Has anyone had Social Welfare payments made into their Monzo Ireland account?
I set this up, providing my IBAN to DSP (Dept Social Protection). Payment was made (Friday last) via their bank (Deutsche Bank), hit Monzo’s systems apparently and was returned to DSP.
I haven’t really been reassured by Monzo after providing them with a trace Id. It is under investigation. It is a weekly payment, and will probably happen again this Friday. Changing back to my previous bank is not a fast process.
I haven’t had direct experience of this with Monzo, but I can say that when Revolut set up their Irish IBAN for the first time there were some problems with either the IBAN getting accepted in the first place, or payments made to the IE IBAN getting returned back to sender.
In the ones that affected me directly, it came down to banks either having not updated their BIC ‘routing tables’ (a list of which bank exactly to send a payment destined for a particular IBAN) or their ‘correspondent BICs’ weren’t updated (this is where payments get routed through more than one bank before reaching their destination and it sounds like that may be the case here with Deutsch Bank - DSP may have sent the payment there first and then DB didn’t know where to send it on to)
Generally you can’t really do a lot except bug the banks involved and hope the person you speak to understands the issue.
For critical payments, I’d probably (personally speaking) avoid sending to the Monzo IBAN, at least for a little while until all institutions have had time to update their systems. It’s only been live for a couple of weeks at this point and Monzo in Ireland is still in early access and likely to have these teething issues.
It is a fair point, and I am assuming it is something system related as you’ve outlined.
I do feel it is the responsibility of the bank (Monzo) in this case to either triage and resolve, or clearly state to their users that this is a possibility when setting up incoming payments.
Have you checked your government website, do they specifically state neobanks like Revolut and Monzo are supported? If they don’t directly mention neobanks then I’d assume they aren’t and probably best to reach out to them to see if they are supported
I don’t think it’s related to IBAN discrimination, I’ve had no problems with foreign IBANs being accepted in the past.
I did see a thread somewhere else that folks had problems with the Monzo IBAN for their payroll and getting it accepted at other institutions too, so doesn’t look like it’s limited to DSP.
Probably just pending system updates across the board. I think it was nearly 2 years before the last sender I needed to do so started accepting the Revolut IE IBAN, not a quick process sadly
Well, this weeks payment from DSP has landed without issue. Last weeks still MIA. So perhaps there was an update made after I asked for an investigation.
