Hi I have been a Monzo user since the near beginning, and I must admit, I mainly have used it whilst travelling abroad, and occasionally at home.
I have been eagerly waiting for the upgrade to the full current account, and it has now arrived. My main bank that I currently use is Lloyds Bank, but I am wondering whether the change to the Monzo Current Account is troublesome and how people have found it so far?
I.e - moving over my salary, direct debits, etc
As I am only an apprentice and still living at home, I think the change might not be too bad for me, as I only have a few direct debits, and not things like a mortgage yet anyway. So was just wondering what the change process is like. Any guidance/advice would be much appreciated.
I guess the key question is, do I have to contact every company that I have a direct debit with and ask them to change the payment details to my Monzo?
All I did was login to relevant provider portal and changed bank details, took a few mins and that was it… few days later it shows in the app and you should also get a letter fro provider confirming the change.
We’ve tried to make the upgrade as quick and seamless as possible, and I think we’ve achieved that!
As for the Current Account Switch Service, we don’t offer it yet but we’re hoping to as soon as we possibly can. It’s quite a bit of work, but we’ll update everyone when we have an idea of a release date
For now, you can either set up your direct debits/standing orders manually, or if you like, you can wait until we implement CASS and move everything over at that point! There’s no need to do it right away - you can use CASS at any time.
Much like yourself, @SkeltonTom, I don’t have too many direct debits so I found it really easy to go and set things up. Getting your salary paid in can of course vary in difficulty depending on your employer, but you’ll just need to give them your new details and hopefully they can quickly update it for you
My worry is, if I decide to make the change and started to change the direct debits over, and then say 4/5 went through okay but the 5th company didn’t accept my Monzo, then what would I do? If I’d already transferred the other across.
Some companies also do charge admin fees for changing your bank details, correct?
Some companies didn’t recognise the Monzo sort code because they only updated their databases irregularly, but as time goes on these are becoming fewer and further between. There’s a list on this post which anyone can edit and update:
If this does happen you could maybe leave/transfer some money to your other account in the interim? I did this the first month as it took me a while to update Specsavers (they didn’t have a problem with Monzo just insisted I go in in person to sign a mandate…) I know there are still a few issues but they’re fairly few and far between now. I didn’t have problems with my direct debits and have never had my card refused ️
Heh… as if companies that haven’t updated their databases are going to get any better I wonder if some of them ever update them.
The TV Licensing fiasco was only very recent and it’s not 100% certain it’s dealt with yet…
My wife is in an ongoing conversation with the gym. Apparently she got someone to admit their databases were out of date the other day, but forgot to take the name of the person she spoke to. Next day, back to square one ‘it must be a problem with your bank’, etc.