Hi there.
Interested in a Monzo account, really liking the idea. Do they have any policies on large transactions going through the accounts? For example a friend sending me a few hundred pounds for selling a car for example
No; there is a limit of 10k transfer out per day. But this can be lifted for specific days through support
Thanks for the reply. It’s more to do with money coming into my bank though.
What would you define as large? I’m self employed and clients send faster payments into my account to pay invoices, I’ve not had a problem in my time using a Monzo Current Account (since July 2017).
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As long as every payment has a legitimate reason and paperwork as appropriate then there shouldn’t be any issues
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This is a full bank account, a few hundred pounds won’t trigger the fraud engine. The thing that’s likely to get your account flagged is numerous transactions from countries their fraud engine doesn’t like. Or really big payments, over 5 figures might raise the alarm bells… best to inform them if any very big sums are due in or out.
My issue is i’ve been reading online that they’ll just hold your money and freeze your account for weeks on end? Really can’t afford for this to happen!
Their fraud measures are not public but if you have proof for the source of funds then it will be ok. The legislation Monzo follow is the same as any U.K. bank and so their fraud detection is as strict.
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Receiving a large sum of money (a few hundred pounds) shouldn’t be an issue, in the same way as you can receive that into any other banks.
What triggers fraud alerts is where money is constantly coming in from varying sources that may have been identified as accounts linked to criminal activity/money laundering. In which case, yes money can be frozen (it’s a legal obligation on all banks in cases of suspected fraud etc).
So as long as you’re using your account in a normal manner, in line with the T&Cs, you shouldn’t encounter any problems.
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