Load Limits Question

(Paul Sanders) #1

Evening All!

This is my first post, and I have to say I am excited. I signed up for an account the other day, with my card due, so wont be long before I can get involved and see what things are like.

I have a question regarding load limits and verification… as it is a little confusing, and I cant find up to date information. My question is whether there are limits on how much that can be paid into, and out of your monzo account? I have read about daily load limits… but that feels very much focused on the pre-paid card days?

It would also be good to know about the different verification levels. I did the video and ID scan as part of signup… is that a standard verification level?

Thanks in advance :slight_smile:

#2

Hi :wave:

On the setting tab under the card you will find limits (when you get your card)

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The video is for all users. We are all equally emotionally traumatised

Top up by card is no longer available for new users

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

I don’t think top ups by card are available to new current account users any longer

(Peter G) #4

Edit: what @Rat_au_van and @iansilversides said!

Hey Paul! :wave:

So this is my understanding, being just a Monzo user:

There are limits on Monzo, just like any other current account - outbound is mostly around cash withdrawal limits (there’s a limit per day and over a 30 day period), with a higher limit of around 10k for bank transfers each day. For inbound, I think it’s unlimited for inbound bank transfer, however there are some limits for features which are Monzo specific (or rare to find in other banks) such as adding money via card* or payments by Monzo.me. I’m not sure if you can see the details before you get your card, but limits and full info should be available under settings (the cog icon) in the Account tab.

A point to note: while there are absolute limits, some folk are seeing anti-fraud measures kick in if they transfer large or unusual amounts from overseas or from other people. We can’t really discuss that on here, but it’ll be similar to checks in other banks, so Monzo shouldn’t be unique…

I think this is standard. I’m yet to meet someone who positively loves the video. (Actually, I’m keen to know whether this is checked and deleted or if it remains “on file”, but I digress…)

Some people have reported needing additional checks, but I think this happens before you get your card…

Hope this helps! :smiley:

*Inbound payments by card are reported to be being phased out for new customers, so if they still exist for you there will be a limit - they cost Monzo quite a bit of money.

#5

Thanks. Edited to show that :+1:

(Jack) #6

To add. If a one off large purchase etc needs to be made that would hits these limits. You are able to contact support in app a few days before and they will run through some checks with you. If all is ok they can temp increase any limits required.
Again this is the same with most banks although they may not be as open about their limits as mentioned above.

(Paul Sanders) #7

Thanks for the quick and in depth responses :slight_smile: Great to see this level of support, especially when it comes to banking :slight_smile:

The limits sound good… my worry was on the inbound payment limit, as I typically pay myself a dividend at the end of the year. Great news.

Thanks all

( related to Monzo CEO, Investor in Monzo ) #8

you might want to have a word with C ops to give them notice of your divi coming in when you’re ready to pay yourself it - they might be a bit “trigger happy” with AML regulations :slight_smile: :slight_smile: