Instant Top-up

Monzo Chat
21

Where does the money come into it mate ? I thought bank transfers/monzo.me were free ?

22

I think Monzo.me has a higher cost to monzo than bank transfers

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23

Fair enough ! There is a limit on how much you can receive via monzo.me if you look in the settings

1 Like
24

Iā€™m trying to say that expecting to just use monzo for random times, and top up via card, cost monzo way more than you ever put ā€œput back in the potā€

To keep it free and sustainable, using your card to pay regularly, and properly keep it going

It costs money to facilitate and accept a card top up a lot more, than a bank transfer.

Unless you make a single card top up and a large number of small card payments, the balance falls that you end up costing more than you ā€œput inā€

Hense the effect of the free withdrawals abroad, many just used the card purely for free withdrawals aboard, so charges and limits came into play.

Monzo is a bank now, not much you canā€™t do with monzo that you can do at your old bank from a day to day use perspective

9 Likes
25

Good post !
Until my benefit comes in next month I have no other option than to transfer money from my other account . But I use the card every day for pretty much everything.

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26

So every time I make a transaction on my monzo card . Does a portion of this go to monzo ?

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27

Yep, itā€™s an ā€œinterchangeā€ fee, so topping up your monzo by card, is more than likely making the other Bank money instead of monzo

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28

I see.
I hope monzo are ok with me topping up my card for this month and this month only then ( only joined last week )

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29

They donā€™t mind people topping up by card overall, itā€™s only a problem when the mass do it often

Monzo loves everyone it seems, even itā€™s ā€œhatersā€ ha ha

30

Is a business capable of loving? I was always under the impression that only humans and animals have emotions :thinking:

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31

I might be being a bit harsh here, but personally I think that people are being too unfair to Monzo.

You used to ā€œquickā€ top up as Monzo was a pre-paid credit card, now - we must remember - Monzo is a fully fledged bank; Natwest, Llloyds; HSBC etc would not have a top up from card option because (As previously stated) it would cost them too much - and Monzo is now in the same boat as these banks (to a degree).

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32

I see your point. But you can also ā€œtop upā€ any bank account via bank transfer, no ?

33

You can, but from memory (and I may be wrong) the speed of the transfer depends on the originating bank - not the receiving - but as I said, my memory may have failed me and I could be wrongā€¦

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34

I know Coventry Building Society donā€™t do instant transfers. Barclays and HSBC definitely do instant.

35

I heard Monzo.me is being phased out ? Is this true ?

36

tbh, my reply was a general one about people wanting things that arenā€™t feasible - but I get your point.

Working in IT, one thing I always say is ā€œif its a problem it would be affecting everyone, if its only a handful - there is a criteria which differs for them from the othersā€

In regard to the monzo.me, I am not sure

1 Like
37

" Is a business capable of loving? I was always under the impression that only humans and animals have emotions :thinking: "

no of course a business isnā€™t capable of love. The workers in the business , that run the business, that interact with the customers when they come into work for the business, helping customers that use the business are though, and thats what makes the difference for any business - give it time Nanos , give it time :slight_smile:

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38

I donā€™t think so ! They only updated this at the end of Feb

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39

This is not correct. Either sending or receiving bank can be source of delays (or both even), and itā€™s often not obvious who exactly is the culprit.

40

I did say i might be wrong thought, in my own defence :stuck_out_tongue:

2 Likes