Emergency Cash via ATM network


(Martin Joseph McGranaghan) #1

Hi All,

First time posting on this portal. Can I just say how impressed I am with Monzo so far - still a bit rough around the edges (hence not fully migrated yet) but started playing around with Monzo as my primary individual account and now this month as my wife and I’s joint account.

Whilst I accept Monzo is looking to reinvent banking and do things simply and more efficiently than the current crop, one feature both my wife and I love of our current JA is emergency cash. We are out and about and find ourselves without our bank cards (which ideally should be the norm for future) but the merchant can’t or doesn’t accept card payments- no worries we open our app request up to £50 and enter the code provided into the nearest (owned or funded) cash machine to receive the cash. Obviously I expect this would be costly and the bank in question uses its own cash machine network to facilitate but it is immensely useful and means you can leave the house without the fear of forgetting wallet etc. Could this be something that might one day work day with a select nationwide atm company???

Thoughts anyone? Does this ring bells for anyone else too?

Also an Apple Watch (or other wearable device) app would be amazing too, especially one that provided function rather than gimmicky features)

Martin


(Andre Borie) #2

Which cash machines does it work on though? I’m not aware of a standard to authorise transactions with just a one-time password, so it must be something custom and thus limited to the bank’s own ATMs.


#3

It’s RBS group owned cash machines which also includes Tesco Bank ATM’s. You can use any of the RBS group banks to get cash out without your card. You initiate it in app and select an amount and it gives you a OTP. You just press Enter on the cash machine which starts the process enter the same OTP and amount and it gives you cash. Very handy to have but limited within RBS group.


(Andy - Customer of Monzo - Own Thoughts) #4

As @TTJJ its something that I think is exclusive to RBS group and their network of machines (and Tesco atms since they supply them). I don’t think you could do it without your own network of terminals :confused:


(Stephen Brinda) #5

Morning…could you define “rough round the edges” for me please?
I’ve been full Monzo for a while and never had any problems as yet🤔


(Jason Yau) #6

Are nfc enabled atm’s open to everyone? Could be a better alternative with Apple/android pay.


#7

Can’t speak for the OP, but I would imagine it’s things like paying in cash, payee management, interest on savings and other basic stuff.

The mileage varies depending on how you use your bank - I’m happy with it apart from payee management, but it’s still my main account.


(Andy - Customer of Monzo - Own Thoughts) #8

Not in the UK. Only a few ATMs have contactless readers and other than some trials none are up and running


(Carl Barrett) #9

At Barclays you can use your android phone to get cash out. I’m not clued up on the technology of it all but I wouldn’t have thought it’s that difficult for Barclays to allow other banks to use the service. I wouldn’t blame them if they won’t let that happen just yet. It’s quite a selling point for a fan of not taking debit cards with you when you leave the house.

Edit to say I don’t know if any other banks have them as I’m not a regular cash user.


(Jason Yau) #10

:cry: Maybe when they become widespread they can regulate for it to be available for everyone for convenience and security reasons.


(Martin Joseph McGranaghan) #11

Hi Stephen,

Just simply that features are still being added regularly - that it doesn’t quite meet Monzo’s finished expectations. And as another contributor mentioned no interest in savings or current account deposits, no means,yet, to deposit cash directly into the account - although this is coming, and full joint accounts not complete (although happy to support with trialling the beta).

Don’t get me wrong as I hinted at in my opener I am very pleased with Monzo, I am excited to try it out and love all the features that are there but for me I’m just keeping my options open until I see the full finished article (at least the full finished 1.0 version :wink:). Glad you are loving the features that are there already!

Martin


(Martin Joseph McGranaghan) #12

Yes that is how I currently access the feature via Ulster Bank (which is s subsidiary of RBS) - very hand indeed; I’d love to completely ditch the card.


#13

Be surprised if RBS Group would permit other Banks to use the get cash facility. When there isn’t that much differentiation between current account products, you don’t give away something that gives you a difference.

Maybe this service could be developed by an independent ATM operator such as Note Machine, may work better in terms of operability across Banks and something they could charge a premium per transaction above a card cash withdrawal.