Isnāt the default limit something like Ā£10,000 for transfers, so they would need special permission from Monzo to send this much money?
Also I just tried to send my wife Ā£2.3 million - right now as a test - and I got a message saying my balance is too low - so they must have millions just sitting in their account?
What if it went through, and got held for fraud checks while your account is also overdrawn by that amount? 
It doesnāt make it that far, literally as soon as you type an amount over your available cash it says you donāt have enough - you canāt progress.
Pretty sure Ā£1m is the account limit
Thereās no limit to how much you can have in your account, but the bank might suggest you find alternative arrangements if you had multiples.
There was a post Iām sure years ago from someone at Monzo saying there isnāt a technical limit but there is a practical limit whereby the amount would effectively destabilise Monzo as an institution.
I donāt think Iāll be getting to that level any time soon.
Same, but of course if Monzo wanted to spare me a few million I wouldnāt be averse to it 
Maybe the few years ago it wouldāve meant the customer had more money than them in pocket 
probably fine now
Okay slightly different to what I imagined but still an interesting read.
Monzo posting on Instagram that theyāve hit 15 million customers 
Plus 1m under 16 accounts and 800k business accounts.
Will be interesting to see the deposit growth in the next accounts, there is still a huge cap between the fintechs and older banks on this but it is starting to close.
Someone I work with has switched to Monzo but some people still have that fear of āMonzo closing accountsā. She was very unsure but told her if sheās not using her account in a fraudulent way or dodgy with transactions then she will be fine haha
I love Monzo! Best bank and features !
Feel like this āfearā will always exist with digital only banks because of peopleās innate āfearā of feeling like youāll be left with no real person to talk to face to face and get it sorted even though Monzo do offer decent support lines imo.
To most having a physical branch where you can go in to an actual person and talk to them face to face will always feel more āsecureā even though high street banks are consistently cutting down bank clerks in branches for machines and phones to call people in a central office.
Itās about breaking the above and showing people the same or similar results can also be achieved over the phone. Banks pushing AI doesnāt help all be it Iām not against AI if done properly but yeah thatās my take on it, not that anyone asked
It reads like the 15m is inclusive of these accountsā¦
Wonder how many accounts are used as a main salary account tho.
Iām not an investor and I donāt do Billsback or Double Payday so I have no interest in Monzoās customer numbers and/or the diminishing odds of winning their various lotteries but it does make you wonder what they are doing behind the scenes to cope with this growth e.g. is customer service improving or is it still painful?
AI and outsourcing to South Africa. Cheaper labour all round.
Disappointed to see Revolut also go for expansion in India.
I think companies should have customer service explicitly in the countries they operate, especially banks.
Yeah saw that Revolut were expanding to India with a high percentage of their work force now working out of there. Disappointed as well at that one and agree about support being at home
I have had a poor poor time with Rev support when I had to use it. Getting past the ai was a pain and then I just got moved from person to person for days and very little responses.
Typing ālive agentā gets you through.
