Depositing Cash at the Post Office

(Emma (still not the app)) #84

I don’t want to subsidise services I don’t use. Isn’t that what Monzo is trying to get away from, silly fees to subsidise other things?


I agree.

split this topic #86

12 posts were merged into an existing topic: Monzo Plus - Small Scale Trial

split this topic #95

2 posts were merged into an existing topic: Monzo Plus - Small Scale Trial


Starling subsidising Monzo. Why don’t you just spend it from the starling account?


I’ve moved a number of posts to the Monzo Plus thread. It’s staying closed until staff take a look on Monday - let’s stick to cash deposits at the Post Office in the meantime!

(NM) #98

I genuinely don’t know enough about banking systems to know if it would be cost effective. It would an interesting research project to see. Especially how you would build the correct anti money laundering procedures

This would in my mind take the form of a dismissable notification in fee or by email(a literal 20 seconds of thats cool but who cares, no puh notification whats so ever and you had to click the marketing toggle)
I wonder if this comes down whether you believe that that any fee subsidising is a “tax” on you an individual for a service that you don’t use. I mean this is why overdrafts and overdraft fees are a “good” way to make money(Good in terms of Profitability not in terms of Morality((personally I think they’re terribly confusing))).
This then puts the onus on other revenue streams such as Businesses.I don’t know how businesses that deal in cash deposit large volumes(if anyone knows that would be helpful). It would make sense to develop business features that both would use therefore cutting development cost. Personally why you would sign a contract for a building in central London is beyond me((the cost is probably extreme)and off topic).
Also the post office will be re negotiating all of their current contracts due to it being a loss making enterprise, so maybe you’ll find the flip side that Monzo becomes cheaper as the other negotiated a non market competitive rate and now need to renegotiate.
On a final and slightly random note can supermarkets be used to deposit money… They give you cashback so can you do it the other way

(Sacha Zarb) #99

Because I want my money in one place, especially if it’s a lump of cash for a specific thing I’ve brought from my Monzo account. I’d deposit the cash via my Natwest joint account but my wife will spend it before I get it back.

(NM) #100

anyone looked into/ used these?

(Emma (still not the app)) #101

Your say that like they’re new. Used to be very popular, I sent many off as a child to get stuff from magazines

(NM) #102

I’d never heard of them till I had a google… :sweat_smile:


I still stand by my point that unlimited cash deposits, and free of charge at the post office could be a good feature for the plus. That way it gives an added benefit to the offering.

I don’t like the idea of fees anyway at the post office when other banks are offering it for free.

(Emma (still not the app)) #104

Thanks for making me feel old :grin:

The fees are quite high but if it needs a cheque and you haven’t got a chequebook it’s an option

(NM) #105

I think judging from N26 in Germany. Supermarkets could be the only other viable alternative.
sorry the video is German.
As I can’t figure out any other way you could theoretically offer cash deposits via the Post office which is either

  1. “Free”- PR meaning of free


You can’t get away from it completely. I don’t want to pay for your replacement card if you lose it, I don’t want to pay for COps handling your customer service queries, but some of this stuff is unavoidable.

Monzo’s stated aim is to “build the best current account in the world.” Having used PayPoint - or tried to use it, perhaps I should say - I am 100% convinced that PayPoint have no place in the Monzo vision.

I don’t think charges for depositing cash are consistent with their aim, either, but I suppose you could argue that. Too many people, particularly low paid workers, are paid in cash, so i’m of the opinion that banks should let people pay their money in without extra charges.


It’s also a factor for when Monzo hits the mass market. You won’t get the masses coming if you’re charging for basic functions that every other bank offers for free.


I think it is something that will become less and less of a consideration with time. Monzo fits more people with PP paid deposits than it did with no way of depositing. PO with a fee will increase it again slightly further. There might be a next step after that, such as reducing fees, but also just waiting as less and less cash is used will also reduce the amount of people that would have an issue. While waiting much more good can be done on other features.

At 1.5m CA it can be seen that there is some need for depositing cash, but still not an overwhelming need, and to get to 10x it doesn’t seem to be slowing growth either.

It’s not to say it isn’t something to consider, and to work towards being the best possible, just that I don’t think it should be high priority. For someone who deposits a lot of cash Monzo isn’t currently the right account if you are only wanting to have a single bank account, and that is ok.

I got 1.5m from here:

(Nathan) #109

What id love from monzo on this is a larger scale research into trends of how we actually deposit cash (as a monzo userbase)

Monzo are all too quick to assume cash is on the way out… back that up and ask your users how often they deposit cash at the minute via there legacy bank and monzo account. How will monzo charging for it affect you. If its as minimal as they think it is then they can swallow it and avoid the massive pr no no that it hs been up until now.

I dont agree with the whole use starling or continue to use your legacy bank arguments for deposits only etc. That shouldnt have to be the case imo. Why settle for an implementation that is glaringly worse than every other bank on the market :grimacing:


To me, because it doesn’t seem to be harming growth in any way, and there are lots of other basic level features that can have time and energy put into them first. Not everything can be achieved at once, and I wouldn’t put the second iteration of this first.


Monzo isn’t at the stage of mass market appeal yet! I think it will affect growth longterm if people realise they’re other providers offering a better service.