problem pleased to help


(Tom) #5

There is also a 1000 cash limit over 30 days (?) I think which can be a challenge if you are travelling away from electronic payment terminals.


(Evan Davis) #6

Can the annual limit of £3000 be increased? My rent (which I have to pay in Euros) will wipe that out fairly soon


(Tristan Thomas) #7

We’re looking at increasing many of the limits over the coming months as we progress the Beta :slight_smile: But to be totally honest, it might not be enough to withdraw loads of cash from ATMs


(James Billingham) #8

Presumably that is something you will have to address.

With a traditional bank, I can withdraw an unlimited amount of money from my account by visiting a branch.

As Mondo won’t have branches, you will need to offer an alternative method. I’d think it would be a legal requirement to allow users to extract any amount of their money.


(Tristan Thomas) #9

Of course things will be different when we’re a full current account and bank :slight_smile:


(James Billingham) #10

Yeah. I assume there is also a cost implication to allowing significant amounts of money to be retrieved from an ATM?


(John) #11

Unsure about if it’s a legal requirement, having previously worked in a bank.
If a user wanted to withdraw over £5k then they had to provide reasons as to why they wanted it, and in some cases proof (which I disagree with wholeheartedly as it’s YOUR money) this was due to anti-money laundering protection.


(James Billingham) #12

Indeed, but assuming the reason was legitimate, presumably the bank does have to hand over the money?

Although then sometimes national-level banks can impose limits on withdrawing a la Greece.


(John) #13

Correct, they would hand out if the interviewing member of staff was satisfied with what the cash would be used for, for example if someone could provide evidence they wanted to buy a secondhand car etc.

But I am assuming that this was an individual bank decision only and I am getting side-tracked.


(Terry) #14

I was over 2 hours in HSBC a couple of years ago when I was trying to withdraw money for a car. Even though I had already authorised everything with First Direct and they said they had sent over everything to the branch and all I would need to do is bring ID. Turned out a manager had to authorise the withdrawal and the manager was not there on that day - they also had no authorisation e-mail from First Direct informing them that they had done all the checks. Nightmare :frowning:

I would assume once Mondo is a full bank, they would have a partnership with the Post Office or someone to allow larger withdrawals of money.

I think £500-£750 is a good amount to be able to withdraw daily from a cash machine. What would be even better was if I was able to set a maximum limit in the app. For example I would normally like my maximum to be £100 a day, just in case someone cloned my card and had my pin the maximum they would be able to withdraw is £100. However if I am making a large purchase that requires cash and I need to withdraw £750, I could go into the app, make the change, withdraw my money from the ATM and then lower the limit back down to my £100 limit.


(Joshua Turner) #15

I think your ideas area great.

I’m not too worried about a cloned card because, as notifications about transactions are instant, from within the app the card can be disabled immediately.

It would be great to have a limit on the card as per-normal, £100 would be find, but within the app there is a button to temporarily increase the limit or remove it, such as when I bought my motorbike I needed around the £2.5k mark I had to wait in a bank for - would of been quicker and better to click a button on my smartphones app and been able to withdraw from a cash machine (possible not for too much) or from a 3rd party source like the Post Office.


(Max Catling) #16

Hi there!

Will these limits be adjustable for each individual user?

For example, if I have a month where I really need to save it would be good to set my daily spending to a certain amount and have the card automatically stop working after I have hit that limit.


( related to Monzo CEO, Investor in Monzo ) #17

but what would happen if you were in an absolute emergency with no use of your funds because you have set a limit - the limit would presumably be adjustable after setting - so not really much point because you can change the “limit” after setting it IMHO