Internal transaction costs

Out of interest, does anyone know if transactions made internally to a bank have a lower cost than those which move to other banks?

If so I assume the more customers with monzo the better.

What about business accounts. If monzo start offering business accounts, do they save money if a customer transacts with a monzo banked business?

I realise I could likely get these answers on Google.


It’s a bit geeky, but I’d quite like to know the cost of various transactions.

I’m assuming that within Monzo there’s no ‘cost’ per se, except maybe a notional [cost of running platform / number of transactions calculation] but access to various schemes (faster payments etc) might come with sunk costs (initial cost to connect etc), subscription fees (cost to connect for a year) and/or per transaction fees?

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Sorry to double post, but I’ve been suitably intrigued to google…

Faster payments have set up fees, monthly charges and cost per transaction of just over 3p:


Makes you wonder how the £200 minimum for summary start date was derived. Was it a reasonable assumption of the lowest pay someone might reasonable receive on salary or was it a subtle attempt to reduce the number of FPS transfers (e.g. Someone transferring themselves a budget every week)

I’m not sure that the fees for faster payments are related to Summary. If I’ve read this right, then the cost of an FPS transaction is to the sending bank, so no skin in the game for Monzo here in gaming Summary.

Or have I missed something?

(edit: on rereading, it’s not clear who bears the fee. But I’m still thoroughly unconvinced that concern about 3p would be motivating Monzo in gaming Summary).

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The former, it was made from looking at a big graph and asking “where’s the point where it switches from one-off payments to salary”. That number was originally around £400 but from user feedback, we reduced it to £200. Nothing to do with the costs of a transfer.

To answer the main question though, a transfer within Monzo costs almost nothing but Faster Payments is also more than cheap enough that you shouldn’t ever worry about it for normal, everyday use. :slightly_smiling_face:


Very interesting. Are there any habits customers can get into to lower costs for monzo (sentence never been said before from a customer to a bank), I know topping up has now been halted so that’s off the list.

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Damn, thought I was onto a conspiracy there! :smile:

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Honestly? Just use Monzo as your main account where possible!

Apart from cash and arguably cheques, there’s not that much left I can think of that costs us a significant amount.