Monzo.me


(Alex Sherwood) #102

Was the person who was trying to send you money using a credit card, by any chance? They’re not supported with Monzo.me.


(Mike) #103

Are they trying to send you money using a visa credit card?


(Simon Robic) #104

Maybe… how can I know?

If it’s the explanation, it would mean that the majority of Visa cards out their are credit cards and since Visa is pretty popular, that would mean that monzo.me is not eligible for Visa users :frowning:


(Alex Sherwood) #105

You’d need to ask them I’m afraid.

The only way for someone to send you money from their credit card at the moment is to withdraw it from an ATM & typically (please don’t point out exceptions, I’m talking about the majority of Visa cards), take a large hit in fees as a result, which puts most people off doing that.

So this isn’t really any different than what most people are used to, when it comes to accessing their money.


(Bob) #106

Visa debit cards work for me. I rather suspect that Visa credit cards won’t work because that could be a way of getting cash credit without fees, which many credit card issuing providers are reluctant to support.


(Simon Robic) #107

I finally asked the person to do a wire transfer on my Revolut account. Not real time and the need to add my iban/bic on their bank website :frowning: Being able to use monzo.me with these cards would be SO useful!

Because I believe it’s a “choice” from Monzo since you can use Visa credit cards to buy product online and since monzo.me is basically an online payment form…


(Rika Raybould) #108

Do remember that Monzo.me payments and top ups are money transfers, not just online purchases. Credit cards are significantly more risky for this, especially as you would not be paying the cash advance fees that normally cover the risk for cash transfers. :slightly_smiling_face:

I would point out that Visa cards make up nearly all UK debit cards from traditional banks so this isn’t an issue of networks, just of card type and their agreements. As for how you would know, by network rules, the card must state credit or debit somewhere on it (on most cards, this is above/blow the network logo or on the back, maybe in the hologram).


(Jolin) #109

If they have a bank account, they could have just used the debit card associated with that account to pay you through Monzo.me. Did they try that and have it fail?


(Simon Robic) #110

They only have a Visa Premier Credit Card associated to their account :worried:


(Oliver Ford) #111

But that “choice” may well be that to comply with regulation (no, I can’t cite it) or to appease vendors - as @alexs has pointed out, it would be a pretty trivial way to extract cash on credit; if I’m Visa and Monzo start allowing people to circumvent my fees I’m going to consider blocking those payments.


(Bob) #112

It could also be used to circumvent credit card interest. I owe £500 on a credit card, so I pay £500 into my Monzo account using that credit card and then pay £500 back to my credit card before the payment due date. Voila! I have another month’s £500 interest free credit on my card.

TL;DR: Ain’t gonna happen.


(Jake Tame) #113

How about an option to allow people to do recurring payments via monzo.me?


( related to Monzo CEO, Investor in Monzo ) #114

because it costs Monzo money to allow Monzo.me payments , and it will be a free facility in the current account once the Current account lands ?


(Jake Tame) #115

This is true. Looking forward to the CA


#116

So, when will Monzo allow you to change your username on Monzo.me


(Hugh) #117

Not sure. I imagine it will always be a fairly involved process due to the potential for fraud :confused:


(James Murray-Ferris) #118

Yes in time…although not sure what the restrictions will be but I can’t wait till I can as my legal name has changed :joy:


(Richard Cook) #119

Closing this Sneak Peek as Monzo.me is now available for everyone!

Give us your feedback here.


(Richard Cook) #120