Like a lot of banks you are able to deposit your cash instantly into your bank account
However this doesn’t work with Halifax, nationwide and a few others I know it works with my HSBC card and SANTANDER and possibly others, I think this feature would be really good for monzo as it would save time depositing cash then having to load the card from debit card
What method are you talking about for depositing cash? When I deposit cash at a Nationwide branch, it is credited immediately to my Nationwide current account. No slips to fill in, I just hand over the cash with my card to the cashier, or use a machine.
I’m talking via post office, nationwide don’t offer this as my girlfriend banks with them, however a few local post offices by me are open latearound 8pm and you can hand them the cash and card press accpect and it will instantly deposit, not all banks are accessible you see… post offices are much more wide varied
Barclays certainly supports cash deposits via the post office, it’s extremely handy! The method is chip and pin, and it’s instant, like a standard refund.
It’d be really handy if Monzo could support this too.
You are lucky Barclays is instant. With Lloyds it is not. It is next banking day.
With Santander you can deposit cash right in to the cash machine on the street, it’s one of their few redeeming features.
@tom answered this exact question at the July open office…
My feeling is that they won’t do it unless we make a lot of noise about it.
The other thing is, no doubt it will cost money (similar to account top-ups) to provide this service so they would have to think about how they would cover that cost. Would people be willing to pay a fee to pay in cash?
When I lived in the US I had a prepaid card (Bluebird) that let you pay in cash at Walmart. The card was a partnership with Walmart. Obviously good for Walmart as it drives traffic.
I’d hate to support Walmart (ASDA) but maybe Monzo could find mutually beneficial partnerships like this with someone like Tescos?
Tesco Bank actually support this at selected Tesco stores Deposits & Withdrawals in Tesco Stores - Tesco Bank and Sainsburys bank have a similar scheme called saveback Savings Accounts | Compare Our Online Accounts | Sainsbury's Bank where you can add funds to your account at the checkout.
The problem is finding a retailer with a big enough and geographically diverse number of stores but without their own vested interest in banking.
Ah yes, I forgot they own banks!
Sadly, I can remember when Safeway (now Morrisons) tied up with Abbey National (now Santander) and installed instore branches.
Annoyingly, cash is still a necessity for a lot of people. So, I guess until Monzo are able to handle this type of transaction, a Monzo account will never be able to be anything other than a second account to a lot of people.
A partnership may prompt them to actually make their services actually work with the Monzo card like Pay At Pump, Tesco Bank Credit Card, etc etc
I use the post office every week to pay cash into my bank account. Given that Monzo have no brick and mortar premises you’d think this would be the ideal solution and as previously mentioned many post offices are open quite late now.
Until there’s a way of depositing cash into my Monzo current account it’ll never be a full bank account to me.
Supermarket partnerships are more common than you’d think. At a training course when I worked at Barclays, they told us about new self service ‘branches’ within ASDA stores when there isn’t a presence in the local area.
It would be great to be able to go into a Post Office branch and be able to withdraw and deposit cash
I couldn’t agree more. Monzo needs a method of paying in cash and the post office is the most convenient method.
I think Monzo need to start getting the basics right first if they are actually wanting to become the main current account of a user. Pots and everything is great for a daily spender card but at the moments it still feels like they are acting as a prepaid card. and until they start offering a full banking service that’s how they’ll be viewed by me.
Exactly! It’s good that Monzo are trying to modernise banking but they should be ‘backwards compatible’ with the world.
Remz55 - Monzo is the best bank around - I LOVE MONZO.
I do look forward to the day the Post Office will accept cash deposits for MONZO.
I think this really needs to happen.
To me the only thing missing with MONZO is cash deposits - I would even pay a fee for this service if it got you out of a sticky situation.
Just imagine if your friends could not do a Bank transfer for any reason they could go down to the Post Office with you Acc. No. & Sort Code & deposit cash into your account.
Wouldn’t that be great.
MONZO I LOVE YOU GUYS & THINK YOU ALL DO A FANTASTIC JOB TAKING MONZO INTO THE FUTURE OF BANKING
Yeh definitly want this, even more so since they don’t have physical branches.