Good morning everyone!
Note: This is currently only ready for testing in Monzo Labs on Android V2.28. It’ll be ready to test on iOS later this week.
If you use Monzo-to-Monzo payments frequently you’re used to sending money to your contacts hassle-free, without needing to ask for their bank account details. And then there’s that one friend that is not yet on Monzo You text them asking for their bank account details and there’s this back and forth of communication that makes sending regular bank transfers a pain for everyone involved.
So we’re launching a way to let you send money through a link. Just send it to your friend and you’re done!
Your friend can choose to open a new Monzo account to claim the money, or forward it to any UK bank account.
Here’s how that looks for the user sending money:
And what your friend will see when they open the link:
We’re including our current referral bonus too
If your friend signs up to Monzo, we’ll apply the same £10 referral bonus that we’re giving during December! Let’s say you send them £50, and they choose signup from that link. Once they finish signing up their balance will be £50, and after their first purchase we’ll credit another £10 from the referral bonus. This is very convenient because you can add your new Monzo card to Apple Pay and Google Pay during signup, which means you can start spending the money immediately.
If your friend chooses to forward the money to their existing UK account they just need to enter their sort code and account number on the link you sent them. Once they do this we initiate a new Faster Payments transfer to their account immediately and the money arrives (usually) instantly. In this scenario your friend won’t get the £10 signup bonus.
After creating a new link you won’t be able to see it again. So if you didn’t share it at that moment you won’t be able to retrieve it. All links automatically expire after 7 days, so if you didn’t share it anywhere there’s nothing to worry about, just let it expire on it’s own.
If you share the link with the wrong person, or share it in a public place, there’s no way to manually cancel the link. We’re planning to add this in the future, but for the time being you’ll have to get in touch with customer support.
Until your friend claims the money your balance won’t change. You need to have enough money in your account when you create the link, but if for whatever reason you spend it by the time your friend claims it the transfer will decline. At this point you need to create a new link and send it to them - or if they chose to signup for a new account you can just Monzo-to-Monzo them. (We’re still thinking about how to deal with this amount “in limbo”).
For each link that is created we generate a new feed item so that you know a link was created. The screen from this feed item is not very helpful, and in the future we want to make it better by showing you the status of the transaction (link opened / signup in progress / money delivered).
If you send a link to a Monzo user (that you didn’t have their phone number so you couldn’t pay them Monzo-to-Monzo) it’s not clear what the receiving user should do. Right now they’ll have to choose the option to forward the money to an existing account and enter their Monzo sort code and account number. We’re improving this use case in early January.
The Payments tab is also becoming cluttered (and less intuitive) with more options to choose from. We’re thinking of how to simplify this screen in the future.
Why we’re putting this into Labs, rather than just releasing it to everyone:
We’re not quite right to launch this to everyone yet. (See the above limitations). But we’re confident that it’s in a good enough state to share it with you as an early preview - just in time for making some payments over Christmas!
What kind of feedback are we looking for?
Tell us about:
- Things that don’t make sense
- Your friends reaction/experience as the receivers of the link
Thanks in advance for your feedback!