We’ve just pushed Monzo.me as sneak peeked by @hugo to Testflight on iOS, so I thought I’d pop a note here about the various limits around this feature. These will be in the app in the Limits section with the next update too
- Maximum payment through Monzo.me: £100
- Minimum payment: £1
- £1000 incoming Monzo.me payments per 30 day rolling period
- £500 per sender debit card in each 30 day rolling period
These limits are in place to help protect against fraud and money laundering, as well as ensure we stay on top of usage. These are in addition to the existing limits that are in place on your account in terms of topping up, maximum balance etc A couple of people also wondered if they could use this to collect payments for their business — unfortunately, we’re focusing on providing personal accounts and so using this to collect payments for your business doesn’t align with our aims and terms. The feature is totally free for both requester and receiver because it’s for personal use!
We’ll obviously keep an eye on them and tweak the limits over time as need be! Hope that helps.