I was wondering if there is a limit to how much I can transfer at one time from another bank to my Monzo account. If there is, how much is it? If there isn’t, is there a daily cap on loading money on the account? Thanks!
Second part to that would be what is the outgoing limit for the bank you are sending from (I think that is £10k/day at Monzo, but that is from memory)
I hit that before any incoming limit at Monzo
I would suggest contacting Monzo in app during working hours a day or two before to let them know in case anything gets flagged up
I’ve transferred a lot more than £10K in before and never had an issue.
But as @SouthseaOne mentioned, getting money OUT of Monzo is a bit of an issue. If you contact support with enough time you’ll be fine, but I wasn’t aware of this and cut it very finely to being in breach of contract for making the payment late for my flat last year.
I was actually referring to transferring from another bank
In my case I was slowed down by the outgoing limit at Starling rather than by any incoming limit at Monzo
Ah fair enough, my money was all previously was traditional banks and a quick phone call with them let me transfer money out.
Monzo took a bit more than a phone call, but they were short staffed at the time and admitted it (and fixed it).
Thanks for your reply. If you don’t mind me asking, what did you have to do in order to get the money through?
I think I am talking about experience transferring to Monzo and @Lew about the opposite
Just be be clear, you want to clear the way for sending money to Monzo?
Yes. Sorry for the confusion. I will be transferring money from Santander to Monzo. Also, I may use TransferWise to send some money abroad. So in both cases of adding and withdrawing money, is there any limit or extra steps that I need to be careful about?
I am not aware of any incoming limits to Monzo
The extra step I recommend to contact Monzo in working hours the day before is minor worries around it being flagged, which might pause the funds or at worst your account
In practice this is unlikely to be an issue between UK accounts both in your name - I transferred the full Starling outgoing limit just before and then again just after midnight (to use two days’ outgoing limits in short order) without informing Monzo and all went through without any delay
There may be outgoing limits for the day at Santander (there are at Monzo and Starling) so you might either have to either do it over multiple days or ask them to raise the limit
I actually used Santander to send money to Monzo too. They were actually the fastest and easiest to get the money sent to Monzo, just a few questions and it was authorised. Wouldn’t think you’d have any issues if you’re sending under £100K.
So I was centralising all my money in my Monzo account, so I could send it all to my solicitor in one go. Had no issues in receiving limits, if that even exists.
To send money FROM Monzo, just make sure you give support at least 24hrs and you should be good to send money elsewhere if you’re buying a house or something with it.
Thank you all. I’ve noted it down and just realised how helpful this community is
You are most welcome
You can check your limits by clicking “manage” then “limits”.
The option is located next to your monzo card on the accounts screen.
There are limits to Faster Payments and from Santander its £100K to other banks, so you should be fine…
If its over £100K then its CHAPS all the way and Santander will charge you approx £25.00
Splitting it down the middle and transferring it on two separate days to avoid CHAPS is something that I would do unless I needed it all that day.
FPS actually has a £250,000 limit but banks generally always set their own way below that.
The Anti Money Laundering systems will kick in if the amount is unusual for your typical transaction amount. The trigger is set by various algorithms, so there is no hard and fast rule. If you trigger it you will find your account is frozen and not be told anything as the transaction is reported.
If you are expecting an unusual amount you are always best approaching your bank before the amount hits and they will tell you if ok or will ask for more information.