My legacy bank accounts have various limits from £200-£500+ (with no obvious reason for them or way to find out what they are). There doesn’t seem to be any practical reason for restricting access to your own money or preventing you from lowering it if you prefer?
What’s Monzo’s limit and how can you see it? How can you change it?
I currently carry about 5 debit cards because sometimes I find myself on a Sunday evening needing cash and that’s the only way to get sufficient from an ATM.
(aside: why the hell don’t UK ATMs let you choose denominations in 2019?)
An easy reason to give in any instance but makes even less sense in this one.
Huh? a) Every limit I’ve encountered with any bank is per day not per transaction. b) £10k was regarding bank transfers.
I’m pretty sure I’ve had £500 in £10s before. It was a while ago though so not sure if the polymer are slightly thinner. Not really sure why they don’t do £50s for withdrawals >£300 either.
Yeah I misread , I thought you meant your current bank lets 5k.
By stopping withdrawals of big amount without coming into branch with i.d. helps hinder people cleaning money through mule accounts.
Why does it make less sense in this case?
But I’d say there’s a chance the ATM providers would want a limit to stop people cleaning out their ATMs because iirc they only get one flat fee regardless of the size of the withdrawal.
That does make sense. But then why the 2-3x discrepancy? And how does it help when people end up having to carry 10 debit cards.
Same issue as badly-implemented password security ending up in post-its stuck to monitors. There are much more elegant solutions if that’s genuinely the issue.
Unless you were running a very successful pub or something, not sure why you would need that much cash on a Sunday evening. Also probably should be using a business account if so
But it shouldn’t really matter what the use case is, just that it’s there.
phildawson
(Sorry, I will have to escalate this.)
20
Monzo is not the bank for dealing with physical cash, either withdrawing or depositing.
Get a Santander account they’ll let you take £5,000 without notice, assuming they have the funds. The other big legacy can do £2,500 in branch without notice, again they may not have the cash at that specific time.
If you want higher you’ll have to give a heads up and arrange a meeting to collect the money from the bank manager. You’ll probably be asked why the reason.
UK ATMs are all £500 as far as I’m aware.
In Vegas you could say get $5000 at ATMs, but really if you want high stakes go inside and they’ll convert any amount to chips so you aren’t carrying absolute wads of cash about.