I won a bet on the grand national with Ladbrokes (I made a deposit with my Monzo card into my Ladbrokes account) and have just withdrawn the money from my Ladbrokes account to be paid back to my Monzo account how long would I normally have to wait to see the payment?
Usually within one day (except on Sundays).
Technical answer: Next Mastercard clearing cycle after they submit the payment.
thanks for the quick reply
Is there a reason Monzo takes one day but other banks, E.g. NatWest, seem to take longer?
Yup! Most banks participate in only one card network clearing cycle per day.
This is where Mastercard or Visa receive files from everybody connected up describing every transaction they want to collect/send money for, process them, distribute files back out, and work out how much money is owed to/by each participant.
On the Mastercard network, there are around 3–6 of these cycles per day (except on Sundays) so that every time zone has one after the close of the business day. Monzo participates in all of them to provide the smallest amount of time we can between a transaction finalisation or refund being submitted through Mastercard and us receiving it.
It also helps us on the processing side to have smaller files more frequently instead of one big file per day that needs to be processed quickly.