This is brilliant. (thanks Dan)
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Hereās what happens:
Itās not really a different flow, but more an invitation to start a new one. But better than nothing!
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Yes, currently the easiest way to find it is to try and send a large payment - and it works well. But finding a way to signpost this to users who arenāt on the forum and donāt make regular payments over Ā£10,000 (most people) would be good.
A hard balance to strike as to how visible it is, I know. Iāll never use split tabs, but I accept that probably more Monzo users will split a tab then make a Ā£10,001 paymentā¦
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Itās also an option at the bottom of the limits screen, which makes sense to me 
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Starling has a dlow for this that was very easy to use.
Request the payment, answer 6 or 7 questions about.
True, if you know its there and can find it. I only found out about the Ā£10,000 limit the first time I tried to make a payment over that amount (admittedly only a few days after I opened the account).
And I still have to go through the help screens to find the link to the limits screen.
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What do other banks do? I always check what the limits are for a bank account, so I wouldnāt know how it works elsewhere 
I donāt know @Dan5 - only other account I have where Iāve come across this is with Smile. When I came up against their individual transaction limit (by trying to make a payment which exceeded it) I was able to simply split the transaction into multiple smaller ones. If they have a daily limit I didnāt reach it.
A friend today had the same problem with Barclays, but one of the split payments was then held up by the fraud team.
The new Monzo limit increase flow is great, with a big āhoweverā.
That being, Monzo has a daily limit not an individual transaction limit. So you canāt circumvent it by splitting the transaction into 2 or more. You canāt reliably phone Monzo (and if you did, Monzo still requires the selfie). And the limit increase request workflow can take up to 24 hours to complete.
So to avoid frustration by people finding this out the hard way, I think it would be great to make this more visible - so that even if people donāt need it now, theyāre being made aware of it, and thus when they do need to make a large payment they know to ask at least a day in advance.
Edit - you always check the limits because you work in banking and you know limits exist. I suspect most customers wonāt have a clue that there are limits until they run up against them.
Edit 2 - and I really do mean that I think the new workflow is great in Monzo. I was really impressed when I used it.
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I made a large transfer recently with Santander. It took about twenty minutes and two calls (one from me, then one from them). All told I found the process quick and effective.
I donāt know if itās a coincidence, but since then theyāve imposed a payment limit of Ā£5,000 for in app transfers. I can change this up to Ā£25,000 and if I need more I have to call them.
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I think Monzo ought to increase the daily limit to say Ā£25k or have a Transaction limit rather than a daily limit. This puts me off from using Monzo as my main bank.
You donāt need to do a large transfer often but when you do it can be a hassle, e.g. paying the solicitor for a house deposit or buying a car.
This ought to be changed.
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The thing is the Monzo flow works well, and will get your money out, other banks with bigger notional limits will get trigger happy at pretty low levels.
Spent quite a bit of time with companies and PISP around open banking payments, and yes, a bank has a Ā£250k daily limit, but will come down on the payment like a ton of bricks and block it. Itās a real issue for Open Banking payment adoption.
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I do think Monzoās limits are exceptionally low compared to most mainstream banks; plus the friction in getting it increased - makes it a much more painful process than it seems like it needs to be.
Be curious what āindustry best practiceā is in this arena, as this feels like a lot:
Whatās the gold standard other banks do for these requests?
I had a quick google at other limits from main uk banks, as a quick rundown:
Monzo - Ā£10k
Starling - Ā£10k
Natwest - Ā£20k
RBS - Ā£20k
Nationwide - Ā£25k
HSBC - Ā£25k
First Direct - Ā£50k (note they also donāt have branches, and were telephone only for a while, so they must have had a non selfie solution)
Natwest - Ā£50k
Santander - Ā£100k (25k per transaction)
I appreciate different levels of risk / appetite to risk and all that - but feels like Monzo have landed on the combo of lowest payment amount + highest friction.
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I have a feeling the lower limits are something related to how easy it is to set up an account? Hence Starling and Monzo being lower, they know the customer less so thereās a barrier later when you need to send large amounts.
One thing is with a lot of banks you actually canāt raise the limit, after the limit you have to go to the branch and pay for a CHAPS payment.
This is for debit card payments. I canāt find any reference to bank transfer limits other than FPās own Ā£1m limit. I recently made a Ā£30k FP without having to contact them first.
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I had the exact same issue a few months ago, I wasnāt offered any financial retribution (haha) but it was one of the most stressful times Iāve had with Monzo. Iāve mentioned it before that literally a few years ago I would message on the chat (when you could talk to someone directly) and ask for an increase and it was done. I lost a little bit of faith in Monzo which then made me think about the services I was paying for (Heart over head).
^ this. Monzo has made stuff like this considerably worse. People donāt care about the method of increasing their money, they just want to get it done and not be a PITA. Itās an improvement allowing you to schedule in the future but it was at the expense of cutting customer support and outsourcing itā¦
Is that just your theory?
No. it isnāt
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So what is it based on?
Through the grape vines, iām sure if you speak to the many Monzo colleagues on here, one of them will be happy to confirm it.