Faster payment limit

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).

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).

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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.

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.

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money laundering, fraud, prevention from you loosing all your money if your account is compromised etc

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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? :slightly_smiling_face:

They all decide their own limits that they’re happy with. With all banks you can ask for it to be increased.

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?

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Just use one of the many banks with decent sized limits. , Revolut, Santander, Natwest, Citi, Halifax, Coop.Starling, Lloyds, etc.

Yup, let them deal with the rise in fraudulent accounts! :smiley: