There isn’t one. We have ACH which is kinda like a cross between BACS and Direct Debit.
But generally you have to pay by check.
Why? Monzo does everything people need in 95% of cases. For those instances that it doesn’t, have another account that does. I do.
I for one don’t want Monzo to be a one-size-fits-all kind of bank. It does what it does so well, why would I’ve want it changed?
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Thanks. It’s not something I NEED to do till Monday, but every night that goes by is another higher interest charge on the mortgage.
It’s just frustrating that I was told that this wouldn’t be a problem on chat, and then I was told on Friday that I’d be able to make the payment yesterday (Saturday). I have very little time for over-promising and under-delivering.
Because aiming for mediocrity isn’t something to aspire to? What negative difference would it make to you if the limit was higher?
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Why? Well it doesn’t impact on anyone else having either a higher transfer limit (individual or global) or a way to schedule a transfer that needs id in advance of the day/time it’s required, so you aren’t gambling on it being seen and also actioned that day.
You might never need it changing personally, but that’s not a reason that other people can’t have things improved.
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Kind of depends what level you are starting from tbf
I’ve had the same problem today trying to a bill - two payments with the total being in excess of £10k. Maybe my fault but I wasn’t aware of the limits and no warning was given to me when I set up the payments to go out on a certain day. One of them just declined. Perhaps a warning should pop up when you schedule in excess of £10k for one day. Having to move money to Natwest and pay from there. Tried calling Monzo no answer. Chat took a while and he increased limit but it hasn’t worked. Guess it takes a while to work. Will keep my other bank account after all as I can’t risk payments not going through.
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Can you have a look at your limits page to see if it’s been increased there yet?
(Account button under your card pic and scroll down to limits)
One suggestion (if using the default limits); you can do a bank transfer of up to £10K in one day and you can also pay by card up to £10K per day too.
So if the two payments are each below £10K, then you could pay one via bank transfer and one via card payment. The card payment may be through an online portal or you may have to call the intended recipient to verbally deliver the card details.
I’ve just had to do this with Starling today - a pleasant experience. I messaged, no need for ID and it was done within the hour.
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The limit is now £1 and it’s been escalated to a different team to look into.
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Turns out the person on chat increased the limit to the penny for the payment to be made but he made an error and set it for £1 too little. Still waiting for a response.
Slow clap Monzo. Arithmetic is a basic skill for someone who works for a bank.
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I’ve had these ‘problems’ in the past. They’re very quickly overcome when a support staff member reverts always within 24 hours in my cases. It’s a necessary precaution.
I believe some people say you wouldn’t trust monzo with large transactions. Well this precaution is exactly why you would.
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It wasn’t your fault. This has been raised time and time again with Monzo: most customers are unaware of the limits, and if they are generally aware of them, they don’t understand how those limits would apply - until they find themselves in your situation.
So much hassle for so many customers, and it would take Monzo very little to add a warning to the payments page, that would remind customers of those limits each time they make a payment. I find it infuriating that Monzo would rather continue risking that customers suddenly find themselves in an awkward situation simply because they didn’t know.
All it would take is something like this:
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10,000 is just too low.
Not everyone will know 3-4 days in advance of a 10,000 payment. If one is shopping for a car, they may not be aware of the exact day.
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Perhaps not. But being aware that the limit exists puts you in a better place than not being aware.
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True
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What if your rent is over 10k, does it apply to standing orders?
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Over 10k a month? Could you not have a standing order for 10 one day, 10 the next?