Could we get a much higher faster payment limit?
I know I can ask (and I just did) for one-time higher limit on the chat but the process is quite long and complicated (you have to take a selfie with an ID, wait, answer questions, wait again, etc) but for example I am building a house and I need to pay the builders every few weeks quite large sums, I don’t see myself doing this process all the time so I guess I will just request my self build mortgage to be paid in my nationwide account.
I think most other banks have a limit per transfer but no daily limit so I could split in several 10k transfers. However I’m not sure it’s the solution because it is just annoying as well and I don’t see the security benefit of it (if someone has access to my account what is stopping him to do as many transfers as he wants).
tobyadams
(#fullmonzo joint account since Aug18)
2
I believe if you speak to the ops, they can permanently raise your limit to your desired amount (within the FP limits that is, after this it is CHAPS which incurs a fee and is not instant).
tobyadams
(#fullmonzo joint account since Aug18)
4
I’m pretty sure Monzo will allow you to raise your limit up to 100k, but may not do this on a permanent basis for security. But not sure. I have only used CHAPS once as the amount was indeed over 100k and I had to do it in branch with Natwest.
They allowed me to raise it but only for a one time payment. I of course did ask to keep it higher (at least for a few months because I’m building a house) but they wouldn’t.
tobyadams
(#fullmonzo joint account since Aug18)
6
I’d be interested to know their reasons for this. It is your money and you should be able to move it around as you wish within the limits of the system.
Every other bank I know manages fine without a daily limit … In the article given in an earlier post there are examples of banks with the full 100k per transfer (unlimited number of transfers per day) supported by Faster Payement, surely Santander is not a bank for fraudsters?
I have had again another problem with the 10k limit today, which I found out also applies to move money between your own accounts (personal and joint accounts).
In a few days I need to make another ~30k payment to a builder, so here we go again with the whole process described in my first post.
Can someone from Monzo care to bring a few answers on this topic? Why the 10k limit cannot be raised permanently, if necessary with stricter checks of identity, address, etc?
It’s quite unbelievable that a bank would not want customers lucky enough to have higher income/capital?
I have a very important FPS payment to make today that is over the £10k limit.
Because I knew this I contacted Monzo at 01:03am to request this., They finally got back to me at 08:37 and I answered all their questions and provided a selfie at 08:43.
They asked me to answer the questions again at 08:47 to which I asked them just to read my last message.
They asked the purpose of the payment again at 08:55 and I pointed out again I’d already answered that. They then bothered to read my first message and said that it was all sorted and was being escalated to be actioned at 09:05.
An hour later nothing had happened so I messaged them again.
No reply.
I have asked for an update on when this will be sorted again at 10:55, 12:51, 15:03 and have also tried calling them. This payment was meant to be made at 15:15 and I’m getting desperate!
Why should I be kept waiting for 14 hours for such an important transaction just because it’s over £10k?
It will be in the process of being reviewed by a team - again I can’t comment on the different processes that might be at play here, because it can help people to circumvent the rules.
On the flip side, we know this process isn’t great and there’s room for improvement. I’d recommend raising a complaint once somebody does respond to you - complaint data helps us identify the areas to focus on.
Even if you get a response saying we working within our SLA times, we aren’t unable to uphold the complaint etc then it still gets logged, tagged and analysed.
(I appreciate this doesn’t really help with your specific situation, and I’m sorry for that!)
I’ve had delays of 30 mins to 1 hour before. Never have I had a delay of 14+ hours and my messages completely ignored by your chat staff for so long.
Surely when people need to use their bank accounts to pay deposits etc. you need a robust method for getting the limits sorted before the end of business?
Even in the worst case scenario I would have been all sorted with a 15 min drive and a 30 min queue in a branch with a legacy bank. Making me wait from 1am and then not even having the decency to reply to messages really leaves a sour taste!
There definitely needs to be a better way of processing it but the best you can do is raise a complaint afterwards like Dan says.
Hassling every 5 minutes won’t make them go any quicker, there’s nothing for them to say until it’s done, unless you’d like a “We’re working on it” message every time?
I’d love a “We’re working on it” message as at least that way I’d have the confidence that something is happening. There has been zero response whatsoever since 09:05. That’s almost 7 hours ago now.
(And I haven’t exactly been bombarding them with messages every 5 mins, more like every 2 hours for a task that usually takes 1 hour max!)
I think the times you’ve had it in 30 mins/1 hour are the anomaly here. What you’re experiencing today tends to be the norm, sadly.
I won’t risk doing my house purchase with Monzo, I’ll move any funds around long before and won’t cause myself more stress. Many others are the same, so will you probably be next time you have to do this.
Dan, when we talk about raising limits, do you still send by Faster Payments? Is CHAPS supported by Monzo?
Anarchist
(Press ‘Help’ search ‘Contact us’ or email help@monzo.com or call 0800 802 1281)
20
There have been several threads started by people who have gone down the same path as you. It’s terribly poor service, but if I can offer a crumb of comfort, I’ve can’t recall any occasion when the process has been reported to have failed.
