Monzo account made... few questions now

Hello a few questions about my Monzo account. Just want to clear a few things up before i get in trouble!

  1. Bitcoin investment. Is this allowed? Some banks get funny so thought i’d ask first!

  2. My friend plans on sending me a large sum of money for the sale of a car. Is this going to be an issue? Do i have to let Monzo know i’m going to be receiving a large sum? I don’t want it flagging up if a random large sum comes into my account despite the fact I know about it!

thanks, matt

Crypto causes issues will all U.K. bank accounts, not advised


I would contact Monzo via in-app chat to let them know you are receiving a large sum of money into your account. This will help ensure it’s not tagged as dodgy! Especially as this is a new account.


You did already ask part of this question over here:

You don’t have to create multiple topics to have your questions answered :slight_smile:


Fairly sure I’ve seen this two pronged question from a new member about bitcoin and then large sums of money before.

Is this a common thing? They always seem to come together.


I’m a member of Monzo, and it was simply a query. I’m asking so I don’t get in trouble. I’m selling a car in which i’d then like to buy bitcoin. Adds up, really.

Technically, you’re a customer. Membership is normally conferred as part of your dealings with a mutual society (in banking terms) which Monzo is not.


Sorry sir. I’m a customer.

Its all relative to the amounts involved I suppose , if you’re planning on trading bitcoin on a daily basis I would think it would become a problem for Monzo , a one off occasional buy or sell shouldn’t present a problem . Again transferring large sums of money occasionally shouldn’t be a problem unless it becomes a daily weekly transfer of thousands from known “friends”

You have to look at it sensibly from the Banks legal commitments to prevent potential money laundering - if you think it might trigger these queries because of the sums involved - and if you cant justify your funding Monzo WILL freeze your account - they are obliged to :slight_smile:


Very helpful Ian, thankyou :slight_smile:

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Can Monzo stop you spending your money on anything legal?
Quick search shows that some Banks have blocked their credit cards from buying bitcoin , that’s probably legal because it’s their money not yours.

About the money for the car , I doubt it would be a problem, but if it does flag then shouldn’t be too hard to get it unfrozen.

Surely by that logic, an overdraft is also Monzo’s money?

This is an opt in feature.


Allowing people who wish to block gambling transactions from doing so is wrong?

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Are Monzo specifically stopping anyone from spending their money on anything legal?

This seemed to be the point you were using the gambling block as an example of, but as it is opt in only it is not an example. Are there any others?

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Can we have someone contribute who knows what they’re on about instead, please?

None of this :point_up: makes any sense at all.


With gambling block being an opt in feature, it is the customer doing the blocking, Monzo are simply facilitating the block, not doing the block themselves.

Therefore, it could be argued that the gambling block doesn’t truly reflect the point that was being made.


When you give money to a bank for safe keeping, it becomes their money in a legal sense, and it also becomes a liability/debt to you they have on their accounts.

Due to their responsibility to keep their (“your”) money safe, they can stop you spending “your money”, because it isn’t really yours. This system works as long as there is trust in the banking system, and any bank that started behaving unreasonably would soon lose customers. Therefore it is about balance.

Looking at it another way, your bank balance doesn’t show how much money you have in the bank, it shows the bank’s record of how much money it owes you. :slight_smile:


It is a protection really but I can see why people say it’s my money and I want it - if only it was that simple.
Two words - money laundering

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