Thats just an assumption. Where did they say how much this costs?
Whats the point of a bank if they won’t let you put money in and out of it because it costs to much. Cash I get, but isn’t that the point of monzo to be usable as a cashless bank.
Maybe you should let them say why the limit is what it is.
They use Stripe, so it’s (on their published pricing) 1.4% + 20p.
Thanks. That’s worrying.
Why when bank transfer is so easy?
Monzo.me is not a banking service, it’s a payments service offered by a bank. People are able to transfer (any amount of) money (for free) between bank accounts if they use bank transfer services offered by their bank. If they choose to use a payments service (offered by a bank or otherwise) they can expect there to be a fee because the payment is going through the payments network(s) (Mastercard, Visa, American Express etc.). Much in the same way you have to pay to take cash out of some privately operated cash machines, vs. free from cash machines ran by banks.
Isn’t that the point of monzo.me it’s even easier, Just a few posts ago we were defending this feature because other banks don’t have it, but now we’re saying it’s not all that? If there’s no point and they can’t maintain it because of cost then just get rid of it.
Frankly I think it’s a great feature of neo-banks and monzo should be leading the pack on these types of things not being left behind because they can’t afford it. Hence they should consider increasing the limit, and if stripe is to costly they should change provider or do it themselves.
We should be pushing monzo to be the best bank out there not making excuses for them.
Well seeing as Stripe is an investor in Monzo that would be unlikely. But being a Crowdfunding Investor yourself you’d have done your research and already knew that.
With split the bill and shared tabs already available it cuts down the occasions this is needed. If it’s a regular expense then you’d do a standing order. Monzo.me would really be just needed on odd occasions
I don’t get the defence. If that’s the case then there’s no reason not to increase the limit because of its limited use in the first place.
All I’m advocating for is that monzo should lead the way here and should have better limits. They should be the best at everything they offer, or at least aim to be.
It’s a useful feature, especially useful since they don’t support paym. I use it somewhat often because quite simply I don’t have everyone’s bank details, nor does anyone know their details at hand, but they all know their email address and I do have their phone number or email so it’s a very handy very easy and quick feature to use.
The cost isn’t a consequence of Stripe, the cost is a consequence of accepting payments via credit and debit card. These payments have fees imposed by the card providers, that is, Visa and Mastercard. Monzo cannot opt out of these fees. Monzo already swallow these costs, and regardless of whether they do it in-house or not, they’re going to be paying a minimum of 1% on every transaction, likely more.
Why when people disagree with you is it always a defence? I just don’t agree with you
I don’t know any of my friends or colleagues email addresses. Apart from work emails that none of us have time to check
I think the very least that could be done is to just make it clearer in the app when you try to request “too much” money the reasons why you can’t request more and offer alternative options. At the moment it just says you can’t request more than £100 and in isolation, with no context, that looks completely ridiculous. My partner asked me what was going on and I said I would investigate - but I shouldn’t have to go digging back through historic threads for the information. Most Monzo users aren’t on the forum and so won’t be privy to this information.
You don’t think the limit should be raised and be more competitive with the competition. But why? It doesn’t seem like fees are an issue as you’ve said this isn’t used that often. So I’m failing to understand why you wouldn’t want the limit raised when it’s restrictive for some customers?
You know peoples phone numbers, I don’t know many people who know someone’s bank details but not their number.
I’d give them cash tbh
That doesn’t have anything to do with this feature. Your against the idea of increasing the limit I’m just trying to understand why?
It’s a very low limit, especially these days, one that the competition has the better limits on. Why would we not be in favour of monzo increasing it? It puts them beside the competition, it make the apparently small user base that uses it happy.
Read the Monzo annual report: https://monzo.com/static/docs/annual-report-2019.pdf
Monzo currently make £2 per account per year and a key focus is how that number can be increased. If we use the Stripe fee as a basis for the cost of any transaction through Monzo.me, for a £100 transaction you’d expect it to cost Monzo £1.70. At £250 that’s £4.25, at £500 that’s £9.50 and a £1000 transaction costs Monzo £19.
Monzo provide a very simple way to transfer money between bank accounts, and to receive. The alternatives you’ve talked about – PingIt and PayM – are a layer on top of banks: you must sign up (as a customer of one of the supported banks), then associate your mobile phone number with a sort code and account number and then you’re able to use the service (which routes payments to a bank account).
Monzo could, conceivably, add the option to Monzo.me to expose bank account details that a payee can then use in their own bank’s app to make the payment without limits, which is less effort than signing up to PingIt or PayM – if they’re with a supported bank.
You’re asking for the impossible. The most you can hope for is Monzo to join PayM or PingIt but given the ease of making payments to a sort code + account number, it doesn’t seem to make much sense to invest the resources in becoming part of those schemes when they’re becoming less and less important.
Starling are the only other bank to have this in their app. They have a lot fewer customers and have recently stopped debit card top ups, see how long they keep it at the current level
Increasing the limit leaves it open to people using it just to add money to their own accounts. There are plenty of easy ways to transfer, I’m not sure why you think debit card is such a revolutionary way to achieve this
This makes it sound like you don’t see a need for this feature? But it’s one of the main things monzo advertise, they even offer paid features for it.
What your suggesting, that it’s not needed, seems to go against what monzo are saying.
Yeah paym 
but monzo doesn’t support that.
The answers seems just be that you think it will cost to much. I guess that fine, it just means it’s a feature that’s not in line with the competition, another feature that monzo can’t say there leading with.
Increasing the limit isn’t asking the impossible, it’s just a variable.
But if that’s your only complaint, that you think it’s to expensive, ok. I’m not sure doubling it would break the bank.
And yet they have plenty of features that the competition, and Starling, don’t have
Isn’t it great that we have a choice of which bank we use due to all the different features offered. Much better than everyone just offering the same