Large BACS deposit

My question…

Do I need to or should I notify Monzo of a large BACS credit? It’s my redundancy payment from my usual (well known) employer that has been paying my wages into my account for some years now.

I’ve read some horror stories of people having their accounts blocked after a large credit so I am keen to avoid that.

Hi @Dm19853b & welcome :wave:

Shouldn’t be an issue. I received a large payment recently without notifying Monzo in advance.
My nerves tell another story, but it went smooth-as

‘Top up by bank transfer’ is unlimited:


I don’t recall there being any limit on the account balance so I imagine it would be fine.

When you come to move the money out of your monzo account, expect to have to jump through some extra security hoops for payments over £10k.


Receiving it will be fine, just know that if you want to move more than £10k you’ll have to jump through some hoops.

1 Like

Would notifying them change anything?

I would guess they’ll say “yes it should be fine” but it’s the system(s) that determine this at the time of the transaction?

1 Like

I thought they could ask for proof of entitlement in advance or something like that. Maybe I’m reading too much into some of the stories people post online!

I don’t know, I was genuinely curious myself. Someone on here will likely know

Nearly 3 million people in the UK have a net worth of over $1m excluding their primary residence, according to Statista research

~500,000 of these people have a Monzo account (own made up number based on Monzo having 9m users) with 5 and 6 digit numbers flying back and forth not being a big deal in percentage terms of their assets, so a large amount coming in from a known employer surely cannot set off any alarm bells or else Monzo would have thousands of accounts to freeze every day.

Ps. Good luck with this new chapter in your life! :grin:


I’d assume not, otherwise all sorts of miscreants would be able to play the “Let’s tell them first” card.

1 Like

Bacs is fine, paid early is limited to £5k, you’ll need to wait for it to arrive the day it’s due if it’s more.

It’s quite a bit more than that so that’s handy to know, thanks didn’t know that. :slightly_smiling_face:

1 Like

I would say based on 67.5 m UK peeps that 9m is 400k being pedantic :wink:


But I would probably say the vast majority of wealthy people don’t use Monzo.

They will be using private banking services with the legacy HSBC, Barclays etc or ones like fancy NatWest AkA Coutts.

So it could be just a handful of wealthy people using Monzo. :sweat_smile: