Large money transfer timescale

I’m looking to use my Monzo account to transfer 25k to a bank of Scotland customer as I’m buying a car privately. I have received approval for the trans action from Monzo.

My concern is I’m paying for goods and travelling 6 hours I can’t afford a delay in the transfer time of 24 hours as I’m flying up and need to drive the car back.

Has anyone done this before? Any advice or guidance would be appreciated.

Hi. Welcome.

It should be instant, but can take hours. There’s no way of knowing.

Just to add…

With Monzo you’ll need to contact them advance, ideally the day before and ask for a limit increase via chat. Or you can attempt the payment, watch it fail, then it should prompt you to request a higher limit.

I’d also encourage the other person to be on standby to ring their bank, because that volume will almost certainly trigger a fraud flag. That can delay things by a few hours.

Obviously, don’t actually transfer anything until you’ve signed for the car etc but you knew that already

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I completely missed that part of the message! :man_facepalming:

I was pleasantly surprised the other day that my limits were raised within a few minutes of putting in the request.

Excellent service!


And me :man_facepalming:

If the limits have been raised then it should be an instantaneous (or near instantaneous) transfer surely?

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You’re better off using a credit card rather than withdraw 25k from a Monzo account. The chances of the account getting disabled is high as seems fishy that 25k suddenly got drained out of an account.

I would but it’s a private seller

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