Just tried to make a £10 transfer (tried twice) to Revolut . Failed both times . Payment was classed as “High Risk” by Monzo. Really???
Or is it they just don’t like playing with a close competitor? If so, very juvenile.
I planned to use both Monzo and Revolut for day to day transactions. Stopping this transfer seems bizarre and suggests Monzo’s security systems aren’t as mature as they should be.
What do you mean by high risk transaction? It could be simply the warning screen you get before you make a payment to a new payee (that you can dismiss)?
Yes, Monzo stop you giving money to a non-bank because they see them as a rival and your £10 could tip Monzo over the edge and catapult Revolut into Apple levels of profit. It’s all very serious.
Lord only knows what happens if you transfer to Starling.
Then there isn’t much more you can do from the sounds of it
What are you looking for here if you’ve already had this response? We’re all customers just like you so we can’t really help and you’re the first to report anything like this.
Perhaps send a follow up comment asking for Monzos advice in app.
I have not used Revolut for a while… but can’t you add funds to it via your card? I know I certainly used to be able to with my Monzo card via Apple Pay.
You’ve triggered some internal system to protect you. No one will be able to say why this as happened because of financial crime rules. That’ll be why the staff on chat can’t really say much either.
Just to be clear I was processing the payment via both apps. The card wasn’t frozen
.
I’m reluctant to start trying different values in case Monzo freeze my account. I seem to recall, they (and others I think) had some bad press a while ago about freezing customer accounts incorrectly, possibly because their fraud systems were a tad over sensitive.
Anyway, thanks for all the comments on this, much appreciated.
Banks don’t (yet) fully police your transfers - though they are putting up ever more frantic “ARE YOU BEING FRAUDED?” notices that everyone becomes desensitised to but serve to prove liability transfer.
I’d be very interested to see the chat / screen where this was rejected.
Here you go. This is the chat message I received from the Monzo help centre.
"Thanks so much for your patience.
Unfortunately, we can’t approve this payment because our system has flagged it as a high risk transaction. We would suggest using an alternative form of payment to make this transaction if you still wish to."