Large Transactions - Withdrawing cash

(Nicholas Carter) #1

Hey guys & gals :wave:

I’ve started using :mondo: and I love it! (I didn’t even have a contactless card before!) - Only concern though is that I’m not truely keeping track of my funds. My salary goes into my Lloyds account, I’ve been transferring £100 a time into my Mondo account, however still been using my Lloyds for larger transactions, for example…

I pay £500, in cash, monthly to my landlord (Don’t ask why cash, I don’t know either :smirk:) - I have to pop into Lloyds, and draw out £500 from the bank teller; How could I do this with Mondo and keep track?

Alongside that, I bought some new snowboard boots :snowboarder: the other day, didn’t have the balance in my Mondo so I took it from my llyods accounts… I’m trying to treat my lloyds account as a “holding” account for now, then whatever’s left at the end, by payday, move into my savings account…

Not sure how you guys are approaching such matters? :heart_eyes:

(James Billingham) #2

You won’t be able to do that with Mondo at the moment. It has a cap on ATM withdrawals. From what I can recall, I think it was £250 per day and £1k per month.

( related to Monzo CEO, Investor in Monzo ) #3

I only use my Lloyds debit card in three ways now as a last resort if Mondo is not accepted, to pay any direct debits I have commitments to and to transfer my day to day spending onto my Mondo card.

prior to Mondo I used my Lloyds card maybe 10 times a month , and carried cash with me most of the time , feeling very financially uncomfortable if I didn’t have at least a hundred pounds on me and withdrawing cash from the ATM to top up my cash reserves as they got low.

Now I carry maybe £20 cash with me and rely on Mondo for my day to day spends - I find it really useful to be able at anytime to see how much Ive spent , today, this month and ultimately this year at the touch of a couple of buttons without having to sit down with my bank statements and try and figure out how much Ive spent this year and on what.

To answer your original problem , not being a tech geek I would simply call at an ATM on two days , withdraw my max £250 , and categorise it as bills and add a note about my landlord who only accepts cash or something like that :wink: