So yes was the answer.
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Iām not really going to argue with you, again, ask one of the staff and iām sure theyāll be happy to confirm, it doesnāt bother me either way if you believe itās a theory or not.
You might find references in the previous annual report. Monzo has done outsourcing in various forms or another since before I joined in August 2019.
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So itās not new? And whereās the evidence of them cutting staff?
Glassdoor too. Lolz.
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Itās quote hard to keep up when youāre deleting and editing posts!
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I actually do think that this is where itās an edge case for them. Do you scale up to serve the 10% of customers who want an immediate uplift via phone or maintain levels for the 90% who donāt.*
For me, I think the new flow looks nice but itās still a reason why I would never consider Monzo for anything as important as this. On house moving or car buying day the last thing you need is not being able to get an answer right there and then.
*Numbers made up to make a point.
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I didnāt/wouldnāt either but the new improvements do seem to make it a lot better unless you want to click your fingers and spend an āabnormalā amount. I think the only bank Iād trust with that is FD.
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The issue from this thread doesnāt really apply to house buying at all. The new(er) flow allows you to request the increase in advance; whilst you might buy a car on a day when you didnāt expect to the day before, I donāt think anyone (in a personal capacity) buys a house without knowing theyāre going to do so at least 24h before.
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Well it sort of does. My point was that letās say Iāve asked for the increase and it, for some reason, goes a bit wrong.
I want to be able to ring and resolve right there and then. Something you canāt do with Monzo.
Self serve is great and all. But as with the challenge here around the car, when you need it to be more than that Monzo drops the ball here.
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Iām not sure about that. OP said they were able to speak to someone on the phone correct? The issue for them was just that
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They were directed to the app (and, by the sounds of it, not clearly enough to the new flow because they went to chat first)
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When they did get to the new flow, it wasnāt approved quick enough for when they need the money
Theres nothing to say that if you were having an issue with your account (such as you suggested, youād used the flow but it hadnāt worked for some reason - which Iām not aware of any instances of thay happening) you wouldnāt be able to speak to support about it. The thread only pertains to the fact you have to use the flow to initiate the request, and that itās not fast enough currently for same day purchases.
Parents currently in the process of extensive renovations and everything that theyāre paying for almost individually is over 10kā¦not one of those things has been demanded to have been paid on the spot they all have at least several day timelines or have a deposit and then final payment after. Iād say 9/10 times you would have time to sort out larger payments and so the relevance of the medium to do it (phone call, in app, email, etc) is irrelevant. Speaking for myself, I wouldnāt want to rush any decision involving money over the sum of Ā£1k let alone Ā£10k. If someone told me I had to pay the deposit for a house within 5 hours Iād be buying that house with another mortgage provider. Ultimately Monzoās way requires the least amount of friction, no waiting on hold etc.
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If I were paying for a whole bunch of things individually over 10k and I needed to preplan everyone and provide a selfie, Iād probably just end up doing one transfer elsewhere and then paying from there. It would annoy the hell out of me.
It absolutely wasnāt.
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I had the exact opposite with Monzo. It was so easy. My experience with Natwest was an awful oneā¦ had to go into a branch and it cost me Ā£25.
Monzo on the other hand I did through chat, I told them the day I needed to transfer the money. Worked like a dream, and far far easier than any other bank Iāve used.
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The last time I bought a car I used my FD debitcard and it went through with no problems. If it hadnāt their telephone service would have dealt with it. FD and Iām sure other legacy banks have higher limits for outboard payments. Monzoās Ā£10K seems a joke. If youāve got the money in your account why canāt you make a payment up to at least Ā£25K of course subject to any fraud checks etc?
I think āfraud checks etcā is exactly what the wait is for!
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I agree but the Ā£10K seems a bit light. I suppose theyāre limiting any reimbursement if thereās fraud.
Itās all about risk. If someone hacked my account and took Ā£10k when I have Ā£50k to take, Iād be grateful, and the banks appetite is they can probably refund that.
Ā£50k may not be within the appetite for say monzo, but premier banking and business banking with other banks have limits up to Ā£100k or more.
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I would guess the main risk to them is that you are somehow involved in illegal activity which they have a legal responsibility to prevent, and if they donāt prevent it they could face regulatory action. So this is just how they interpret the regulation as it applies to them, which will be to do with how well they know & verify their customers, what other checks are in place etc.
Maybe one day a nice bit of AI will assess that, say, youāve had a longstanding relationship with them and a stable employer and you wanting to buy a car is normal behaviour for you, so it can be approved or raised automatically. But right now it requires manual intervention I guess.
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I also ran into the Ā£10k daily cap the other day and have fed back to Monzo via one of the periodic customer surveys that the Ā£10k daily limit came as a bit of a shock.
A feature-parity level of a default Ā£100k daily transfer cap (the same as most other personal account banks) should be the target, and perhaps there is some heightened KYC/verification that would lift the limit ahead of time instead of having to wait 24 hours.
Hopefully as more and more people start using Monzo as their main account, this sort of feedback will filter up to the Monzo product managers in greater numbers and will be prioritised at some point.
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