Dedicated Merchant Pots (like Oyster Card payments)

I sent this idea to Monzo on Facebook Messenger but thought it was worth sharing here too.

My idea is a Oyster Card Pot, so rather than me having to top up my Oyster Card each week or month, I can move my travel money into a dedicated pot and all transactions that come from Transport for London come automatically from that pot, instead of from my current account.

This could also be for other spending areas like a dedicated Coffee pot, so you can dedicate budgets to things in Pots and not have to worry about transferring back and forth.

1 Like

You could try use the IFTTT transport pot setting but not 100% if it would work for TfL or not

I do like the idea of more specific pots though I imagine it could be hard to have specfic pots like coffee and most shops that do coffee also do other items

1 Like

Specific pots for specific merchants could work as an idea. I do something similar for petrol but using IFTTT.

The two or three filling stations I most use are set up to automatically withdraw from the pot while I have to manage it manually if I fill up anywhere else. As I read the suggestion, this just moves that functionality into Monzo.

The other limitation for IFTTT is that it only works for card transactions. There may be examples for this use where other forms of payment may be relevant.

1 Like

what’s an IFTTT? i’ve not heard this term before, how could I set this up in Monzo for TFL? sounds like there is some functionality already there for this :slight_smile:

IFTTT = If This, Then That.

It’s an app (not sure if app is technically the right term). You can use it to automate all kinds of jazzy stuff.

1 Like

I guess that technically it’s a web service that you can control from an app.

Monzo have set up a number of ‘triggers’ for banking events (e.g. a card payment) and a couple of actions (e.g. move money from pot) which you can use within IFTTT in little scripts to do things like

‘IF payment merchant=TfL THEN move value of transaction from TFL_Pot’.

Have a look at and start from there.

It’s worth pointing out that the actions take place after the payment has happened so the money always comes out of your main balance (in this example) which is then topped up from the pot.

Only other issue being with the way TfL process the transaction I’m not sure if IFTTT will be able to move the correct amount but worth a go. I believe others have asked about this in:

True, the occasions where a 10p card check is implemented first, won’t trigger correctly.

I’m after an IFTTT action that’ll redeem spending at a certain vendor from a specific pot. Is there one out there already?

There is an IFTTT trigger for “transaction at a specific merchant”, paired with the action “deduct money from pot”.

You’ll need the ingredient “AmountInAccountCurrency” as the variable you would enter for the value of how much to move, but you can set it all up with about 10 clicks.