Large Deposit

Hi. I notice monzo has deposit limits.

My question is this, I am, unfortunately, due to receive a redundancy payout in a few months time. This will initially go to another account with another bank.

After I have used some of the payout to clear all existing financial products (loans , overdrafts etc) i will want to transfer the remaining funds (approx 25K) to monzo and cut all ties with the other bank (santander).

Considering the amount will this be allowed?

There is no limit on incoming transfers.

Yes. If it’s done via bank transfer there shouldn’t be any issues.

The above 2 posts are correct, there’s no issue receiving large amounts via bank transfer. You may have to double-check your Santander account to see if large outgoings are not capped at a particular value, otherwise you may have to make multiple transfers of smaller amounts to your Monzo account.

Here are the Monzo (Premium) account limits:

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Tap into help and search ‘what are my limits’

You will then see what they all are :slight_smile:

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Something I’d like to point out, if it’s an unusual activity for you which is sounds like it is, the transaction or account may get frozen for some extra checks, I would highly recommend leaving a bit in your Santander and once the money is in your monzo account transfer the remaining, this should allow you access to some money in case of emergencies.

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@Mshd5081 you will be okay if you are transferring money from a current account in your name direct into your own personal Monzo account, you can faff around sending it in a number of smaller transactions but as long as you are not doing anything dodgy you have nothing to worry about.

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From memory Santander has a £20k send limit on faster payments but no restriction on number, so just do it over a couple of payments.

(unless you try and do multiple in a row to avoid the chaps charge which means they flag it and once you call and confirm they will push them through and ask you to do chaps next time……)

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It will be done as a bank account switch

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Where did you notice this?

Probably misread the cash deposit £1,000 per 180 days limit