It’s on the radar and has been acknowledged by the team
I’m also waiting for the joint account to kick in at some point
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Excellent! What timescale are we talking @David555?
I’m looking for a way to ensure betting transactions do not show on bank statements for a mortgage application.
I’ve tried PayPal:
PayPal > Current Account > Savings
but PayPal has been delaying 72 hours on every withdrawal over £500. PayPal also doesn’t have FSCS protection so I don’t like the idea that larger amounts would be in limbo, and as @GalaxyMergirl is all too aware, they misuse their discretion with customer funds.
I’ve also tried Monese:
Monese > Current Account > Savings
Monese took a while to sort AML documents out after my first transaction but have been good with subsequent transactions.
But again it’s 3 days from ordering the withdrawal to it being available to transfer from Monese to my current account.
And Monese again doesn’t have FSCS protection so I wouldn’t be comfortable doing this with larger amounts.
How about Monzo?
So I am considering using Monzo for day to day stuff but on days I am expecting a large amount to come in I can use my legacy current account and lock my Monzo card (to reduce any risk) and then resume using my Monzo as a current account once I’ve sent the withdrawal through to my legacy current account.
So I’m interested to find out:
- Which site are you withdrawing from?
- How many hours/days from ordering the withdrawal to when it’s arrived in your Monzo account and can be transferred elsewhere?
Monzo mods - if you’re aware of the answers to these, please chip in 
I’m looking for a way to ensure betting transactions do not show on bank statements for a mortgage application.
Any reasons for that? Never applied for a mortgage and never planning to so I might not know the rules, but I would expect that as long as you bet responsibly with money you can afford to loose it should be fine right?
If my bank has advised me correctly (@anon44204028 may be able to clarify):
Net (deposits - withdrawals) to and from betting exchanges are not considered by a bank, only deposits.
Therefore deposit £100 and withdraw £150 some time later = you have gained £50 but your bank will consider you have spent £100 and the withdrawal is irrelevant.
Also, they assess the risk in your deposit size as a proportion of your salary. If you have a part-time or otherwise low salary but earn more than it from an exchange, then lending decisions are only made on the basis of your salary and they will offer a higher (less desirable) rate.
Sorry, I can not clarify as different banks have different rules on this (and in one case a smaller passported bank has different rules per branch/account manager)
However in many cases you are right. Particularly regarding documented gross salary which contractual versus potentially more from a non contractual source like an exchange.
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I’m loving Monzo over the couple days I’ve been using it. I think I’m going to end up transferring permently over to Monzo. The reason I don’t at the moment is maybe feel more comfortable after owning an account for a month or two…
But it looks so great. I mean compared to any other banking apps I can make it so customised and can easily monitor what I’ve spent money on. And the pots is an amazing feature.
And it’s so bright and colourful. Mine right now…
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Im just completing a mortgage with Halifax bank.
In their terms and conditions, it says I must transfer any amount outstanding to them from a bank account that supports CHAPS transfers.
So I’m going to have to use my “legacy” bank account to buy my house.
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Hey, what’s the 1p challenge? Are you manually doing it or is it automated? Ta
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It’s from here I found it…
https://community.monzo.com/t/idea-for-your-pot-1p-saving-challenge/32790?u=fruityseb
I’m doing it manually however once a day…
Some would start by putting the money you’d have had in from the 1st of January. But I’m just starting it from when I first saw the idea.
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What a great idea. Thanks for sharing
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I realised that now the only thing is indeed International Payments (I think I can survive a bit without web interface that will not be there anyway most likely). To be honest I can’t wait to move all my stuff from Lloyds to Monzo, so oh dear IBAN/SWIFT please grace us with your presence!
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15 posts were merged into an existing topic: Direct Debits & Standing Orders Feedback / Suggestions / Ideas
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My work won’t accept the sort code so it goes into another account and I transfer my spending money over to Monzo.
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I rely a LOT on Apple Pay. I can’t tell you how many times I’ve left the house with just my phone and keys before realising I needed money but being saved by Apple Pay. It’s so damn convenient. I always forget to take my Monzo card out as well so I can’t make the switch just yet.
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Interest. I have a few current accounts that get 5% interest on my balances so I’d be throwing away like £15-20 a month if I were to move everything over.
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I have my finances separated in different accounts now, and it’ll just be a massive pain to try and move it all over.
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I have a student account with 0% overdraft which I’m not willing to give up just yet (also can’t afford to pay it all off right now!)
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I would definitely use Monzo as my main spending account if Apple Pay were implemented. I’m waiting patiently for it, because I absolutely love the ease of the app!
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I’m in similar position sometimes… I also bank with RBS and use their “Get Cash” feature in their app to get me out of trouble… It would be good if the Monzo app had a similar function, although I’m not sure how they would implement it as they don’t have their own ATM’s…
For me:
Lack of cashbacks: it would be nice to have them.
No interest paid on balance: it might be a very little amount, but hey, better than nothing.
Overdraft: I have a 5000£ overdraft. I don’t use it, but it’s good to know it’s there in case I need it.
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Well… things that will make me keep a second account:
- No way to deposit coins and notes (I think I can deposit notes at some cash machines, though I haven’t tried)
- No international payments (though apparently this is planned soon?)
- No fall-back web control panel. While I understand this is a mobile-first bank, my phone breaks way more often than I would like it to, so just in case it happens at the worst possible time, not all is lost.
- No interest rate (not that important, but still means I have to go looking for savings accounts and will try to not store money in Monzo long term lest inflation eat it (not that I have much))
- No way to send cheques if I ever need to. While this is really really unlikely, there have been times when a cheque was the easiest way to transfer money (mainly with friends/family who don’t really interact with online/mobile banking and only understand cheques)
However, I will try to use Monzo as a main account, mainly to keep track of the money going in and out, and any other accounts will be secondary as it’s harder to see their use.
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Hey just want to let you know couple of things
Don’t try this. Monzo does not support any sort of cash deposits and its not planned to be implemented in short term.
You can actually send cheques to be deposited in your Monzo account via post. Details are in Help section of the App.
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Oh! Thanks for replying. ^^;;
So…
Eek! Good to know. Then replace
with
- No way to deposit cash at all (so I have to use a different account and bank for that)
I meant that I couldn’t give cheques to others that they can deposit. It’s good that I can receive cheques though!
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Ah OK sorry yes no cheque book from Monzo and yes depositing a cheque is possible 
Right now for me I wouldn’t switch for the following:
- no Apple Pay
- The app it’s a bit of a patch work quilt, right now I’d doesn’t feel like things are in logical places. For example we have the marketplace hanging about in the account tab???
- I’m not keen on how pots have been set up. Depositing in multiples of £5 isn’t useful for me.
- Payments tab is a mess, it lists all of my contacts from the phone book and the people I have set up using sort code and account number. I would rather hide all the contacts!
- I would also loose about £25.00 in cash back and interest from my other current accounts per month.
I still use the account for my coffe and lunch money. I’ll keep an eye on it though to see how it improves.