Can anyone tell me what the daily limit for transfers is on a business account.
Had a discussion about this on the Monzo Business Facebook group a couple of months ago - the limits on my business account were different to those of another business customer. My limits are also higher than they were when I opened the business account. So I think perhaps Monzo may tailor them dependent on turnover and account usage.
Thanks for the info
As a property company do you know if one off higher purchase amounts are allowed say £300k or would it be a case of 6 x 50k on separate days.
I dont have a business account , you would be best getting in touch with the in app chat and ask them , I would imagine they would be able to increase your limits for that day to the 300K if you ask in good time , they will take you through the requirements - just as the personal account limits can be raised by asking in app - you might be limited to the faster payments limits of £250K in one transaction
This may also be useful: https://monzo.com/i/business/eligibility
Thanks for the help guys.
I know this is off topic, but wonder why nail parlours specifically are on the list of business types that can’t have an account (esp seen as beauty parlours generally, are not)
I’m going to guess this is the issue that had led to nail parlours being on the ‘no’ list:
perhaps if you search nail bar employs illegal workers
there are of course many nail bars that employ legally
That an eclectic selection of reading material?
I think the limits are in place partly to avoid fraud and to do with concerns around money laundering, etc so you may be asked some questions to check that it’s a legitimate transaction. Clearly, sale of property would be fine there but you might need to supply some documents, etc over chat.
I think it’s because
A lot of them aren’t legit and has a shop that will never open and only used for money laundering. Same as car washes in my area you see at least 1 a month being busted.
One was in my local news for having 4.8m in cash in the back room. Scary tbf
Also slavery for people who have just entered this country and being paid unfairly
However they’re legit ones out there
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