Unusually, I’ve had to withdraw a reasonably substantial amount in cash. That amount exceeded the Monzo withdraw limit, so I messaged in app (with a reply in 14 minutes ) asking to increase my withdrawal limit.
While the person at the other end seemed lovely, I wasn’t prepared for the hoops that I needed to jump through. You can only increase your limits for the one day (I wasn’t sure if I wanted to withdraw the cash today or tomorrow), then do a selfie with ID, specifying the amount of the withdrawal and roughly when I’d want to make it.
Now that all seemed a bit excessive to me. And given that I wasn’t sure exactly when I wanted to make the withdrawal I ended up cancelling my request and used my high street bank instead.
I’m less interested in what else I could have done differently (I’ve solved it, after all) and more about why this is the case. I could, for example, completely empty my account through a faster payments transfer with standard authorisation, should I be so minded (for clarity, I think that’s reasonable and proportionate).
When I asked whether the authorisation could span multiple days I was told no and that it was for ‘security reasons’.
Just some feedback from me - this doesn’t feel very customer centric and it feels disproportionate given the security model elsewhere in the app. But maybe there’s something different about cash? Or is Monzo trying to disincentivise cash withdrawals as they cost them money?