HSBC to Monzo transfer - possible problems?

I think if I banked with HSBC that would make me feel more secure? As opposed to the confusion faced tonight!

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I’m not sure I understand your point. The OP (me) does bank with HSBC and it seems to be them who delayed the transfer for fraud prevention reasons. So all good really.

I think @Codf was agreeing with you when you said

The way I read their post was that they were in agreement that it would be a good thing and if they were a HSBC customer they’d feel more secure with a better message, rather than the money appearing to go missing!

Ah I see, makes sense now! Apologies!

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@stripeyfox
From what I’ve seen of our current main bank first direct’s “plans for the future” (first direct being part of HSBC, so I assume HSBC are also planning to go in the same direction), they look to be heading towards being “more Monzo”.

When I/we joined Monzo in July 2016, I/we had great hopes for and indeed every intention of eventually going “full Monzo”. Up until about a year ago anyway!

But the commitment to a change in direction shown by fd has persuaded me/us to think again about switching and to probably stick with them now. I/we suspect that most of the legacy banks are moving to become “more Monzo” to a lesser or greater extent, but I/we only have experience of fd.

To put the above in perspective, we are both investors in Monzo and we still love Monzo and wish it great success, but it’s looking increasingly unlikely to us that we will ever be more than casual users.

This is interesting! Did they say what they are doing to become “more Monzo” or how long it might take?

@dr_necessiter
I see. It’s early days for me but at this stage I don’t really have any intention of going Full Monzo. But I quite like the arrangement I am proposing which is salary continues to get paid into my HSBC account (wife also banks with HSBC and we have a joint account as well), all the bills come out HSBC and the rest I move to Monzo. Over the years this is where I have struggled most with budgeting. I tended to look at Salary minus Mortgage minus Bills equals “wow I’ve got loads left” but in reality of course this is where the money vanishes! Bills stay more or less constant - they are fairly easy from a budgeting point of view, but it’s everything else - groceries, fuel, kids school trips, take aways etc etc. So for me being able to stick £1000 or whatever in Monzo and then see it ticking down is great.
Also love the rounds ups feature and the savings pots!

@Peter_G just from stuff I’ve seen in preview, no timescales given but they seem to be making a serious effort (also starting to see more Monzo-ish type features being added to Lloyds Banking Groupks offering, so maybe writing off legacy banks’ efforts to change might yet still be premature?

For me personally, I haven’t written off the older banks. Some of them will adapt, some won’t. But I think, for me, Monzo has a culture of continuous adaption and change - which will make it difficult for HSBC, say, to both modernise their tech and their culture, AND catch up with Monzo - at the same time as Monzo is powering ahead.

I would, though, like to be proved wrong. It’d be great to have more competition!

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Committing to progress is cool. Now let’s see them execute. My gut feeling tells me they’re all still trying to catch up to where we’ve already been - not where we’re going, and our speed of execution is still much faster.

I think we’ve easily established over the last few years that Monzo is the best place to keep the money you intend to spend. I think most people would agree with that.

What you’ll see very soon is undeniable evidence that we’re also the best place to keep the money that’s earmarked for bills and unforeseen costs, too. And once the full picture emerges, you will see a very noticeable increase in the amount of people going Full Monzo.

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Don’t disagree with you at all @simonb

In fact your comment “I think we’ve easily established over the last few years that Monzo is the best place to keep the money you intend to spend. I think most people would agree with that.“ pretty much now sums up “what Monzo is” for us (much as it was back in July 2016 when we joined). It’s spending money, but not main bank - for us.

So will now await further developments with interest…

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I hate HSBC. I transferred funds yesterday to my Barclays account. It took 5 hours for HSBC to transfer my :moneybag:

So I came to the community to check out if there had been any issues with HSBC to Monzo transfers as my sister tried to send £6000 over and HSBC app told her that money was sent and there was nothing in Monzo. Prior to this we had tested sending 1p just to be share and that came through, they had to eventually call her and then release the money. This was like two hours ago

Then she attempted to transfer £400 from HSBC to Monzo again and now this payment is stuck in this loop again. For what? We don’t know yet. Given that they confirmed the transfer only a few hours ago, it does not make sense as to why they have to do it again within a space of less than 24 hours, to specific less than 3 hours

@Achchu - based on my admittedly short experience of this, it seems that the guy you speak to on the phone at HSBC will say “it has been sent” - I don’t think he knows anything else - that’s what the system tells him.
But it is going through their checking process and I am sure it will land soon. I had a stressful couple of hours last night, but it arrived eventually.
This morning I sent another £100 - it was not instant but took about an hour or so.

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