The Faster Payments system limit is £250k
Although most banks (incl Monzo) limit it to £10k
You can get in touch with us via app to get that increased temporarily.
I found this process to be unnecessarily stressful though. It’s not exactly the greatest system at Monzo.
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Which elements of it did you find stressful? 
The inability to raise it in advance. The 3 hours radio silence after initial contact. Whilst functional, the process fails to acknowledge the magnitude of the situation in which the customer would need the amounts raising.
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I’m sorry about that - usually this sort of enquiry gets dealt with pretty quickly and it’s a pretty simple process.
I’m sorry that wasn’t your experience 
I’ve raised it as a formal complaint with the advocacy team. Nobody should be apologising, just improve and expand the system. That would be better then an apology.
It must be makeshift, there’s no reason that policy cannot be improved up, it seems quite poorly thought out at present.
I’m prepared to push it right through to make sure a senior set of eyes looks at the problem in more detail.
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Good. House purchase is stressful enough without the bank getting in the way.
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How much notice do I need to give?
It looks like with all the issues mentioned here I won’t be able to use CHAPS and will need to do a Faster Payments transfer.
Recently in-app chat has been taking a very long time to respond. Our purchase is proceeding and it looks like I will need to do this in the next few weeks.
Presently you have to do it on the day.
Monzo won’t do anything prior.
Are you paying the deposit to your solicitors? On a practical note, you can usually send it in advance of the deadline - we sent ours one week before (if you have the money handy of course).
(and, as I say to everyone in this situation non stop, make sure you phone them before sending to confirm the bank details)
Yes, we will be sending the money to the solicitors.
I sent mine to my solicitors well in advance. There’s already enough to be done on the day without adding that into the mix!
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I had to send my deposit to my solicitors a couple of weeks ago. It couldn’t have been smoother. I spoke to someone in chat, they requested a selfie of me with ID and they raised my limits and it all went through like a dream.
My understanding is it depends on the amount you need it raising by. For me it was a large increase, so I assume additional checks were needed. However with the impending outage for bank transfers and the weekend looming it didn’t leave me with much wiggle room.
If Monzo are no longer offering CHAPS then how are transactions over £250k handled?
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