Faster Payments limits


(Paul) #1

With the release, or at least, the wider availability of the current account about to start, will the current faster payments limits be changed/updated? Like the old app, is there/will there be a way to track these?

Thanks.


(Danny) #2

More than likely

Yes you can track faster payments now.


(Shaun McDonald) #3

The £10k or similar limit is common across banks. The scheme limit used to be £100k, and is now £250k.


(Paul) #4

Hi,

It wasn’t clear to me at first either, so I checked to verify this btw.

In my experience, perhaps 10k per transaction is (though some banks allow at least twice that), but Monzo (as they tell me) is currently 10k per day across ALL your faster payments (this was confirmed by their support). I.e. there is a 10k limit in movement of funds per day by faster payments. This is not ideal, though I understand it is a limit for testing only phase (hopefully) at the moment.


(Hugh) #5

I’m not sure how that would work with inbound payments as Monzo can’t just refuse to accept an inbound payment?


(Paul) #6

Sure - I guess (hope) it only applies to outgoing payments.


(Paul) #7

The current issue is, if you do get a large inbound payment, you can’t move it out (not in 1 day), which is fair enough, during testing, but I look forward to the limits being more ‘normal’


#8

10K is not common. Some have 10K, some have 100K, others 99,999! If we set a limit lower than some of the big banks it may prevent switching by those who wish to retain the flexibility of a higher transfer limit.

(a useful site where you can look up limits at your legacy bank http://www.fasterpayments.org.uk/about-us/personal-transaction it used to be better presented in a grid so you could compare easier)


#9


Hm… so what top up limit means ?


(Paul) #10

For the pre-paid card - The top up limit - putting cash in your account via another card etc.

BTW - Now the current account is under full swing it seems, really hoping these limits get increased in order to be comparable with other banks…


(system) #11

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