Making Wire, Faster Payments, or CHAPS

Help
1

Hi,

In trying to set up my Monzo account with Gemini Crypto exchange, and the instructions say “contact your bank and issue a wire, Faster Payments, or CHAPS transfer from your bank account”.

Can anyone advise what the difference is and how to do it through Monzo? I’ve made payments already using their sort code and account number, is that are wire transfer? I’m UK based.

Thanks in advance!

RST

2

Do you use this account for your day to day life? If you do, I wouldn’t get involved with crypto with it.

But what you’ve done is a wire transfer/faster payment. CHAPS is usually for bigger payments I think.

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3

As @Revels said, Crypto & Monzo don’t go well together. In fact most banks & crypto don’t play well.

It’s that traceability issue which could involve moving money from A to B with no trace which banks don’t want to be involved in.

launder

So expect a transaction to be denied and/or your account to be closed without notice

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4

Thanks for the “swift” replies guys :yum:

It’s my daily bank, but I only put pocket money in this account, other savings and bills paid from a different bank.

I’ve made a few payments (approx 3.5k) recently from Monzo to Gemini without any issues. Hopefully just as smooth running back the opposite way!

Out of interest, are there any policies regarding depositing GBP from a Crypto exchange?

Thanks again

RST

5

There’s no specific policy regarding depositing GBP from a Crypto exchange, but Point 14 (‘Closing your account’) of the current, general T&C’s covers any ‘questionable’ transfers:

Oh, and Hi & welcome to the forum by the way :wave:

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6

Cheers mate, I’ll keep this in mind. Maybe actually try and contact the bank directly :+1:t2::+1:t2::+1:t2:

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